Home Funding Assistance
THE NEED
The purpose of the Home Funding Assistance (HFA) and the Homeowner Assistance Fund (HAF) is to prevent Difficulties in financing a home, mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship after January 21, 2021. Funds from the HFA / HAF may be used for assistance with, Purchasing & financing a new home, mortgage payments, homeowner’s insurance, utility payments, and other specified purposes. The law prioritizes funds for homeowners who have experienced the greatest hardships, leveraging local and national income indicators to maximize the impact.
HAF Plans
In 2021, Deriv Capital Inc. in partnership with Treasury released 30% of each participant’s HAF allocation to implement pilot programs, and required HAF participants to submit HAF implementation plans for review by Treasury before disbursing remaining funds. Treasury provided feedback and made recommendations to enhance HAF participant plans, especially encouraging HAF participants to develop strategies to reach low-income and social disadvantaged homeowners, reduce barriers to access for target populations, identify strategies to help support long-term financial health of applicants and target assistance based on data-driven assessments of homeowner needs.
Please take note, we are not a Mortgage Broker, so we do not give loans. We can only assist you in financing a home of up to 60% Funding if you partner with Derivcapital as a VIP or PLATINUM member.
Who is eligible to apply?
You may be eligible if you are struggling to get a home or you’re a homeowner and are:
- Lacking the finance needed to get your new home
- Behind or in forbearance on your mortgage
- Behind on payments for property taxes, water bills, or sewage bills
- Behind on your monthly maintenance charges on your coop or condo
- In default on a reverse mortgage
- Behind on loans, installment contracts, or lot rent repayments for a manufactured home
What type of assistance is available under the Deriv HFA & HAF program?
The program will provide eligible homeowners and home seekers impacted by the pandemic with several types of support, including:
- Financial support of up to 60% Funding to new home seekers to get a new home at our Estates (Deriv Capital Estate and Properties) or any realty of your choice that supports our Terms.
- Financial support to address delinquent housing payments, including mortgage payments, property taxes, sewage or water bills, and condo and coop fees, up to a maximum of $5,000,000
- Case managers who can help you access other mortgage relief programs
- Referrals to professional housing counselors or legal service providers
The major requirements to get qualified and access our HFA & HAF is to partner with us as a PLATINUM member. all other requirements will be asked by your Personal account manager when you sign up.