State Housing Finance Agencies in several states such as California and Nevada can start using $1.5 billion in “Hardest Hit Fund” foreclosure-prevention funding in plans approved today by the government. This aid will support pioneering local plans to assist struggling homeowners in those states, as part of the original round of funding available from this program.
“These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure,” said Treasury Assistant Secretary for Financial Stability Herbert M. Allison, Jr. “While we’ve made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama Administration will continue to do everything it can to help those who are struggling the most during this difficult time. Today marks an important milestone for delivering relief to homeowners through the Hardest Hit Fund program.”
President Obama established the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (”Hardest Hit Fund”) in February 2010 to provide targeted aid to families in the states hit hardest by the housing downturn. The states accepted to collect aid today as part of the first round of supporting provided through this program each experienced a 20% or larger decline in normal housing prices.
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