Indiana is among 18 states that will be receiving federal funds from the U.S. Department of the Treasury. The department announced Friday in a press release it would be allocating up to $2 billion to a program meant to assist struggling homeowners.
Indiana will receive $28,565,323 in Troubled Asset Relief Program funds to the Hardest Hit Fund program, according to the release.
With the HHF program, the Indiana Housing and Community Development Authority through the Indiana Foreclosure Prevention Network has already provided more than $94 million in assistance to nearly 7,000 Hoosier homeowners, Indiana Lt. Gov. Sue Ellspermann said in a statement Friday.
Since the program’s inception in 2010, there has been a steady decline in the state foreclosure rate, Ellspermann said. Indiana is at its lowest foreclosure rate since early 2007, according to the Mortgage Bankers Association, Ellspermann said.
“I am pleased that Indiana is one of 18 states that will receive additional Hardest Hit Funds from the U.S. Department of the Treasury,” Ellspermann said in the statement. “With the additional HHF funding we will be able to help more Hoosier families remain in their homes and continue reducing the foreclosure rate.”
This new allocation of funds will allow the Treasury to focus more resources on state housing finance agencies, which continue to be significant in foreclosure prevention and neighborhood stabilization, according to Ellspermann’s press release.
The new fund allocation is an important step in reducing foreclosure rates, Secretary of the Treasury Jacob Lew said in the Secretary press release.
“Today’s announcement is the next step in the administration’s effort to help struggling homeowners recover from the financial crisis and strengthen the housing recovery,” Lew said. “Thanks to a bipartisan group of members of Congress who helped secure additional funding for the Hardest Hit Fund, we will be able to provide significant resources to hard-hit states and target these critical resources towards programs that we know have helped Americans avoid foreclosure and stabilized housing markets, including blight-elimination programs.”
Alexa Chryssovergis
