Administration Sends Housing Assistance to Five More States
The administration today announced an expansion of its Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets program, which uses TARP
Jul 31, 202022.4K Shares522.4K Views
The administration today announcedan expansion of its Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets program, which uses TARP money to provide states in the worst economic straits with block grants. In the first round, five states whose housing stock lost more than 20 percent of its value — North Carolina, Ohio, Oregon, Rhode Island and South Carolina — will split an additional $600 million.
The grants for the first round of funding were awarded in this fashion:
California received $699.6 million
Florida received $418 million
Michigan got $154.5 million
Arizona got $125.1 million
Nevada got $102.8 million
In the new round, the awards are generally smaller, though the administration saysthey are “equivalent on a per person basis to the $1.5 billion awarded in the first HFA Hardest Hit Fund.”
Ohio gets $172 million
North Carolina gets $159
South Carolina gets $138 million
Oregon gets $88 million
Rhode Island gets $43 million
As with the previous program, states have to submit their plans for review to the Treasury Department, which encourages them to focus on unemployment and distressed homeowner programs but doesn’t limit its assistance to just those ideas.