Rhode Island Housing is
now accepting
new HHFRI applications


About HHFRI

The U.S. Treasury has provided Hardest Hit program funds to Rhode Island Housing to help prevent foreclosure and stabilize the housing market. Hardest hit Fund Rhode Island (HHFRI) is the program that will distribute the U.S. Treasury Funds in Rhode Island.

In 2010, Rhode Island received $79 million in Hardest Hit program funding, assisting more than 5,300 homeowners. In 2016 Rhode Island received an additional $36 million in program funding from the U.S. Treasury. Funds are intended to complement existing federal and lender programs to keep Rhode Islanders in their homes by helping to pay a portion of their mortgage payment. To read more about the Hardest Hit Fund, visit the U.S. Treasury’s website (click here).

Rhode Island was designated as one of 18 states and the District of Columbia to receive Hardest Hit program funding as we were one of the “hardest hit” by the foreclosure crisis. HHFRI has been a great success for struggling Rhode Island homeowners, as it played a key role in stabilizing the housing market and revitalizing neighborhoods throughout the state and the country. With this second round of program funding, we will continue to work with lenders and servicers to provide assistance to struggling homeowners.

Download our HHFRI one-pager to learn more about the program.

Programs

What’s Available?

Program funding is available to:

  • Help make your mortgage payment while unemployed or underemployed
  • Help with mortgage arrearage which occurred as a result of financial hardship
  • Help make an immediate payment, such as unpaid property taxes
  • Help obtain a loan modification
  • Assistance with relocation
  • Help reverse mortgage holders

You May Qualify if you have a documented financial hardship that has affected or will affect your ability to pay your mortgage, such as:

  • Unemployment or underemployment
  • Death or disability of a key wage earner
  • Unforeseen medical expenses
  • Your outstanding mortgage balance is greater than your property value
  • Deployed members of the U.S. Armed Forces, or those discharged in the last 12 months, who have experienced a drop in income. (This applies to all personnel in regular and reserve components of the Army, Navy, Air Force, Marines and Coast Guard).

Other Criteria Considered:  

  • You own a 1-4 family home or condominium
  • - Must be your primary residence
  • You have have no financial resources of your own
  • - May have up to $20,000 in savings
    - Can have any amount in a retirement account such as a 401(k) or IRA
  • Your gross annual income does not exceed the household cap
  • - $87,360 for 1-2 person home
    - $101,920 for 3+ person home
  • Your monthly mortgage payments, including taxes and insurance are greater than 28% of your gross monthly income

A loss of home value alone is not considered a financial hardship.

HHFRI Programs

There are four key programs under HHFRI, each with their own eligibility requirements and program offerings:

  • Temporary & Immediate Housing Assistance
  • Loan Modification Assistance
  • Mortgage Payment Assistance
  • Moving Forward Assistance
  • Reverse Mortgage Assistance

If you feel you may be eligible for assistance you may begin the application process at any time.

 

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