HARDEST HIT FUND

Fourth Quarter 2013 Performance Summary
90+ Delinquency: Percentage of serviced loans 90 days or more past due or in the process of foreclosure 

(Source: Mortgage Bankers Association’s National Delinquency Survey)

Unemployment Rate: Ratio of unemployed to the civilian labor force (Source: Bureau of Labor Statistics)

Program Funds: Program funds are equal to the HFA’s total HHF allocation cap less permitted 

administrative expenses

Funds Disbursed: Funds HFAs have disbursed on behalf of homeowners participating in HHF programs

Funds Committed: Funds HFAs have committed to homeowners who have been approved to participate in 

HHF programs that are anticipated to be disbursed over the duration of their participation; 

HFAs vary as to when and how they capture and report funds as committed

Homeowners Assisted: Eligible homeowners who have received financial assistance under one or more HHF 

programs

Assistance Provided: Amount of financial assistance provided to homeowners under HHF programs

(equal to funds disbursed)

HARDEST HIT FUND QUARTERLY PERFORMANCE SUMMARY

Background and Glossary of Terms

• The Hardest Hit Fund (HHF) provides $7.6 billion to 18 states and the District of Columbia to assist struggling 

homeowners through locally tailored programs administered by each respective housing finance agency (HFA) 

in order to help prevent foreclosures and stabilize housing markets. These areas were designated “hardest hit” 

because they experienced steep home price declines and/or severe unemployment in the economic downturn.

• HFAs report program performance on a quarterly basis. This Quarterly Performance Summary is intended to 

serve as an additional resource for Hardest Hit Fund program information, performance data, and key 

economic and loan performance indicators. For more detailed information, including any reporting corrections 

or revisions that occurred subsequent to the quarter end, please see the official quarterly report posted on each 

HFA’s website accessible on the “State-by-State Information” page found here: www.treasury.gov/HHF.

Terms used in this Summary:

2
HARDEST HIT FUND

TOTAL ALLOCATION: $7.6 billion

DESCRIPTION:

• HFAs have implemented a number of different programs to help 

homeowners, including principal reduction, reinstatement, short 

sale/transition assistance, modification assistance, note purchase, 

blight elimination, and mortgage payment programs.

• As of December 31, 2013, there were 69 active programs across 

the 19 HFAs. Approximately 68 percent of total program funds 

have been targeted to help un- and underemployed homeowners, 

primarily through reinstatement and programs that help 

homeowners pay their mortgage while looking for work.

• In the aggregate, states have reported committing $3.3 billion 

of their program funds (48.6% of program cap).

3

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$1.0 million

(13.4% of

program cap)

$2.3 billion

(34.8% of

program cap)

129.8% 17.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

94,056 161,783 72.0% 11.5%

National Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

7.9% 6.7% 6.8% 5.4%

www.treasury.gov/HHF

All information as of December 31, 2013

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

$0

$500

$1,000

$1,500

$2,000

$2,500

Millions

Homeowners Assisted and Assistance Provided

Through December 31, 2013

Homeowners Assisted Assistance Provided ($ Millions)
ALABAMA

Alabama Hardest Hit Fund

Total Allocation = $162.5 million

PROGRAMS:

• Unemployment Assistance Program – Provides monthly 

mortgage payments and reinstatement assistance paid to the 

servicer on behalf of unemployed or underemployed 

homeowners.

• Short Sale Assistance Program – Provides assistance to 

facilitate a short sale for homeowners who are no longer 

able to afford their home. 

• Loan Modification Assistance Program – Provides a onetime payment to facilitate a mortgage modification by 

reducing the outstanding principal balance, reinstating a 

delinquent loan, and/or paying off escrow shortage fees or 

arrearages. The modification must result in an affordable 

monthly mortgage payment.

RECENT ACTIVITY:

• Alabama approved its first homeowner for loan 

modification assistance in December 2013 and saw 

increased servicer participation in the new Loan 

Modification and Short Sale Assistance programs.

