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The American Rescue Plan Act of 2021 allocated $50M to Wyoming for the Homeowner Assistance Fund (HAF). Of the $50M allocated to Wyoming, the state has received ten percent (10%), or $5M upfront. The U.S. Department of Treasury must review and approve the state HAF Plan for Wyoming to receive the remaining funds. Wyoming submitted its HAF Plan on Sept. 8, 2021 and is awaiting a response from the U.S. Treasury. The draft plan is available at dfs.wyo.gov/haf.

Wyoming’s HAF Plan includes a mortgage reinstatement program to bring delinquent homeowners, including those currently on a forbearance, current so they can remain safely in their homes. The mortgage reinstatement program includes a one-time grant paid to the mortgage servicer on behalf of the homeowner, with a maximum grant amount of $15,000. Homeowners owing more than $15,000 would need to work with their mortgage servicer to pay the remaining balance or find a "loss mitigation" option to address the balance.

With the initial disbursement, we are working in partnership with the Wyoming Community Development Authority (WCDA) to test the mortgage reinstatement program procedures. The results of this field test will help us to refine program procedures and quickly launch the program when the U.S. Treasury approves the HAF Plan and the remaining funds become available.