Rural Money Hardest Hit Fund: Mortgage Assistance For Unemployed
Hardest Hit Fund: States Helping Unemployed And Financially Distressed Borrowers
This rural money hardest hit fund post has been announcing since 2016 an additional $2 billion was allocated to participating Hardest Hit Fund (HHF) states.
The HHF states continue to help with foreclosure prevention.
Yet, many homeowners still aren’t aware of this program.
The housing crisis that began in 2007 led to unprecedented home price declines, and sustained and higher unemployment in certain parts of the country.
Families in these areas have been particularly hard hit by this crisis.
They have struggled to make their monthly mortgage payments and grappled with deeply underwater mortgages.
While the housing market has strengthened in recent years, there is still an ongoing need to continue to assist homeowners and neighborhoods that continue to experience the negative effects of the financial crisis.
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.
As part of the Administration’s overall strategy for restoring stability to housing markets, Hardest Hit Fund provides funding for state Housing Finance Agencies (HFA) to develop locally-tailored foreclosure prevention solutions, in areas that have been hard hit by home price declines and high unemployment.
From its initial announcement, this program evolved from a $1.5 billion initiative focused on HFAs in the five states with the steepest home price declines, and the vast majority of underwater homeowners to a broader-based $7.6 billion initiative encompassing 18 states and the District of Columbia.
States were selected for funding either because they were struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent.
Each state’s program was designed and is administered by that state’s HFA.
Hardest Hit Fund programs vary state to state, but may include the following:
- Mortgage payment assistance for unemployed or underemployed homeowners;
- Principal reduction to help homeowners get into more affordable mortgages;
- Help for homeowners who are transitioning out of their homes and into more affordable places of residence;
- Blight elimination and down payment assistance efforts.
Most Hardest Hit Fund programs target assistance toward unemployed homeowners and those with homes that are worth less than the value of their mortgages.
For more information about the program in a particular state, please check with that state’s HFA or see the information here.
Please share this post on social media to help get the word out about the Hardest Hit Fund.
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