The new Emergency Homeowners’ Loan Program may help homeowners who are at risk of foreclosure in Hawaii, 26 other states and in Puerto Rico.

The program will provide interest-free loans that will pay a portion of monthly mortgages for up to two years, or up to $50,000, which ever comes first.

The program, announced by the U.S. Department of Housing and Urban Development in conjunction with NeighborWorks America, is funded with $1 billion from Congress and is designed for homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment resulting from economic or medical conditions.