Definition
Federal funds distributed to states and localities to help homeowners facing foreclosure through various assistance programs.
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HHF was established to address foreclosure crisis through state programs providing mortgage assistance, down payment help, and unemployment assistance. States designed programs addressing local housing needs. Eligible homeowners received assistance based on need and program rules. Programs included principal reduction, payment assistance, and unemployment grants. Funds were distributed through state housing agencies. Program has largely concluded but some states continue assistance from remaining funds. Historically important crisis intervention program.
Pro Tip
Research state Hardest Hit Fund programs that may still have available assistance.
Example
Hardest Hit Fund provided mortgage assistance to homeowners facing foreclosure.