Hardest Hit Fund
Data File:
Date:
June 23, 2010
Maximum Amount:
$7.60 billion
Amount Spent:
$7.60 billion
Deficit Impact:
$7.60 billion In order to provide targeted assistance to homeowners, the Hardest Hit Fund (HHF) was created in February 2010 and first began operating on June 23. The HHF provides aid to Housing Finance Agencies (HFAs) in states that have been hardest hit by the collapse of the housing market. While the first wave of funding given out under the program was to only five states (California, Nevada, Michigan, Arizona, and Florida) totaling $1.5 billion, it has been expanded to include many other state HFAs.
To qualify for the aid, states must submit proposals for how they intend to provide assistance to struggling homeowners. Upon approval by the Treasury Department, the HFAs are provided with the funding necessary to implement their proposals.
Notes:
Maximum amount unknown. Amount spent represents the total amount of investments made by Treasury to the state HFAs as of 8/22/2012. Since the program constitutes a full subsidy, deficit impact is the same as amount spent.
As of 8/22/2012, 19 state HFAs have participated in the HHF program.