Making Home Affordable: Hardest Hit Found

President Obama established the Hardest Hit Fund in February 2010 to provide targeted

aid to families in states hit hard by the economic and housing market downturn. The first five states to receive aid each experienced a 20 percent or greater decline in average home prices: Arizona, California, Florida, Michigan and Nevada. The program was expanded to provide support to five states with high percentages of their population living in areas of economic distress due to unemployment: North Carolina, Ohio, Oregon, Rhode Island and South Carolina. Each state Housing Finance Agency (HFA) gathered public input and designed programs to meet the distinct challenges facing struggling homeowners in their state.

Support for States with Average Home Price Declines Over 20 Percent

On June 23, the Obama Administration announced approval of state proposals put forward by Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan and Nevada for $1.5 billion in Hardest Hit Fund foreclosure-prevention funding. Each of these states had an average home price decline of over 20 percent since the housing market downturn.

Approved states will now begin to set up and roll out their specific Hardest Hit Fund programs in order to provide relief to struggling homeowners as soon as possible, with specific implementation timing depending on the types of programs offered, specific state-level procurement procedures, and other factors.

Each state's approved Hardest Hit Fund proposal and contact information are available below. For more information about a state-specific proposal, please contact that state's Housing Finance Agency.

For more information about this please visit:

http://www.financialstability.gov/roadtostability/hardesthitfund.html

Making Home Affordable: Hardest Hit Found

By: Jonathon Ende

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