HARDEST HIT FUND

Second Quarter 2014 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 mortgage payment assistance, 

reinstatement, short sale/transition assistance, principal reduction 

and modification assistance, and blight elimination programs.

• As of June 30, 2014, there were 70 active programs across the 19 

HFAs. Approximately 66 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 $4.1 billion 

of their program funds (60.6% of program cap).

3

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$1.7 billion

(24.7% of

program cap)

$3.1 billion

(45.8% of

program cap)

86.9% 13.3%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

126,858 193,716 52.7% 8.3%

National Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

7.5% 6.1% 5.9% 4.8%

www.treasury.gov/HHF

All information as of June 30, 2014

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

220,000

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Millions

Homeowners Assisted and Assistance Provided

As of June 30, 2014

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:

• In May, Alabama extended its joint outreach campaign with 

PNC to homeowners with loans owned by GSEs and private 

investors. Alabama reported that significant layoffs 

occurred in the second quarter. In response, Alabama 

increased its radio presence in target markets to boost 

homeowner awareness of their programs. 

• Alabama reported it had committed approximately 

$31.9 million on behalf of participants as of June 30, 

2014.

4

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$20.9 million

(15.5% of

program cap)

$27.5 million

(20.3% of

program cap)

31.4% 4.3%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,741 3,445 25.7% 4.5%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

6.5% 6.8% 5.0% 4.6%

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

All information as of June 30, 2014
ARIZONA

Save Our Home Arizona

Total Allocation = $267.8 million

PROGRAMS:

• Principal Reduction Assistance – Provides principal 

reduction to facilitate a mortgage modification, recast, or a 

HARP or other eligible refinance. Principal curtailment 

may be available for non-delinquent, severely underwater 

homeowners.

• 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 April, Arizona partnered with Freddie Mac to provide 

targeted outreach and promote program awareness among 

struggling homeowners with GSE loans.

• Arizona reported it had committed approximately $99.8 

million on behalf of participants as of June 30, 2014.

5

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$30.3 million

(12.9% of

program cap)

$71.0 million

(30.5% of

program cap)

134.1% 14.2%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

1,916 3,090 61.3% 8.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.0% 6.9% 3.2% 2.3%

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

All information as of June 30, 2014
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; may provide principal curtailment for homeowners 

with severe negative equity.

• Transition Assistance Program – Provides relocation 

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

• Community 2nd Mortgage Principal Reduction Program

Provides matched principal reduction to reduce or eliminate 

second mortgages or subordinate liens. C2MPRP is 

administered by Community HousingWorks. 

RECENT ACTIVITY:

• In April, California clarified eligibility criteria under its 

mortgage payment and reinstatement assistance programs and 

expanded its Principal Reduction Program to improve 

assistance for underwater homeowners.

• California reported it had committed approximately 

$806.6 million on behalf of participants as of June 30, 

2014.

6

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$381.6 million

(20.9% of

program cap)

$724.0 million

(39.6% of

program cap)

89.7% 14.3%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

26,242 40,797 55.5% 9.4%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.7% 7.4% 3.9% 2.7%

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

All information as of June 30, 2014
DISTRICT OF COLUMBIA

HomeSaver Program – Closed to New Applicants

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 closed its application portal in 

late 2013, anticipating full commitment of program funds. 

DC continued to process homeowners who applied to the 

HomeSaver program before it closed to new applicants.

• The District of Columbia reported it had committed 

approximately $15.2 million on behalf of participants as 

of June 30, 2014.

7

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$9.5 million

(55.3% of

program cap)

$12.7 million

(76.7% of

program cap)

34.7% 6.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

537 696 29.6% 4.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.5% 7.4% 5.7% 5.5%

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

All information as of June 30, 2014
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 eligible 

homeowners who have received the maximum benefit from 

their reverse mortgages.

RECENT ACTIVITY:

• After underwriting most of the 25,000 applications received 

during the September 2013 launch of its Principal Reduction 

Program, Florida re-opened the program to new applicants in 

May 2014.

• Florida reported it had committed approximately $478.2 

million on behalf of participants as of June 30, 2014.

8

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$132.9 million

(14.0% of

program cap)

$356.6 million

(37.4% of

program cap)

168.3% 22.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

9,745 17,982 84.5% 12.2%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

7.1% 6.2% 13.5% 9.8%

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

All information as of June 30, 2014
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. Onetime 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 early June, Georgia introduced two new radio ads as 

part of an expanded marketing effort to promote 

HomeSafe Georgia.

• Georgia reported it had committed approximately 

$109.8 million on behalf of participants as of June 30, 

2014.

