Wyoming to Receive $50M for Homeowner Assistance Fund

Wyoming to Receive $50M for Homeowner Assistance Fund

The State of Wyoming is seeking public input on the development of the Homeowner Assistance Fund (HAF), which would provide an estimated $40 million in federal funding to assist eligible homeowners in the state, who have been financially impacted by COVID-19 and meet income eligibility criteria, with mortgage and utility cost relief. 

The Wyoming Department of Family Services, with assistance from the Wyoming Department of Workforce Services, is administering the state’s Homeowner Assistance Fund, a U.S. Treasury Department initiative passed through the American Rescue Plan Act of 2021. Of the $50 million earmarked to Wyoming for the program, $40 million would be dedicated for direct assistance and another $10 million for administration, counseling and legal services. In April, the Treasury gave Wyoming $5 million to start a pilot project but didn’t release guidance to develop the program until August.

“The mortgage industry is much more complex than the landlord and renter relationship, and we didn’t have the capacity to fully develop a program from scratch, especially without federal guidance,” Department of Family Services Director Korin Schmidt said. “We are now developing a pilot project with the Wyoming Community Development Authority, have hired a contractor familiar with the mortgage industry, and are seeking public input to finalize the structure of the program.”

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DFS will be hosting its fourth town hall webinar on HAF on Sept. 1. Information and registration will be available at dfs.wyo.gov/haf. The HAF plan is located on the website and can be downloaded here. Feedback on the HAF plan can be emailed to homeowner.assistance@wyo.gov until Sept. 3, 2021.

The State intends to submit the program plan to the U.S. Treasury on Sept. 8. After receiving federal approval and the remaining $45 million, the goal is to have the program fully implemented and operational as soon as possible thereafter.

“We expect to use the full amount allocated due to the high demand for mortgage assistance in Wyoming,” Schmidt explained.