The administration today announced an expansion of its Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets program, which uses TARP
The administration today announced an 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:
In the new round, the awards are generally smaller, though the administration says they are “equivalent on a per person basis to the $1.5 billion awarded in the first HFA Hardest Hit Fund.”
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.
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