• Alabama reported it had committed approximately 

$33.6 million on behalf of participants as of 

December 31, 2013.

4

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$16.7 million

(12.3% of 

program cap)

$24.6 million

(18.2% of 

program cap)

47.0% 8.2%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,289 3,108 35.8% 7.1%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

6.9% 6.1% 5.3% 4.9%

For more details, visit: http://www.hardesthitalabama.com 

All information as of December 31, 2013
ARIZONA

Save Our Home Arizona

Total Allocation = $267.8 million

PROGRAMS:

• Principal Reduction Assistance – Provides principal 

reduction to facilitate a mortgage modification, a HARP, or 

other eligible refinance.

• Second Mortgage Assistance – Provides funds to eliminate 

second mortgages, to facilitate a modification of the primary 

mortgage, or to enable a short sale.

• Unemployment/Underemployment/Reinstatement 

Mortgage Assistance – Provides monthly mortgage 

payments and/or reinstatement assistance on behalf of 

unemployed or underemployed homeowners. Homeowners 

must contribute a portion of their monthly income.

• Short Sale Assistance – Provides assistance to facilitate a 

short sale, including closing costs and/or lien 

extinguishment. A limited amount of funds may be paid 

directly to the homeowner for transition assistance. 

Assistance may also be used to facilitate a short sale with 

lease-to-own option on select transactions.

RECENT ACTIVITY:

• In October, Arizona made changes to its Unemployment/ 

Underemployment/Reinstatement Mortgage Assistance and 

Principal Reduction Assistance programs.

• Arizona reported it had committed approximately $81.2 

million on behalf of participants as of December 31, 2013.

5

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$10.0 million

(4.3% of program cap)

$53.9 million

(23.1% of 

program cap)

437.5% 22.3%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

1,219 2,593 112.7% 13.3%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.0% 7.6% 4.4% 2.7%

For more details, visit: https://www.savemyhomeaz.gov

All information as of December 31, 2013
CALIFORNIA

Keep Your Home California

Total Allocation = $1.975 billion

PROGRAMS:

• Unemployment Mortgage Assistance Program –

Provides monthly mortgage payment and reinstatement 

assistance on behalf of unemployed or underemployed 

homeowners who are currently receiving unemployment 

benefits and are delinquent on their mortgage.

• Mortgage Reinstatement Assistance Program –

Provides assistance to reinstate a delinquent mortgage; 

may be used to enable a mortgage modification.

• Principal Reduction Program – Provides principal 

reduction with a loan recast or modification with a rate 

reduction; principal curtailment may be used with an 

existing step-rate modification.

• Transition Assistance Program – Provides relocation 

assistance to cover expenses associated with a deed-in-lieu 

or short sale.

• Innovation Fund Programs – CA also offers local 

programs, including the Los Angeles Housing Department 

Principal Reduction Program and the Community 2nd 

Mortgage Principal Reduction Program. 

RECENT ACTIVITY:

• California launched their 3-month Google AdWords 

Campaign test on October 1 to assess the effectiveness of 

digital advertising in the Stockton and San Diego markets. 

Application volumes remained steady in the 4th quarter.

• California reported it had committed approximately 

$627.1 million on behalf of participants as of 

December 31, 2013.

6

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$244.6 million

(13.4% of

program cap)

$543.7 million

(29.8% of 

program cap)

122.3% 16.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

20,375 33,342 63.6% 11.5%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

9.8% 8.3% 5.0% 3.2%

For more details, visit: http://www.keepyourhomecalifornia.org 

All information as of December 31, 2013
DISTRICT OF COLUMBIA

HomeSaver Program

Total Allocation = $20.7 million

PROGRAMS: 

HomeSaver includes the following:

• Lifeline – Provides one-time reinstatement assistance to 

bring a delinquent mortgage current for unemployed or 

underemployed homeowners. Homeowners must have 

received unemployment benefits within 6 months of 

application or be earning substantially less income 

compared to their income prior to experiencing a financial 

hardship. 

