Posts Tagged ‘Hardest Hit Funds’
Treasury announces final allocation of $1B in Hardest Hit Funds
Thirteen of the 19 participating Hardest Hit Fund states will receive additional dollars allocated through a competitive application process that required state Housing Finance Agencies (HFAs) to demonstrate an ongoing need for additional funding to prevent foreclosure and stabilize markets. According to Treasury, states receiving additional funds under the final allocation submitted reasonable plans of…
Read MoreTreasury announces how $2 billion for Hardest Hit Fund will be allocated
Today, Treasury announced how it will allocate the additional $2 billion dollars for the Hardest Hit Fund (HHF) program approved by Congress last December. HHF funding will be allocated among participating States in two phases of $1 billion each. States have until December 31, 2020, to utilize funds, extended from the original deadline of…
Read MoreNew research finds investment in neighborhood stabilization pays off—and more is needed
“House prices have sufficiently recovered and foreclosure activities have sufficiently abated.” That was the faulty argument made this past July to support a U.S. Senate proposal that would have rescinded federal Hardest Hit Funds – a critical source of funding for neighborhood stabilization efforts in communities hit hardest by the foreclosure crisis – in order…
Read MoreHardest Hit Funds demolition policy change on track to become a boon for distressed communities
This article was originally published in the Summer 2014 issue of Breaking Ground, our quarterly newsletter. To receive Breaking Ground in your inbox, please join our email list. For an update on the latest round of Hardest Hit Fund allocations in April, 2016, click here. In February 2010, President Obama unveiled the Hardest Hit Fund, a…
Read MoreDemolition the right way: Using strategic demolition to revitalize communities
Though temperatures were in the low 40’s, spirits were high when I attended the 3rd Anniversary of the multifaceted Vacants to Value program in Baltimore last month. Over the past 3 years, Baltimore’s Vacants to Value (V2V) program has rehabbed 1,500 homes and demolished more than 700. Both blight reduction strategies were on display during the anniversary…
Read MoreHistoric blight blitz is now underway in Flint, Saginaw
A historic new ‘blight blitz’ is now underway in Michigan, constituting the largest blight removal program in the state’s history. Both the state and the nation have a renewed interest in promoting urban revitalization in Michigan through thoughtfully attending to the state’s vacant, abandoned, and problem properties. Last week, the cities of Flint and Saginaw…
Read MoreDetroit and four other Michigan cities to receive additional federal dollars for strategic demolition
In an exciting development, the U.S. Treasury Department announced last week that Michigan may use up to $100 Million—or 20%—of its Hardest Hit Fund (HHF) allocation for strategic demolition of vacant properties. Part of the Troubled Asset Relief Program (TARP), the HHF was created in 2010 to stabilize housing markets and neighborhoods by assisting families…
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