RI receives $ 50 million in federal funding for mortgage assistance

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PROVIDENCE, RI – Homeowners in Rhode Island struggling to keep up with their mortgage payments can apply for a new aid package, Governor Dan McKee and other heads of state announced Monday.

The Homeowner Assistance Fund Rhode Island will provide $ 50 million in federal funding to help Rhode Islanders who are behind on mortgage payments due to the coronavirus pandemic.

“I am incredibly proud to launch this program and to provide Rhode Islanders who have been financially affected by COVID-19 with the support they need,” McKee said. “Another example of our state providing essential support directly to our residents, these resources help families in our state stay in their homes and potentially prevent others from experiencing homelessness. We are grateful to our federal delegation for their advocacy and to Senator Reed for his leadership. to ensure that all residents of Rhode Island have access to a safe space to call home. “

The program was led by Rhode Island Senator Jack Reed, created as part of the federal coronavirus relief program approved last spring. 10 billion dollars have been allocated to the national program.

“I created this program to help prevent people from losing their homes,” Reed said. “This is another example of the federal government giving states the resources to deal with the impacts of the pandemic – in this case, avoiding new problems in our already stressed housing market.” Getting this money out quickly is imperative if we are to help families, neighborhoods and communities. ”

The program is intended to cover overdue payments on mortgages, property taxes, homeowners association fees, utilities, and home energy services for those experiencing financial hardship due to the pandemic.

RIHousing opened applications for the program after receiving approval from the US Department of the Treasury in Rhode Island. Eligible applicants can receive up to 24 months of assistance, up to $ 50,000. In most cases, the money will go directly to the mortgage manager, utility provider, or other entity.

“For many, owning a home is the American dream and is arguably the greatest source of economic and social stability for homeowner households,” said Carol Ventura, executive director of RIHousing. “The HAF-RI program provides vital resources to distressed homeowners in Rhode Island and is an essential tool in helping alleviate the pain of the pandemic being felt by families and individuals across our state. “

To be eligible, owners must meet all of the following requirements:

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