9

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$42.9 million

(13.7% of

program cap)

$81.5 million

(27.9% of

program cap)

90.1% 14.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

3,552 5,148 44.9% 7.9%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.5% 7.4% 5.5% 4.4%

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

All information as of June 30, 2014
ILLINOIS

Illinois Hardest Hit Program – HELP Program Closed to New Applicants

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.

• Blight Reduction Program – Prevents foreclosures 

through the demolition, greening, and ongoing 

maintenance of vacant and abandoned blighted 

residential properties throughout the state.

RECENT ACTIVITY:

• In April, Illinois initiated plans to implement its new 

Blight Reduction Program, which will be offered in 

partnership with local governments and not-for-profit 

partners in targeted neighborhoods throughout the state.

• Illinois reported it had committed approximately 

$339.3 million on behalf of participants as of June 

30, 2014.

10

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$144.7 million

(38.0% of

program cap)

$261.7 million

(68.6% of

program cap)

80.8% 10.3%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

8,838 13,371 51.3% 4.8%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

9.1% 7.1% 8.2% 6.3%

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

All information as of June 30, 2014
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-inlieu.

• Blight Elimination Program – Prevents foreclosures 

through the demolition, greening, and ongoing maintenance 

of vacant and abandoned blighted residential properties 

throughout the state.

RECENT ACTIVITY:

• Indiana awarded four funding divisions under its Blight 

Elimination Program during the second quarter of 2014. 

Successful applicants will work with ICHDA to carry out 

blight elimination activities to stabilize neighborhoods and 

prevent avoidable foreclosures.

• Indiana reported it had committed approximately $91.3 

million on behalf of participants as of June 30, 2014.

11

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$18.8 million

(9.8% of

program cap)

$42.1 million

(22.0% of

program cap)

124.6% 19.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

1,859 3,594 93.3% 15.3%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.4% 5.9% 6.2% 5.2%

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

All information as of June 30, 2014
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 re-employment or substantially 

increased employment. 

RECENT ACTIVITY:

• Kentucky revised its marketing campaign to boost 

overall production and increased marketing and 

outreach efforts, especially in light of announced 

layoffs in June. 

• Kentucky reported it had committed approximately 

$142.2 million on behalf of participants as of June 

30, 2014.

12

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$41.4 million

(31.0% of

program cap)

$65.2 million

(48.9% of

program cap)

57.4% 10.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

4,036 5,727 41.9% 6.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.4% 7.4% 5.3% 4.6%

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

All information as of June 30, 2014
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:

• During the second quarter, Michigan worked with the GSEs 

and FHFA to implement targeted outreach campaigns. In June, 

Michigan began offering reinstatement assistance to 

homeowners with reverse mortgages through their Loan 

Rescue Program. Michigan also saw a marked increase in 

blight elimination activity during the second quarter. 

• Michigan reported it had committed approximately $226.4 

million on behalf of participants as of June 30, 2014.

13

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$86.0 million

(19.3% of

program cap)

$164.8 million

(37.6% of

program cap)

91.7% 12.6%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

12,706 21,194 66.8% 9.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.7% 7.5% 4.5% 3.5%

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

All information as of June 30, 2014
MISSISSIPPI

Mississippi Home Saver Program

Total Allocation = $101.9 million

PROGRAMS: 

Mississippi Home Saver includes the following:

• 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:

• Mississippi continued to review its current program 

participants for eligibility to receive an extension of 

benefits, which were expanded in October 2013.

• Mississippi reported it had committed approximately 

$54 million on behalf of participants as of June 30, 

2014.

14

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$16.5 million

(18.6% of

program cap)

$33.5 million

(38.6% of

program cap)

102.4% 16.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

1,516 2,480 63.6% 11.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

9.0% 7.9% 6.3% 5.6%

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

All information as of June 30, 2014
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.

• 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.

• Nevada Recast Refinance and Modification Program –

Provides principal reduction to facilitate a loan recast, refinance, 

or a permanent modification for eligible loans.

RECENT ACTIVITY:

• In June, Nevada introduced a new principal reduction program 

that expands assistance options for underwater homeowners.

• Nevada reported it had committed approximately $85.6 

million on behalf of participants as of June 30, 2014.

15

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$69.9 million

(41.4% of

program cap)

$83.6 million

(49.4% of

program cap)

19.6% 1.9%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

4,316 5,325 23.4% 2.4%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

9.6% 7.7% 9.4% 6.8%

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

All information as of June 30, 2014
NEW JERSEY

New Jersey HomeKeeper Program – Closed to New Applicants

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 April, New Jersey adjusted the maximum program 

assistance level to better address the needs of applicants 

in its pipeline. New Jersey continued to administer its 

program and process borrowers under review after 

closing its application portal on November 30, 2013. 