• Mortgage Assistance – Provides monthly payment 

assistance on behalf of unemployed or underemployed 

homeowners who are unable to afford their monthly 

payments. 

• Restore – Provides one-time reinstatement assistance on 

behalf of previously unemployed or underemployed 

homeowners who are currently or newly able to afford their 

monthly mortgage payments. 

RECENT ACTIVITY:

• The District of Columbia announced it would close its 

application portal on November 22, 2013. Although it is no 

longer accepting new applications, DC will continue to 

administer the program and process borrowers under review 

until they reach full commitment of their program funds. 

• The District of Columbia reported it had committed 

approximately $13.4 million on behalf of participants as 

of December 31, 2013.

7

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$7.5 million

(45.2% of

program cap)

$11.1 million

(64.8% of

program cap)

47.9% 8.3%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

444 625 40.8% 7.8%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.5% 7.6% 6.2% 5.6%

For more details, visit: https://www.homesaverdc.org

All information as of December 31, 2013
FLORIDA

Florida Hardest-Hit Fund

Total Allocation = $1.057 billion

PROGRAMS:

• Unemployment Mortgage Assistance Program – Provides 

monthly payment assistance on behalf of unemployed or 

underemployed homeowners who are unable to afford their 

monthly payment. 

• Mortgage Loan Reinstatement Program – Provides 

assistance to reinstate a delinquent mortgage.

• Modification Enabling Pilot Program – Provides funds to 

facilitate modifications for eligible mortgages purchased in a 

distressed asset sale. Principal reduction may be matched 

with non-program funds to facilitate a mortgage 

modification.

• Principal Reduction Program – Provides principal 

reduction for a current homeowner with a loan recast or 

refinance to reduce a homeowner’s monthly payment.

• Elderly Mortgage Assistance Program – Provides funds to 

reinstate delinquent property taxes or liens for homeowners 

who have received the maximum benefit from their eligible 

reverse mortgages.

RECENT ACTIVITY:

• Florida saw increased volumes of applications across all 

programs in the fourth quarter. Florida received 25,000 

applications within seven days of launching its Principal 

Reduction Program in late September; in November Florida 

began approving homeowners for participation.

• Florida reported it had committed approximately $374.7 

million on behalf of participants as of December 31, 2013.

8

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$79.0 million

(8.3% of

program cap)

$213.4 million

(22.4% of

program cap)

170.1% 25.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

7,314 13,787 88.5% 13.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.0% 6.3% 15.9% 11.7%

For more details, visit: https://www.flhardesthithelp.org

All information as of December 31, 2013
GEORGIA

HomeSafe Georgia

Total Allocation = $339.3 million

PROGRAMS:

• Mortgage Payment Assistance – Provides monthly 

payment assistance on behalf of unemployed or 

underemployed homeowners who are unable to afford 

their monthly payment. A homeowner may be eligible 

to receive additional assistance after reemployment. 

One-time reinstatement assistance may be available for 

homeowners who have regained employment and can 

afford their monthly mortgage payments but are unable 

to cure their mortgage delinquency.

• Mortgage Reinstatement Assistance – Provides 

assistance to reinstate a delinquent mortgage; may be 

used to enable a loan recast or permanent modification.

• Recast/Modification – Provides principal reduction 

with a loan recast or permanent modification to create 

an affordable mortgage payment.

RECENT ACTIVITY:

• In December, Georgia expanded the maximum amount 

and duration of assistance available under its Mortgage 

Assistance Program and introduced two new programs: 

Mortgage Reinstatement Assistance and Recast/ 

Modification.

• Georgia reported it had committed approximately 

$89.9 million on behalf of participants as of 

December 31, 2013.

