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Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“HFA Hardest Hit Fund”)
President Obama announced the first HFA Hardest Hit Fund on February 19, 2010, with up to $1.5 billion in funding for innovative measures to help families in the five states with home price declines greater than 20 percent. States that were allocated funds under the first HFA Hardest Hit Fund are not eligible for the second HFA Hardest Hit Fund.
On March 29, 2010, the Obama Administration announced a $600 million expansion of the HFA Hardest Hit Fund to support innovative housing-related measures to help families in states suffering from economic distress. While the first Hardest Hit Fund targeted five states with home price declines greater than 20 percent, the second Hardest Hit Fund will target five states with high concentrations of people living in economically distressed areas in which the unemployment rate exceeded 12 percent in 2009.
Less than 15 percent of the U.S. population lives in such high unemployment rate counties. Such high levels of unemployment, coupled with price declines, mean that many working and middle-class families in these areas are facing serious challenges. These funds will be utilized for innovative programs being developed by state Housing Finance Agencies to address these challenges.