The Michigan State Housing Development Authority unveiled a new financial assistance fund on Monday, dedicating more than $2 million to homeowners hit by the pandemic.
The Michigan Homeowner Assistance Fund, also know as MIHAF, has one major goal: help homeowners stay homeowners.
“We don’t want individuals to lose their homes due to a pandemic-related hardship. We’re trying to stop that foreclosure,” Mary Townley MSHDA’s director of homeownership said.
The fund has $242.8 million in federal resources, allocated under the 2021 American Rescue Plan Act. Mary Townley, director of homeownership for the state’s Housing Development Authority, says these dollars could help at the very least, around 8,000 households across the state.
“I’ve estimated that number could go up to 13-15000. It’s a lot of money but I do believe that homeowners need to come to use as soon as possible. We will service applicants first come first serve,” she said.
The fund can assist in delinquent mortgage, property tax, condo payments and utilities, among other charges up to $25,000.
To qualify, individuals must be applying for their owner-occupied structure, have a COVID-related hardship and be able to attest to it. Applicants can’t make more than 150% of the area median income. In Kent County the maximum income for a home of two would be $96,000.
Townley says her team is working to market this program to areas with the highest rate of delinquencies and government aid.
Applications are open online at Michigan.gov/mihaf.