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.
Arizona Housing Finance Authority executive director Michael Trailor is quoted in today's New York Times article highlighting one Phoenix community that has been hard-hit by foreclosure and stands to be helped by the Administration's five-state foreclosure initiative.
Of the $1.5 billion allotted by the federal government to help states hardest hit by housing bubbles that burst, Arizona will receive $125 million. Arizona is one of five states to receive the money, all states where home prices have dropped more than 20 percent. The money was divided among the states based on drops in home values, unemployment rates and foreclosure figures
As the housing downturn weighed on the nation’s regional markets differently, states responded with varying degrees of help. If you happen to live in a state (or are looking to move to one) that is actively propping up its housing sector, you may have the opportunity to save big when buying a home.
