CDFIs Back Homeowner Assistance Fund

The board of the NYS CDFI Coalition voted on July 21 to support the Homeowner Assistance Fund. This is part of the HEROES Act which passed the House and will be debated in the U.S. Senate soon as part of the next COVID-19 relief package.

The Fund would deliver badly needed dollars to homeowners to prevent foreclosures as a result of COVID-19. Funds would flow to State HFAs and potentially through CDFIs to help homeowners.

“Since New York’s Senators, particularly Senator Schumer, will play a pivotal role in the debate, we have an opportunity to indicate to them how important dollars to homeowners will be in recovering from COVID-19, especially as forbearance periods begin expiring,” said Howard Banker, Chief Lending Officer, Center for New York City Neighborhoods and member of the NYS CDFI Coalition board. “The Center, our partners at the Coalition for Affordable Homes, and Empire Justice Center have also endorsed this sign-on letter.”

Thanks to all who signed! The final version of the letter is posted here.