
The foreclosure crisis has hit virtually the entire nation without discrimination; however, some states, collectively, have been impacted more than others.
Arizona, California, Florida, Michigan and Nevada, in fact, top the list of 50, sustaining average home price declines of 20 percent or more. As a result, the U.S. Treasury Department has earmarked $1.5 billion to “head off” foreclosures in these states, among other, according to Reuters.
It’s been dubbed the “Hardest Hit Fund,” which was announced back in February. And it was carved out of the $50 billion Home Affordable Modification Program (HAMP) to assist responsible homeowners who have “been affected by the economic crisis through no fault of their own.”
The five states submitted proposals, demonstrating that their residents needed the housing assistance, which were all approved.
Here’s the monetary breakdown:
Arizona will get up to $125.1 million for these purposes while California gets up to $699.6 million and Florida up to $418 million. Michigan has been approved for up to $154.5 million of funding and Nevada up to $102.8 million.
In addition to the five states already mentioned, North Carolina, Ohio, Oregon, Rhode Island and South Carolina have submitted proposals for similar assistance. It’s expected that they, too, will receive approval “in coming weeks.”
Government officials reportedly expect to help 90,000 or more homeowners with its “Hardest Hit Fund.” For more information on the program, as well as the complete “Making Home Affordable” initiative, click here.
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