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:
- NCSHA's Press Release on Administration's Foreclosure Initiative
- NCSHA's Press Release on Hardest-Hit Fund Expansion for Unemployment Bridge Loan Programs
- HFA Executive Director Statements
- Senator Harry Reid's Press Release
- Statement from Treasury Department Approving First Five State Plans
- Statement from Treasury Department Approving Second Five State Plans
- NCSHA Statement on Treasury Department's Approval of First Five State Plans
- NCSHA Statement on Treasury Department's Approval of Second Five State Plans
General Resources:
- Administration Announces First Round of Funding for Hardest-Hit Housing Markets
- Administration Announces Second Round of Funding for Hardest-Hit Housing Markets
- Administration Announces Hardest-Hit Fund Expansion for Unemployment Bridge Loan Programs
- Guidelines for HFA Proposal Submission (first round states)
- Guidelines for HFA Proposal Submission (second round states)
- HFA FAQ (first round states)
- HFA FAQ (second round states)
- Treasury Overview of HHF Program (November 3, 2010)
- Financialstability.gov Hardest Hit Fund Page
State Resources:
- Alabama
- Arizona
- California
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Michigan
- Mississippi
- Nevada
- New Jersey
- North Carolina
- Ohio
- Save the Dream Ohio: Ohio's Foreclosure Prevention Effort Website
- Save the Dream Ohio Press Release
- Approved Ohio Hardest Hit Fund Plan
- Ohio Submission for HFA Hardest Hit Fund
- Ohio Receives an Additional $148 Million in Federal Foreclosure Prevention Assistance from US Department of Treasury
- Ohio to get federal foreclosure aid
- 18,500 Ohioans to get foreclosure relief
- Ohio to receive $172M in foreclosure prevention funds
- Senator Brown Announces $172 Million in Foreclosure Aid For Ohio
- Oregon
- Approved Oregon Hardest Hit Fund Plan
- Oregon Submission for HFA Hardest Hit Fund
- Oregon Homeownership Stabilization Initiative FAQ
- Oregon Homeownership Stabilization Initiative Website
- Oregon Housing Agency Requests Homeowner Input on Foreclosure Prevention Strategies
- Oregon to receive up to $88 million to help prevent foreclosures and keep families in their homes
- Oregon gets federal money to help unemployed avert foreclosures
- Federal fund will help Oregon’s hardest-hit homeowners
- Rhode Island
- South Carolina
- Approved South Carolina Hardest Hit Fund Plan
- SC Housing Press Release on Treasury's Approval of Foreclosure Prevention Plan
- South Carolina Submission for HFA Hardest Hit Fund
- South Carolina Homeownership and Employment Lending Program
- South Carolina Slated for an Additional $58 Million in Federal “Hardest Hit” Housing Funds
- The State: SC gets $58M to help homeowners
- SC gets $138 million in mortgage assistance
- Funding To Help Unemployed Avoid Foreclosure Coming To Carolinas
- Federal Money Approved to Help Unemployed Homeowners in SC
- Tennessee
- Washington, D.C.
- The Hill: Treasury marks $2B in bailout funds for foreclosure aid
- Washington Post: Obama administration to provide $3B in housing aid
- The Wall Street Journal: Unemployed Homeowners to Get $3 Billion in Aid
- ABC News: U.S. Expands Homeowner Aid for Jobless
- NY Times: Government Plans More Aid for Jobless Homeowners
- Business Insider: HUD Just Announced A Homeowner Bailout
- Associated Press: Obama administration to provide $3B in housing aid
- Bloomberg: HUD Offers Interest-Free Loans to Reduce Foreclosures
- The Hill: Obama administration to distribute $3 billion to help unemployed keep homes
- Housing Wire: Obama Administration OKs $1.5bn Hardest-Hit Mortgage Relief Fund Plans
- Wall Street Journal: US Approves Plans For $1.5B Aid To 'Hardest-Hit' Homeowners' Fund
- AP: Calif., Fla., Other States to Get More Housing Aid
- CNN: Freddie and Fannie Won't Pay Down Your Mortgage
- CNN: States Propose Using Federal Funds to Pay Down Mortgages
- The Wall Street Journal: Hardest Hit States Submit Housing Aid Proposals, Some Offer Help Paying Mortgage
- The Washington Post: Foreclosure Fund Gets $600 Million to Help Residents of 5 More States Save Homes
- The Wall Street Journal: Five States Get $600 Million in Housing Aid
- AP: Gov't to Give $600M in Housing Aid to 5 States
- Reuters: Obama Admin Expands US Housing "Hardest Hit" Fund
- HousingWire: State Housing Finance Agencies Uneven in Plans to Use $1.5bn Federal Fund
- The Washington Post: Five States Rush Plans for $1.5B in Housing Funds
- The Washington Post: Obama's $1.5 Billion Financing Plan Would Help Struggling Homeowners in 5 States
- The Wall Street Journal: U.S. Mortgage Delinquencies Edge Down
- The New York Times: New York Times Covers Obama's HFA Housing Help
- The Washington Post: Washington Post Covers Obama Housing Help for HFAs
- CNN: Housing Help for Unemployed, Underwater Borrowers
- Bloomberg: Obama Puts Emphasis on Economy in Nevada, Colorado
- Presidential Town Hall Meeting - C-SPAN
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.
Printer-friendly versionNCSHA Blog Posts
- January 18, 2012
HFA directors and staff, Administration officials, and industry partners came together last week for NCSHA's HFA Institute MRBs and Federal Mortgage Insurance conference. For three days, attendees took advantage of the opportunity to network with their peers and receive top-notch education during more than a dozen sessions. - December 2, 2011
Only the Institute uniquely features senior Administration officials discussing the latest administrative, regulatory, and legislative developments and top-notch training by nationally recognized experts combined with the knowledge and experience of program administrators and their partners from across the country.
Housing Headlines
- NeighborWorks America
- House Financial Services Committee
News
- January 24, 2012
When Dorine D’Agostino lost her job of more than 11 years, she started collecting unemployment, but despite a small mortgage payment she couldn’t cover all the mounting bills, she said. She tried looking for work but at 60 years old it was tough and she started to lose faith that everything would work out. Then she got a letter telling her about the SC HELP program and decided to apply. - July 28, 2011
The California Housing Finance Agency received $2 billion from the Treasury Department's Hardest Hit Fund. Using the money, the now 27 mortgage servicers participating in the Keep Your Home California Principal Reduction Program would reduce the principal by as much as $50,000, matched by the investor for a total possible principal reduction of up to $100,000.
Hardest Hit Foreclosure Initiative - Resources
- December 13, 2011
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
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.