9

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$21.6 million

(7.4% of

program cap)

$62.9 million

(20.1% of

program cap)

190.7% 17.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,267 4,431 95.5% 10.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.7% 7.4% 6.4% 5.1%

For more details, visit: https://www.homesafegeorgia.com 

All information as of December 31, 2013
ILLINOIS

Illinois Hardest Hit Program

Total Allocation = $445.6 million

PROGRAMS:

• Homeowner Emergency Loan Program – Provides

monthly mortgage payment and reinstatement 

assistance on behalf of unemployed and underemployed 

homeowners. Homeowners must contribute a portion 

of their monthly income.

• Mortgage Resolution Fund Program – Through a 

public-private partnership, provides funds to facilitate 

modifications for delinquent and distressed mortgages 

purchased from lenders. Modified/rehabilitated loans 

are subsequently sold. This buy-and-modify program 

targets six Chicago metro area counties. 

• Home Preservation Program – Provides principal 

reduction or reinstatement assistance to facilitate a 

refinance, recast, or permanent mortgage modification.

RECENT ACTIVITY:

• In October, Illinois purchased its final pool of FHA 

DASP loans under the Mortgage Resolution Fund 

Program. Illinois continued to work through its 

application pipeline, which swelled following the 

announcement of the application portal closing on 

September 30.

• Illinois reported it had committed approximately 

$288.7 million on behalf of participants as of 

December 31, 2013.

10

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$73.3 million

(19.2% of

program cap)

$204.1 million

(53.5% of

program cap)

178.3% 21.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

5,913 11,545 95.2% 14.3%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.7% 8.9% 9.5% 7.3%

For more details, visit: https://www.illinoishardesthit.org

All information as of December 31, 2013
INDIANA

Indiana Hardest Hit Fund

Total Allocation = $221.7 million

PROGRAMS:

• Unemployment Bridge Program – Provides monthly 

mortgage payment and reinstatement assistance on behalf 

of unemployed homeowners. Reinstatement-only 

assistance may be available for recently re-employed 

homeowners.

• Recast/Modification Program – Provides principal 

reduction and/or reinstatement assistance as a one-time 

payment to facilitate a loan recast or permanent loan 

modification.

• Transition Assistance Program – Provides relocation 

assistance for homeowner expenses and the 

extinguishment of subordinate liens associated with a 

short sale or deed-in-lieu.

• Blight Elimination Program – Prevents foreclosures 

through the demolition, greening, and ongoing 

maintenance of vacant and abandoned blighted residential 

properties throughout the state.

RECENT ACTIVITY:

• In December, Indiana initiated plans to implement its new 

Blight Elimination Program, similar to the programs 

currently underway in Michigan and Ohio. Indiana plans 

to formally launch the program in early 2014.

• Indiana reported it had committed approximately 

$63.2 million on behalf of participants as of 

December 31, 2013.

11

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$11.7 million

(6.1% of

program cap)

$29.6 million

(15.5% of

program cap)

152.7% 23.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

1,303 2,722 108.9% 20.4%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.4% 6.8% 7.2% 5.9%

For more details, visit: http://www.877gethope.org.

All information as of December 31, 2013
KENTUCKY

Protect My Kentucky Home

Total Allocation = $148.9 million

PROGRAMS:

• Kentucky Unemployment Bridge Program –

Provides monthly mortgage payment and 

reinstatement assistance on behalf of unemployed or 

substantially underemployed homeowners who are 

delinquent on their mortgages. Assistance may be 

provided for up to two months following reemployment or substantially increased employment. 

RECENT ACTIVITY:

• Kentucky continued its radio and print marketing 

campaign throughout the 4th quarter and saw steady 

growth in application volumes and approvals. 

Noting its success, Kentucky plans to extend the 

marketing campaign past the original January 2014 

end date.

• Kentucky reported it had committed 

approximately $120.8 million on behalf of 

participants as of December 31, 2013.

