Obama Administration To Give Aid In Combating Foreclosures To Five Additional States Through HFA Hardest Hit Fund

The Obama Administration announced today that it would be expanding funding for its “HFA Hardest Hit Fund” to include five additional states. Those states are North Carolina, Ohio, Oregon, Rhode Island, and South Carolina. An additional $600 million will be apportioned  to those states to assist them in combating the continuing foreclosure crisis.

The first “HFA Hardest Hit Fund” concentrated on states where property values had decreased by 20% or more. Those states were allocated a share of  $1.5 million and included  California, Nevada, Arizona, Michigan, and Florida.  This second “HFA Hardest Hit Fund” is about high concentrations of economic distress, meaning areas where the average unemployment rate for 2009 was 12% or greater.

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