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The Administration is turning to state HFAs again to enlist their help in solving some of the nation’s toughest housing problems. On February 19, 2010, President Obama announced a plan to provide $1.5 billion to state HFAs in the five states hardest hit by unemployment and foreclosure to help them administer new foreclosure prevention programs. The funds support HFA efforts in Arizona, California, Florida, Michigan, and Nevada. On June 23, the Treasury Department announced that it had approved the foreclosure prevention plans prepared by these five states.

On March 29, the Obama Administration announced an expansion of its HFA Hardest-Hit Fund. While the first HFA Hardest-Hit Fund targeted five states with home price declines greater than 20 percent, the second Fund includes $600 million in assistance, and targets five new states with high concentrations of people living in economically distressed areas, defined as counties in which the unemployment rate exceeded 12 percent in 2009. The five states are receiving allocations based on this criterion are: North Carolina, Ohio, Oregon, Rhode Island, and South Carolina. On August 3, the Treasury Department announced that it had approved the foreclosure prevention plans of the second round states.

On August 11, the Administration announced another expansion of the Hardest Hit Fund, providing $2 billion in Troubled Asset Relief Program (TARP) funds to 18 states and jurisdictions that have experienced sustained unemployment rates at or above the national average over the last 12 months (through June, 2010.).  This includes nine of the original HFA Hardest-Hit Fund states (California, Florida, Michigan, Nevada, North Carolina, Ohio, Oregon, Rhode Island and South Carolina), as well as Alabama, Washington DC, Georgia, Illinois, Indiana, Kentucky, Mississippi, New Jersey and Tennessee. 

Press Statements:


General Resources:


State Resources:


National (Newsroom)

On February 19, President Obama spoke about the economy at a town hall meeting at Green Valley High School in Henderson, Nevada. In his remarks he announced a $1.5 billion fund for housing financing agencies.

Direct link to HFA Reference

NCSHA Blog Posts

  • March 5, 2013
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    On March 4, NCSHA's 2013 Legislative Conference kicked off with addresses from Executive Director and Chief Executive Officer of the Pennsylvania Housing Finance Agency and NCSHA President Brian Hudson, NCSHA Executive Director Barbara Thompson, Counselor to the Treasury Secretary for Housing Finance Policy Michael Stegman, Moody's Chief Economist Mark Zandi, and NCSHA Director of Housing Advocacy and Strategic Initiatives Garth Rieman.

  • March 4, 2013
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    On February 26, the House Financial Services Committee held a markup of its views and estimates for the FY 2014 Budget. Each year, the Committee sends the Budget Committee its comments and suggestions on items within its jurisdiction for the Budget Resolution. The Committee approved its views and estimates document on a party-line vote of 29 to 22.

    News

    • March 15, 2013
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      Governor Pat Quinn today announced that the Illinois Housing Development Authority is increasing the mortgage assistance available through the Illinois Hardest Hit program to $35,000 per household across the state, effective April 1. The governor also announced that Illinois Hardest Hit has reached a milestone, having recently helped its 7,000th homeowner avoid foreclosure. Today's announcement will help an additional 500 working families keep their homes and is part of the governor's commitment to strengthen Illinois' communities.

    • December 18, 2012
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      Rhode Island Housing announced today that the agency is on track to commit the entire $79 million federal foreclosure prevention program Hardest Hit Fund Rhode Island (HHFRI) by the end of January.

      Hardest Hit Foreclosure Initiative - Resources

      • December 13, 2011
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        NCSHA’s priorities, adopted annually by its Board of Directors after consultation with all state HFAs, set the agenda for NCSHA’s business development activities and advocacy before Congress, the Administration, and the federal agencies concerned with housing, including HUD, USDA, and the Treasury.

      • January 24, 2011
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        NCSHA’s legislative and regulatory priorities, adopted annually by its Board of Directors after consultation with all state HFAs, set the agenda for NCSHA’s advocacy before Congress, the Administration, and the federal agencies concerned with housing, including HUD, USDA, and the Treasury. NCSHA is committed to leading advocacy efforts on them in collaboration with other housing stakeholders who share them.