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 December 31, 2017.
In order to qualify for funding in the first phase, States must have utilized at least 50 percent of their existing HHF allocations.
The second phase is open to all participating States and is by application. The application will require States to demonstrate significant ongoing foreclosure prevention and neighborhood stabilization needs, a proven track record in utilizing funds, and successful program models to address those needs. Applications are due March 11, 2016. States will be allowed to request amounts up to 50 percent of their existing HHF allocation or $250 million (whichever is lower).
The full press release from the US Treasury with additional details is available on their website.