12

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$28.6 million

(21.4% of

program cap)

$53.5 million

(40.0% of

program cap)

86.8% 12.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,955 4,874 64.9% 8.3%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.0% 7.9% 5.9% 5.2%

For more details, visit: http://www.protectmykyhome.org

All information as of December 31, 2013
MICHIGAN

Step Forward Michigan

Total Allocation = $498.6 million

PROGRAMS:

• Principal Curtailment Program – Provides principal 

reduction with a 1:1 match from the servicer or lender to 

facilitate a mortgage modification. 

• Loan Rescue Program – Provides assistance to reinstate 

a delinquent mortgage; funds may be applied to delinquent 

escrow fees, property taxes, and other arrearage fees.

• Unemployment Mortgage Subsidy Program – Provides 

monthly mortgage payment and reinstatement assistance 

on behalf of unemployed homeowners. Homeowners must 

contribute a portion of their monthly income and be 

actively receiving unemployment benefits. 

• Modification Plan Program – Provides assistance to 

facilitate a mortgage modification or recast.

• Blight Elimination Program – Prevents foreclosures 

through the demolition, greening, and ongoing 

maintenance of vacant and abandoned blighted residential 

properties in the cities of Detroit, Flint, Grand Rapids, 

Pontiac, and Saginaw.

RECENT ACTIVITY:

• In December, Michigan clarified terms and conditions for 

property acquisition under its Blight Elimination Program.

• Michigan reported it had committed approximately 

$131 million on behalf of participants as of 

December 31, 2013.

13

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$48.4 million

(11.0% of

program cap)

$126.4 million

(28.3% of

program cap)

160.9% 14.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

9,154 17,171 87.6% 13.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

9.0% 8.3% 5.2% 4.0%

For more details, visit: https://www.stepforwardmichigan.org

All information as of December 31, 2013
MISSISSIPPI

Mississippi Home Saver Program

Total Allocation = $101.9 million

PROGRAMS: 

• Mortgage Payment Assistance – Provides 

reinstatement and monthly mortgage payment 

assistance on behalf of unemployed or substantially 

underemployed homeowners who are at risk of default 

or losing their home.

• Mortgage Payment Assistance with Education –

Provides additional assistance for homeowners who 

enroll in an eligible education program to improve 

their job skills. Borrowers in distressed counties may 

be eligible for additional assistance following 

completion of the educational program. 

• Reinstatement Only – Provides reinstatement 

assistance for homeowners who have recently 

regained employment. Assistance may be applied to 

delinquent mortgage payments, property taxes, and/or 

escrow shortage fees.

RECENT ACTIVITY:

• In October, Mississippi launched a new digital 

marketing campaign, which resulted in higher traffic 

on the Home Saver website, and application volumes 

saw steady growth throughout the quarter.

• Mississippi reported it had committed 

approximately $38 million on behalf of participants 

as of December 31, 2013.

14

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$9.6 million

(11.1% of

program cap)

$24.3 million

(27.3% of

program cap)

154.5% 19.2%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

945 2,042 116.1% 15.3%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

9.0% 7.8% 7.3% 6.2%

For more details, visit: http://www.mshomesaver.com

All information as of December 31, 2013
NEVADA

Nevada Hardest Hit Fund

Total Allocation = $194.0 million

PROGRAMS:

• Principal Reduction Program – Provides principal reduction to 

facilitate a HARP refinance or a mortgage modification with a 

1:1 match by a servicer or lender.

• Second Mortgage Reduction Plan – Reduces or extinguishes a 

second mortgage balance to facilitate a refinance or modification 

of the primary mortgage or a short sale. Lenders must contribute 

$.40 per $.60 in program funds applied. Program may be used 

with HAMP.

• Short Sale Acceleration Program – Provides transition 

assistance for a homeowner who has been lender-approved for a 

short sale or deed-in-lieu.

