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 Treasury Announces Allocation of Final $1 Billion Among Hardest Hit Fund States


4/20/2016
WASHINGTON – The U.S. Department of the Treasury today announced the allocation of the final $1 billion in funds under the Hardest Hit Fund (HHF). Thirteen of the 19 participating HHF states will receive additional funds, which were allocated through a competitive application process. In order to qualify for funds in this phase, state housing finance agencies (HFAs) were required to submit detailed applications that demonstrated an ongoing need for additional funding to prevent foreclosures and stabilize housing markets, and lay out a reasonable plan of action to address those needs and fully utilize the funds by December 31, 2020. 
 
“Today’s announcement continues Treasury’s commitment to provide relief to struggling homeowners and help stabilize neighborhoods in hard hit areas,” said Mark McArdle, Treasury Deputy Assistant Secretary for Financial Stability. “While the housing market continues to recover we know some homeowners and areas are still experiencing the damaging effects of the housing crisis. With this additional funding, states will be equipped to continue their great work in getting critical resources to those most in need.”
 
The funding announced today is the second phase of the $2 billion in additional funding authorized by Congress under the Consolidated Appropriations Act, 2016. The first phase, which was announced on February 19, allocated $1 billion among 18 of the 19 participating HHF states using a formula based on state population and the HFA’s to-date utilization of their existing HHF allocation. 
 
This latest round of funding was open to all participating HFAs, and allowed them to request amounts up to 50 percent of their existing HHF allocation or $250 million (whichever was lower). The HFAs were provided with detailed instructions on how to apply for the second phase of funding, along with the criteria that Treasury would use to evaluate their applications.
 
FIFTH ROUND FUNDING ALLOCATIONS BY STATE1
 
State
Phase 1 Allocation
Phase 2 Allocation
Total Fifth Round Funding  Allocation
Total HHF Funding (Rounds 1-5)
AL
Ineligible
Did Not Apply
$0
$162,521,345
AZ
$28,282,519
Did Not Apply
$28,282,519
$296,048,525
CA
$213,489,977
$169,769,247
$383,259,224
$2,358,593,320
DC
$4,924,602
$3,123,331
$8,047,933
$28,745,131
FL
$77,896,538
Did Not Apply
$77,896,538
$1,135,735,674
GA
$30,880,575
$0
$30,880,575
$370,136,394
IL
$118,174,500
$151,299,560
$269,474,060
$715,077,617
IN
$28,565,323
$33,454,975
$62,020,298
$283,714,437
KY
$30,148,245
$27,955,713
$58,103,958
$207,005,833
MI
$74,491,816
$188,106,491
$262,598,307
$761,204,045
MS
$19,340,040
$23,063,338
$42,403,378
$144,291,701
NC
$78,016,445
$145,709,333
$223,725,778
$706,507,564
NJ
$69,231,301
$45,354,517
$114,585,818
$415,133,962
NV
$8,885,641
Did Not Apply
$8,885,641
$202,911,881
OH
$97,590,720
$94,316,248
$191,906,968
$762,302,067
OR
$36,425,456
$58,110,108
$94,535,564
$314,578,350
RI
$9,680,817
$26,942,913
$36,623,730
$115,975,303
SC
$22,030,274
Did Not Apply
$22,030,274
$317,461,821
TN
$51,945,211
$32,794,226
$84,739,437
$302,055,030
TOTAL
$1,000,000,000
$1,000,000,000
$2,000,000,000
$9,600,000,000
 
 
The Hardest Hit Fund was created in 2010 to provide targeted assistance to 18 states and the District of Columbia deemed hardest hit by the economic and housing market downturn. The program was designed to leverage the expertise of state and local partners by funding locally-tailored foreclosure prevention and neighborhood stabilization solutions. As of December 31, 2015, HHF had assisted nearly a quarter of a million homeowners and had removed more than 9,000 blighted properties.
 
For more information on the latest round of HHF funding, please see the FAQs and for further state-by-state information please refer to the Treasury HHF page
 
###
 
 
[1] Alabama, Arizona, Florida, Nevada, and South Carolina, did not apply for the Phase 2 Fifth Round Funding. Georgia applied for Phase 2, but will not receive additional funding beyond Phase 1, based on its performance to date and other factors. Alabama did not meet the 50 percent utilization requirement for Phase 1 and therefore was ineligible for additional funds.
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