• New Jersey reported it had committed approximately 

$233 million on behalf of participants as of June 30, 

2014.

16

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$72.2 million

(27.6% of

program cap)

$172.2 million

(65.7% of

program cap)

138.4% 13.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

3,621 5,673 56.7% 3.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.7% 6.6% 12.3% 11.6%

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

All information as of June 30, 2014
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:

• To boost application volumes, North Carolina updated its 

website and expanded its television and digital marketing 

campaigns in May and June.

• North Carolina reported it had committed 

approximately $342 million on behalf of participants as 

of June 30, 2014.

17

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$168.2 million

(40.0% of

program cap)

$257.5 million

(61.2% of

program cap)

53.1% 8.1%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

12,537 16,767 33.7% 5.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.8% 6.4% 4.6% 3.7%

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

All information as of June 30, 2014
OHIO

Save the Dream Ohio – Closed to New Applicants

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.

RECENT ACTIVITY:

• Ohio closed its application portal to new applicants on April 30. 

Ohio will continue to administer the program and review 

applicants in its pipeline until all program funds are committed.

• Ohio reported it had committed approximately $433.8 million 

on behalf of participants as of June 30, 2014.

18

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$144.5 million

(33.2% of

program cap)

$300.2 million

(58.4% of

program cap)

107.8% 17.1%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

11,546 20,316 76.0% 12.3%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

7.2% 5.5% 6.5% 5.5%

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

All information as of June 30, 2014
OREGON

Oregon Homeownership Stabilization Initiative – MPA and LPA Programs Closed to New Applicants

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 

statewide to facilitate a refinance with lower monthly 

mortgage payments.

RECENT ACTIVITY: 

• On June 30, Oregon closed its Mortgage Payment Assistance 

Program and Loan Preservation Assistance Program to new 

applicants. Oregon will continue to administer the program 

and review applicants in its pipeline until all program funds 

are committed. LRAPP and RAHAPP remain available.

• Oregon reported it had committed approximately $179 

million on behalf of participants as of June 30, 2014.

19

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$105.4 million

(57.0% of

program cap)

$153.0 million

(84.6% of

program cap)

45.1% 10.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

8,579 10,505 22.5% 6.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

7.8% 6.8% 5.3% 4.5%

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

All information as of June 30, 2014
RHODE ISLAND

Hardest Hit Fund Rhode Island – Closed to New Applicants

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:

• After increasing its maximum program assistance limits in 

January, Rhode Island re-evaluated current program 

participants for additional assistance in the second quarter. 

HHFRI remains closed to new applicants. 

• Rhode Island reported it had committed approximately 

$66.3 million on behalf of participants as of June 30, 2014.

20

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$44.7 million

(65.9% of

program cap)

$59.5 million

(87.8% of

program cap)

33.1% 5.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,968 3,075 3.6% 0.2%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.8% 7.9% 7.0% 6.3%

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

All information as of June 30, 2014
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 June, South Carolina visited several local lenders and 

servicers to promote the program and conduct on-site 

training. South Carolina extended its digital and television 

marketing campaigns to boost application volumes.

• South Carolina reported it had committed 

approximately $139.9 million on behalf of participants 

as of June 30, 2014.

21

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$69.3 million

(28.7% of

program cap)

$109.6 million

(45.4% of

program cap)

58.2% 7.8%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

5,635 7,956 41.2% 7.2%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.0% 5.3% 5.6% 4.6%

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

All information as of June 30, 2014
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:

• In June, Tennessee reallocated administrative funds to its 

Hardest Hit Fund program, enabling the state to continue 

assisting unemployed and underemployed homeowners 

with their mortgage payments. 

• Tennessee reported it had committed approximately 

$221.4 million on behalf of participants as of June 30, 

2014.

22

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

June 2013

Cumulative 

Program Funds 

Disbursed

June 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$50.3 million

(27.2% of

program cap)

$108.0 million

(56.0% of

program cap)

114.6% 16.8%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

June 2013

Cumulative 

Homeowners 

Assisted 

June 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

3,968 6,575 65.7% 9.2%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

June 2013

Unemployment 

Rate 

June 2014

90+ Delinquency 

June 2013

90+ Delinquency 

June 2014

8.5% 6.6% 4.8% 4.1%

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

All information as of June 30, 2014