The Alabama Housing Finance Authority (AHFA) was allocated approximately $162 million to provide assistance targeted at unemployed homeowners. The U.S. Department of Treasury’s “Hardest Hit Fund” is authorized under the Emergency Economic Stabilization Act of 2008 and is available in 18 states and the District of Columbia.
Eligible homeowners will receive assistance to pay their current mortgage payment and other mortgage-related expenses, including payments on subordinate liens, while unemployed. HHA will provide up to 12 monthly mortgage payments, not to exceed $15,000 per household.
Alabama homeowners who have been declared eligible to receive unemployment compensation benefits may apply. To qualify, applicants must have a total household income of less than $75,740, and the unpaid principle balance on their home’s mortgages must be less than $258,690.
The homeowner must currently occupy the property as their primary residence, and the home must be located in Alabama. Assistance will be available for single-family homes, attached or detached, and manufactured housing attached to real property.
AHFA will administer the HHA program. Interested homeowners can submit an application for Hardest Hit assistance through HHA’s secure website.
HHA will be available statewide to qualified homeowners on a first-come, first-served basis. For more information, please visit the website at www.HardestHitAlabama.com or call toll-free at 1.877.497.8182.
Source: Alabama Housing Authority Thresholds Newsletter, Vol. 17, No. 4
Tagged with: AHFA • Alabama Housing Finance Authority • Emergency Economic Stabilization Act • Foreclosure • Governor Robert Bentley • Hardest Hit Alabama • HHA • manufactured housing • mortgage payment • primary residence • single-family home • U.S. Department of Treasury Hardest Hit Fund • unemployed homeowners