Treasury Releases $1B from Hardest Hit Fund

The Department of the Treasury has announced the final allocation from the Hardest Hit Fund, with $1 billion being presented to housing finance agencies in 13 states.

“Today’s announcement continues Treasury’s commitment to provide relief to struggling homeowners and help stabilize neighborhoods in hard hit areas,” said Mark McArdle, deputy assistant secretary for financial stability. “While the housing market continues to recover we know some homeowners and areas are still experiencing the damaging effects of the housing crisis. With this additional funding, states will be equipped to continue their great work in getting critical resources to those most in need.”

The allocation marks the second of two additional $2 billion funding phases authorized under the Consolidated Appropriations Act, 2016; the first phase, which was announced on February 19, allocated $1 billion among 18 states. Michigan received the greatest amount of funding in this allocation, with $188.1 million in federal aid to help foreclosure prevention, blight removal and neighborhood development projects.

"Today's announcement is a major win for Michigan and the direct result of a hard-fought victory to secure this new funding last December," said Sen. Debbie Stabenow (D-MI). "Michigan has been a national model for blight removal, which is making neighborhoods safer and spurring economic growth. Thanks to this new funding, and funding announced earlier this year, we can keep the momentum going."