Hardest Hit Fund Foreclosure Prevention Funding Round One
On June 23, the Obama Administration approved proposals put forward by Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan and Nevada for utilizing a total of $1.5 billion “Hardest Hit Fund” foreclosure prevention funding. This aid will support innovative local initiatives to assist struggling homeowners, as part of the first round of funding available under this new program.
On June 23, the Obama Administration approved proposals put forward by Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan and Nevada for utilizing a total of $1.5 billion “Hardest Hit Fund” foreclosure prevention funding. This aid will support innovative local initiatives to assist struggling homeowners, as part of the first round of funding available under this new program.
President Obama established the Hardest Hit Fund in February 2010 to provide targeted aid to families in the states hit hardest by the housing market downturn. The states approved to receive aid as part of the first round of funding each experienced a 20 percent or greater decline in average home prices.
Approved states will now begin to set up and roll out their specific Hardest Hit Fund programs in order to provide relief to struggling homeowners as soon as possible, with specific implementation timing depending on the types of programs offered, specific state-level procurement procedures, and other factors.
Each state’s approved “Hardest Hit Fund” proposals and contact information are available below. For more information on a state-specific proposal, please contact that state’s Housing Finance Agency.
