Treasury announces allocation of final $1 billion under Hardest Hit Fund

This story appeared in Bank Digest.

The Treasury Department has announced the allocation of the final $1 billion under the Hardest Hit Fund, which was created in 2010 to provide targeted assistance to 18 states and the District of Columbia that were deemed hardest hit by the economic and housing market downturn. According to Treasury, 13 of the 19 participating HHF jurisdictions will receive additional funds, which were allocated through a competitive application process. The newly announced allocation is the second phase of $2 billion in additional funding authorized by Congress under the Consolidated Appropriations Act, 2016.

Senators Robert Menendez (D-NJ) and Cory Booker (D-NJ) announced the awarding of an additional $45,354,517 from the HHF to assist financially stressed New Jersey homeowners, while House Financial Services Committee Ranking Member Maxine Waters (D-Calif) announced that California had been awarded $169.8 million.