• Mortgage Assistance Program – Provides monthly mortgage 

payment and reinstatement assistance on behalf of unemployed 

and substantially underemployed homeowners. Homeowners 

must contribute a minimum partial payment.

• Mortgage Assistance Program Alternative – Provides monthly 

mortgage payment and reinstatement assistance for homeowners 

on a fixed income due to retirement or disability. Homeowners 

must contribute a minimum partial payment.

• Home Retention Program – In partnership with Home Means 

Nevada, Inc., this note purchase program provides principal 

reduction to facilitate permanent modifications for eligible loans.

RECENT ACTIVITY:

• Nevada continued to process applications received after reopening its mortgage payment and reinstatement assistance 

program in August 2013.

• Nevada reported it had committed approximately $83.5 

million on behalf of participants as of December 31, 2013.

15

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$28.4 million

(16.8% of

program cap)

$80.2 million

(47.4% of

program cap)

181.9% 4.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,757 4,989 81.0% 6.3%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

10.0% 9.0% 11.3% 8.0%

For more details, visit: http://www.nahac.org 

All information as of December 31, 2013
NEW JERSEY

New Jersey HomeKeeper Program

Total Allocation = $300.5 million

PROGRAMS:

• New Jersey HomeKeeper Program – Provides 

reinstatement and monthly mortgage payment 

assistance on behalf of unemployed or substantially 

underemployed homeowners at risk of imminent 

default. Homeowners must also be in the process of 

seeking work or job training that will enable them to 

resume making their mortgage payments in full.

RECENT ACTIVITY:

• In October, New Jersey reduced its maximum per 

household amount of assistance to $24,000 and 

subsequently announced it would close its 

application portal on November 30. Although it is no 

longer accepting new applications, New Jersey will 

continue to administer the program and process 

borrowers under review until they reach full 

commitment of their program funds. 

• New Jersey reported it had committed 

approximately $214.6 million on behalf of 

participants as of December 31, 2013.

16

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$26.7 million

(10.2% of

program cap)

$127.9 million

(48.8% of

program cap)

378.2% 28.1%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

1,922 5,161 168.5% 16.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

9.6% 7.2% 13.2% 11.8%

For more details, visit: http://www.njhomekeeper.gov 

All information as of December 31, 2013
NORTH CAROLINA

NC Foreclosure Prevention Fund

Total Allocation = $482.8 million

PROGRAMS: 

• Mortgage Payment Program – Provides monthly 

mortgage payment and reinstatement assistance on behalf 

of unemployed and other eligible homeowners who are 

unable to afford their monthly mortgage payments. 

Homeowners who are in job training/education programs 

may receive an extended term of assistance. Reinstatement 

is available for eligible homeowners who have regained 

employment and can afford their monthly payment 

provided they can bring their mortgage current.

• Second Mortgage Refinance Program – Provides 

assistance for the extinguishment of second mortgages to 

reduce the homeowner’s monthly mortgage payment and to 

facilitate a first mortgage refinance or HAMP modification.

• Modification Enabling Pilot Program – Provides funds to 

facilitate modifications for eligible mortgages purchased in 

a distressed asset sale. Principal reduction may be matched 

with non-program funds to facilitate a mortgage 

modification.

RECENT ACTIVITY:

• In December, North Carolina replaced its inactive Principal 

Reduction Recast Program with a new Modification 

Enabling Pilot Program and increased funds available to 

homeowners under its unemployment mortgage assistance 

program.

• North Carolina reported it had committed 

approximately $268.3 million on behalf of participants 

as of December 31, 2013.

17

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$117.6 million

(28.0% of

program cap)

$216.9 million

(51.6% of

program cap)

84.5% 11.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

9,880 14,943 51.2% 8.1%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

9.4% 6.9% 5.4% 4.3%

For more details, visit: http://www.ncforeclosureprevention.gov 

All information as of December 31, 2013
OHIO

Save the Dream Ohio

Total Allocation = $570.4 million

PROGRAMS: 

• Rescue Payment Assistance Program – Provides 

reinstatement assistance to cure a mortgage delinquency.

