Gov. Kathy Hochul announced a $539 million Homeowner Assistance Fund, the first in the nation, for those facing financial hardship due to the pandemic.

During a news conference Monday afternoon, she called the new fund “a lifeline” for those who have fallen behind on mortgage payments and other bills.

Those who would like to apply for the loan can do so on Jan. 3, 2022 on a first come, first served basis.

Here’s everything you need to know about applying.