Less than half of the funds from the Troubled Asset Relief Program that were designated for housing assistance have actually been disbursed.
TARP was created at the height of the financial crisis through the bipartisan passage of the Emergency Economic Stabilization Act of 2008.
The program allocated $700 billion to help stabilize banks and help distressed borrowers, though the amount was subsequently cut to $475 billion.
Included in the total was $37.51 billion that was intended for a trio of housing programs.
As of Oct. 31, 2015, there had been $18.34 billion of the housing program total that had been disbursed, according to a report from the Government Accountability Office.
The housing program disbursements included $12.59 billion for the Making Home Affordable initiative. This includes the Home Affordable Refinance Program, or HARP, and the Home Affordable Modification Program, or HAMP.
Another $5.73 billion was disbursed for the
Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets.
In addition, $0.02 billion was disbursed for the
Federal Housing Administration’s Short Refinance Program.
