What is the Housing Financial Agency Innovation Fund for the Hardest Hit Housing Markets (HHF)?
In early 2010, the Treasury announced that the Hardest Hit Fund (HHF) will provide more than $7.6 billion to states hit hardest by the economic crisis. Since state housing agencies are tasked with implementing these programs to help stabilize their local housing markets. The hardest hit fund extends the reach of the Making Home Affordable Program by also assisting the unemployed and underemployed.
Since the HHF varies from state to state, the general guidelines are as follows:
- Mortgage assistance for unemployed or underemployed.
- Principal reduction to reduce payments.
- Funding to extinguish second liens.
- Relocation assistance to help homeowners transition to a new more affordable place to live.
$7.6 billion has been allocated to 18 states plus the District of Columbia. Below is the list of states:
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