Since its inception in 2010, the Hardest Hit Fund (HHF) program has undergone numerous amendments. State Housing Finance Agencies (HFA’s) in Georgia and New Jersey have made 9 modifications to their program while California has made 20. These modifications, which require Treasury approval, are made to address the current needs of a particular state.
The latest direction for several states seems to be to re-allocate some money for Homebuyer Assistance. Although the financial allocation is small compared to other HHF assistance, it is a noticeable change from foreclosure prevention.
Florida was the first to be approved in April 2015 and allocated $50 million toward its Down Payment Assistance Program. The other 5 states approved as of April 2016 are:
- Illinois ($30M)
- North Carolina ($30M)
- Kentucky ($15.5M)
- Rhode Island ($2.7M)
- Arizona ($48M)
North Carolina and Kentucky have since been approved for another $15M AND $8M, respectively.
Through Homebuyers Assistance, homebuyers can receive a one-time payment ranging from $7,500 up to $20,000 for down payment and closing costs.
For more information, see the state amendments here.
Or page 122 of the SIGTARP report here.
