Looking to offer alternatives to address the problem of foreclosures in Puerto Rico, the Housing Finance Authority Executive Director George Joyner announced Wednesday the start of a second round of the “Protecting your Home” program, to offer help to families and individuals who have experienced a decline in income and are at risk of losing their homes.
The program, which received an initial allocation of $20 million in its first phase, will allow the HFA to distribute 1,650 applications throughout the island that lists the documents required of each participant. The orientation and application process starts Sept. 28 at 8 a.m., Joyner said.
“Owning a home is a goal to which we all aspire. With this program we are providing a respite to families who are in danger of losing their homes and need help to maintain their family’s stability,” Joyner said.
The HFA will hand out applications at its Barbosa Avenue headquarters, as well as regional Housing Department offices in Aguadilla, Arecibo, Caguas, Mayagüez and Ponce. The applicant will be required proof of being in least three months in arrears on their mortgage
Applications will only be issued to eligible homeowners, or those proving they have experienced a reduction of more than 20 percent of their salary — which should be $48,000 or less — are not under bankruptcy protection, owe less than $200,000 on their mortgage, have a letter from the bank confirming the backlog in mortgage payments, have lived in the dwelling during the past 12 months, and received their mortgage loan on or before January 1, 2010.
The HFA will provide a subsidy on mortgage payments for 18 months or $ 20,000, or whichever is less. The program’s goal is to ensure that the beneficiary has an 11-month buffer against the possibility of a foreclosure. The first round of help was conducted in May, when available applications were distributed in less than a day.