State Attorney General Letitia James announced the Homeowner Protection Program on Friday. She says the $10 million dollar fund will be used to protect struggling homeowners facing financial burdens because of the pandemic.
“Owning a home is a staple of the American Dream,” James says. “During these uncertain times, the need for assistance and guidance to get homeowners back on track is evident and urgent.”
The $10 million in grant funding is just part of a $20 million allocation to support struggling homeowners.
As mortgage payment deferrals start to expire, the program will connect New Yorkers to free, qualified mortgage assistance relief services—like counselors and legal service organizations—available statewide.
James says there is an intense need for the type of assistance, with over 170,000 homeowners applying for forbearance on their payments in the first quarter of 2020, compared to only 7,000 in the last quarter of 2019.
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