Georgia Homeowner Assistance Fund Program Details

*DCA Will Create An Online Application For Individuals To Apply To Receive Funding!

The Georgia Housing Finance Authority will provide financial assistance through the Homeowner Assistance Fund Program effective immediately.

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Georgia Homeowner Assistance Fund Program Overview

The Homeowner Assistance Fund (HAF) program was established under Section 3206 of the American Rescue Plan Act of 2021 (“the ARP”).

It was established to mitigate financial hardships associated with the coronavirus pandemic by providing funds to eligible entities for the purpose of:

⦁ Preventing homeowner mortgage delinquencies
⦁ Defaults
⦁ Foreclosures
⦁ Loss of utilities or home energy services
⦁ Displacements of homeowners experiencing financial hardship after January 21, 2020, through qualified expenses related to mortgages and housing.

Program Goal

The Georgia Housing Finance Authority (GHFA) will provide financial assistance for eligible homeowners by:

• Eliminating or reducing delinquent mortgage payments or payments in
forbearance.
• Providing principal curtailment or lien extinguishment.
• Providing up to 3 mortgage payments in a onetime payment to enable
homeowners who have not fully recovered to work with their lender
for payment affordability.
• Providing assistance on related housing expenses.
• Other assistance to promote housing stability for homeowners as determined by the Secretary of the Treasury may be considered.

Homeowner Eligibility: Criteria

Eligibility Criteria:

• The homeowner owned the home on or before January 21, 2020, and currently owns and occupies the property as their primary residence.
• The homeowner (or spouse) experienced a Qualified Financial Hardship after January 21, 2020.
• The income met the income requirements (AMI) at the time of the hardship or application.
• The homeowner has completed and signed an Affidavit affirming a pandemic related hardship.
• Additional underwriting criteria apply.

Qualified Financial Hardship

The homeowner (or spouse) must have experienced a “Qualified Financial Hardship”.

For example, a material reduction in income or material increase in living expenses that created or increased a risk of mortgage delinquency, mortgage default, foreclosure, loss of utilities or home energy services that is associated with the coronavirus pandemic.

Homeowner Assistance Fund Program

• Reduction of Income – Significant temporary or permanent loss of earned income after January 21, 2020.
• Increase in living expenses – Significant out-of-pocket pandemic related expenses after January 21, 2020.

Target Population Homeowners with incomes equal to or less than 150 percent of the Area Median Income (AMI) will be targeted for the program.

Funding will be prioritized to the following populations:

• At least 60 percent to eligible homeowners with equal to or less than 100 percent of the AMI or National Median Income, whichever is greater.
• The remaining amount to “socially disadvantaged” eligible homeowners with incomes equal to or less than 150 percent AMI.

Eligible Property Types Eligible Properties:

• Single-family (attached or detached) properties.
• 2 to 4 unit properties where the homeowner is living in one of the units as their primary residence.
• Manufactured homes permanently affixed to real property.

Program Exclusions • Non-Conforming GSE loans:

• Homes titled in trusts or business entity.
• Homeowners who are non-legal U.S. residents.
• Properties Not Eligible for Assistance:

1. 2nd homes.
2. Investment property
3. Vacant or abandoned homes.
4. Homes with damage and/or insurance claims that impact
   occupancy.

Maximum Per Household Housing Assistance Fund Assistance

Up to $50,000 per household.

Assistance Type Assistance will be structured as a non-recourse grant.

Payout and Structure of HAF Assistance

HAF assistance will be disbursed directly to mortgage lenders/servicers and payees.

HAF assistance for the homeowner will be prioritized to first mortgage Homeowner Assistance Fund Program reinstatement for qualifying delinquency.

Program Duration Program will end September 30, 2026, or until funds are fully reserved, whichever comes first.

*Georgia Department Of Community Affairs (DDA)

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