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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.

Kevin Shortle
Director Of Training And Research at NoteSchool
As a Director of Training and Research for Eddie Speed’s NoteSchool, Kevin has spent years collaborating with Eddie to produce presentations that both entertain and captivate audiences. Their depth of fully researched and sourced information combined with their daily hands-on experience will have attendees re-examining their current focus and efforts while compelling them to seek more information and to take action.

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