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$600 Mil for Hard-Hit States

Administration approves plans for five states

Aug. 4, 2010

By MortgageDaily.com staff


Five states will get $600 million in federal funds to help an estimated 50,000 borrowers who are facing foreclosure.

The Barack Obama administration has approved foreclosure prevention plans by each of the five states. The proposals were submitted on June 1 by the states' housing finance agencies.

The money is being provided from the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, according to a news release from the U.S. Department of the Treasury.

The states' programs "address first and second liens, facilitate short sales and/or deeds-in-lieu of foreclosure, and assist in the payment of arrearages," the Treasury explained.

The fund was established in February, while the administration announced in June that $1.5 billion was being provided to Arizona, California, Florida, Michigan and Nevada.

The assistance is concentrated in high-unemployment states, where real estate markets have been hit particularly hard.

Ohio will see $172 million of the federal money, and North Carolina is earmarked for $159 million. Another $138 million is going to South Carolina, while Oregon will get $88 million and Rhode Island borrowers will benefit from $43 million in funds for their state.

"These states have designed targeted programs with the potential to make a real difference," Treasury Assistant Secretary for Financial Stability Herb Allison said in the release.

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