• Mortgage Payment Assistance Program – Provides monthly 

mortgage payment assistance on behalf of unemployed or 

underemployed homeowners.

• Modification with Contribution Assistance – Provides 

assistance to facilitate a permanent mortgage modification.

• Lien Elimination Assistance – Provides assistance to 

extinguish mortgage liens to create an affordable payment.

• Transition Assistance Program – Provides relocation 

assistance and the extinguishment of liens associated with a 

short sale or deed-in-lieu. 

• Homeowner Retention Assistance – Provides assistance to 

extinguish subordinate liens and ancillary property expenses.

• Homeowner Stabilization Assistance Program – Provides 

funds to facilitate modifications for eligible mortgages 

purchased in a distressed asset sale. This buy-and-modify 

program leverages both HHF funds and private capital.

• Neighborhood Initiative Program – Prevents foreclosures 

through the demolition, greening, and ongoing maintenance of 

vacant and abandoned blighted residential properties in Ohio.

RECENT ACTIVITY:

• In December, Ohio clarified terms and conditions for property 

acquisition under its Neighborhood Initiative Program.

• Ohio reported it had committed approximately $332.7 

million on behalf of participants as of December 31, 2013.

18

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$105.0 million

(20.4% of

program cap)

$213.4 million

(44.5% of

program cap)

104.9% 21.5%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

8,845 15,779 78.4% 17.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

6.8% 7.1% 7.5% 6.2%

For more details, visit: http://ohiohome.org/savethedream 

All information as of December 31, 2013
OREGON

Oregon Homeownership Stabilization Initiative

Total Allocation = $220.0 million

PROGRAMS: 

• Mortgage Payment Assistance Program – Provides 

monthly mortgage payment and reinstatement assistance on 

behalf of unemployed and underemployed homeowners. 

Unemployed homeowners have received unemployment 

benefits within the last 12 months.

• Loan Preservation Assistance Program – Provides 

reinstatement assistance for unemployed and underemployed 

homeowners. Additional funds may be available for those 

receiving stand-alone reinstatement.

• Loan Refinancing Assistance Pilot Project – Provides for 

the purchase of underwater mortgages at a discounted price 

to facilitate a modification, refinance, or a short sale. 

LRAPP is available in Crook, Deschutes, Jackson, Jefferson, 

and Josephine Counties. 

• Rebuilding American Homeownership Assistance Pilot 

Project – Provides assistance to underwater homeowners in 

select counties to facilitate a refinance with lower monthly 

mortgage payments.

RECENT ACTIVITY: 

• In October, Oregon reached a milestone of assisting more 

than 10,000 homeowners, and saw its first program funds 

revolve under its Loan Refinancing Assistance Pilot Project. 

• Oregon reported it had committed approximately $151.1 

million on behalf of participants as of December 31, 2013.

19

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$80.1 million

(44.3% of

program cap)

$128.6 million

(69.6% of

program cap)

60.5% 9.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

6,974 9,388 34.6% 2.4%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.4% 7.1% 5.7% 4.9%

For more details, visit: http://www.oregonhomeownerhelp.org 

All information as of December 31, 2013
RHODE ISLAND

Hardest Hit Fund Rhode Island

Total Allocation = $79.3 million

PROGRAMS: 

• Loan Modification Assistance – Provides assistance to 

facilitate mortgage modifications for homeowners who are 

ineligible for HAMP or other modifications. Homeowners must 

contribute a minimum partial payment each month.

• Temporary and Immediate Homeowner Assistance –

Provides reinstatement or other mortgage-related default 

assistance, or monthly mortgage payments on behalf of 

homeowners experiencing a temporary loss of income. 

Homeowners must contribute a minimum partial payment each 

month.

