By CBSNewYork Team

NEW YORK (CBSNewYork) — A new initiative will help New York homeowners struggling during the pandemic.

New York has become the first state in the nation to receive approval from the U.S. Department of Treasury to launch its Homeowner Assistance Fund.

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“To a family that is sitting in their home… they’re thinking about what they can possibly do to stop this foreclosure from happening, and the loss of their beloved home. This is the lifeline they’ve been waiting for,” said Gov. Kathy Hochul.

The program will provide $539 million to help eligible homeowners.

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Hochul said the state will prioritize those most at risk of being evicted.

She said it’s anticipated that applications will be accepted starting Jan. 3.

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CBSNewYork Team