Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (Hardest Hit Fund or HHF)

Administering Agency/Entity Department of the Treasury
Short Description Seeks to help homeowners in the states hit hardest by unemployment and declines in home prices. HHF programs vary across states; services offered often include mortgage payment assistance (e.g., a one-time payment to bring a borrower’s delinquent mortgage current) for unemployed homeowners and reinstatement assistance to bring mortgage payments current. States were chosen because they experienced steep home price declines or high levels of unemployment in the economic downturn. Housing finance agencies in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, and the District of Columbia received funding.
Primary Purpose Emergency assistance to housing market or current homeowner
Type of Housing Supported Homeownership
Type of Assistance Grant
Fiscal Year 2010 Obligations $7,600,000,000; in fiscal year 2010, the Department of the Treasury obligated $7.6 billion for the HHF to be available until December 31, 2017. Payments made in fiscal year 2010 to the 19 housing finance agencies participating in the program totaled $56 million.

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