• Moving Forward Assistance – Provides relocation assistance 

and the extinguishment of liens associated with a short sale or 

deed-in-lieu. 

• Mortgage Payment Assistance – Unemployment Program 

Provides monthly mortgage payment and reinstatement 

assistance on behalf of unemployed or underemployed 

homeowners. Homeowners must contribute a minimum partial 

payment each month.

• Principal Reduction Program – Provides principal reduction 

for underwater homeowners with a 1:1 match from the servicer 

or lender to facilitate a mortgage modification.

RECENT ACTIVITY:

• Although no longer accepting new applications, Rhode Island 

continues to serve the applicants in their pipeline as well as 

those homeowners actively participating in programs while 

rapidly approaching the full commitment of program funds.

• Rhode Island reported it had committed approximately $65 

million on behalf of participants as of December 31, 2013. 20

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$29.9 million

(44.1% of

program cap)

$53.6 million

(79.0% of

program cap)

78.9% 7.5%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,388 3,059 28.1% 0.8%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

10.0% 9.3% 7.8% 6.6%

For more details, visit: http://www.hhfri.org

All information as of December 31, 2013
SOUTH CAROLINA

SC Homeownership & Employment Lending Program (SC HELP)

Total Allocation = $295.4 million

PROGRAMS:

• Monthly Payment Assistance Program – Provides 

monthly mortgage payment assistance for unemployed or 

underemployed homeowners. Unemployed homeowners 

must have received unemployment insurance benefits 

within the last 12 months.

• Direct Loan Assistance Program – Provides 

reinstatement assistance, principal reduction, or 

forbearance for homeowners who experienced a financial 

hardship but have regained the ability to pay their 

mortgage. 

• Modification Assistance Program – Provides principal 

reduction with a loan recast or modification to enable 

long-term, permanent affordability.

• Property Disposition Assistance Program – Provides 

assistance to offset relocation expenses incurred in 

conjunction with a short sale or deed-in-lieu.

RECENT ACTIVITY:

• In October, South Carolina replaced its inactive HAMP 

Assistance Program with a new Modification Assistance 

Program, expanding assistance to homeowners 

experiencing long-term or permanent financial hardship.

• South Carolina reported it had committed 

approximately $120.8 million on behalf of participants 

as of December 31, 2013.

21

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$48.1 million

(19.9% of

program cap)

$89.9 million

(37.2% of

program cap)

86.9% 12.5%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

4,456 6,844 53.6% 9.1%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

8.6% 6.6% 6.3% 5.1%

For more details, visit: http://www.schelp.gov

All information as of December 31, 2013
TENNESSEE

Keep My Tennessee Home

Total Allocation = $217.3 million

PROGRAMS:

• Hardest Hit Fund Program – Provides monthly 

mortgage payment and reinstatement assistance on 

behalf of homeowners who are delinquent on their 

mortgages as a result of unemployment, substantial 

underemployment, death of a spouse, or divorce. Reemployed homeowners may qualify for stand-alone 

reinstatement assistance. 

RECENT ACTIVITY:

• Tennessee has seen a steady increase in applications and 

program approvals due partly to program changes 

implemented in early 2013. Projections indicate they are 

approaching full commitment of program funds.

• Tennessee reported it had committed approximately 

$178.1 million on behalf of participants as of 

December 31, 2013.

22

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2012 

Cumulative 

Program Funds 

Disbursed

December 2013

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$29.8 million

(16.1% of

program cap)

$77.0 million

(41.7% of

program cap)

158.4% 25.1%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2012

Cumulative 

Homeowners 

Assisted 

December 2013

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,656 5,380 102.6% 16.9%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2012

Unemployment 

Rate 

December 2013

90+ Delinquency 

December 2012

90+ Delinquency 

December 2013

7.7 % 7.7 % 5.3% 4.7%

For more details, visit: http://www.keepmytnhome.org

All information as of December 31, 2013