$54 Million Approved for Arkansas Homeowners Fund

A homeowner assistance program in Arkansas is getting underway.

Through a release from the Arkansas Development Finance Authority, Gov. Asa Hutchinson announces Wednesday the Arkansas Homeowner Assistance Fund (HAF) portal is open, and homeowners can now apply for assistance. Arkansas is one of the first states to gain approval and begin taking applications, which will assist homeowners impacted by the pandemic. 

“The US Treasury approval of the Homeowner Assistance Fund is a big win for our state and Arkansas homeowners in need of relief,” said Gov. Hutchinson. “The COVID-19 pandemic has affected Arkansans across the board, and many have struggled to pay their mortgage and utility bills. This program will not only help those individuals get back on their feet but will also bring benefits to our economy here in the state.”

Eligibility is determined by need and household income. Homeowners must have a total annual household income of less than 150% of the area median income of their county. The maximum total annual household income for a family of four ranges from $81,150 to $112,350, depending upon the county in which they live. To determine eligibility for a specific county, go to arkansashaf.com/qualify.

“We are proud to be one of the first states to launch an application portal for HAF,” said Secretary of Commerce Mike Preston. “It is critical that we get homeowner assistance funds out to those trying to make ends meet and avoid default on mortgages. I have confidence in ADFA’s execution of the program that will serve thousands of Arkansans.”

The funds are available to qualified applicants to prevent delinquent mortgages, defaults, foreclosures and loss of utilities. Funds for qualified recipients will be provided directly to mortgage companies, insurance companies, utility providers and counties. The Arkansas Development Finance Authority (ADFA) will begin distributing the state’ $54 million to homeowners who were impacted by COVID-19. Hardships include job loss, reduction in income or increased costs due to healthcare, or the need to care for a family member.

“This program will help thousands of Arkansas residents recover from economic losses they experienced due to COVID-19,” said Mark Conine, president of ADFA. “We are committed to guiding applicants through the process and quickly dispersing funds to those that qualify.”

Eligible homeowners are encouraged to apply through the online portal at: apply.arkansashaf.com or contact the call center at 888.698.0964. Call center hours are 8 a.m. to 5 p.m. Monday through Friday and 9 a.m. to 1 p.m. Saturday.

Applicants will need the following to apply:

1) Valid ID for applicant (spouse or co-borrower if applicable)

2) Proof of homeownership

3) Income documentation

4) Documents showing mortgage delinquency

(Press Release from the Arkansas Development Finance Authority)