McLean Submits Comment Letter on New Hampshire’s Proposed Homeowner Assistance Fund Plan

On behalf of New Hampshire credit unions, Cooperative Credit Union Association President/CEO Ron McLean submitted a comment letter yesterday in response to New Hampshire Housing Finance Authority’s (“New Hampshire Housing”) request for comments on its proposed Homeowner Assistance Fund (“HAF”) Plan prior to its submission to the U.S. Department of Treasury. Funds became available under the federal American Rescue Plan Act. The State of New Hampshire will receive $50,000,000 from the HAF based on homeowner need. The Governor’s Office for Emergency Relief and Recovery contracted with New Hampshire Housing to administer those funds.

Credit unions supported the inclusion of the requirement that homeowners will be required to show that they suffered a financial hardship due to the coronavirus pandemic as part of the criteria for access to each of the three proposed programs and assistance. Furthermore, credit unions also supported the requirement under the Reinstatement HAF that homeowners must inquire about loss mitigation programs available through their lender/servicer prior to receiving HAF assistance. Notably, HAF funds may be used to bring accounts fully current, with no remaining delinquent amounts, and to repay amounts advanced by the lender or servicer on the borrower’s behalf for various property charges.

The Plan notes that New Hampshire Housing will reassess the need for additional programs or changes in current programs within three to six months from the launch. Credit unions stands ready to offer assistance to bring further visibility to the new resources by leveraging existing partnerships with members and consumers to reach all residents, including low income, minority, and socially disadvantaged populations.

The comment letter submitted by Association President/CEO Ron McLean on behalf of members may be found HERE.