HARDEST HIT FUND

Fourth 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 December 31, 2014, there were 73 active programs across 

the 19 HFAs. Approximately 65 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 reported committing $4.6 billion of 

their program funds (68% of program cap).

3

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$2.3 billion

(34.8% of

program cap)

$3.7 billion

(55.3% of

program cap)

59.9% 8.9%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

161,783 218,450 35.0% 5.3%

National Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

6.7% 5.6% 5.4% 4.5%

www.treasury.gov/HHF

All information as of December 31, 2014

0

50,000

100,000

150,000

200,000

250,000

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Millions

Homeowners Assisted and Assistance Provided

Through December 31, 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 

one-time 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.

• 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 October, Alabama launched a six-month statewide 

marketing campaign using radio and digital advertising 

to promote awareness of their programs. 

• Alabama reported it had committed approximately 

$35.2 million on behalf of program participants as of 

December 31, 2014.

4

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$24.6 million

(18.1% of

program cap)

$30.2 million

(22.3% of

program cap)

22.7% 5.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

3,108 3,789 21.9% 5.2%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

6.1% 5.7% 4.9% 4.6%

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

All information as of December 31, 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 enable a first mortgage 

modification or 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 modified eligibility criteria under its 

Principal Reduction Assistance component in order to 

expand assistance to underserved underwater homeowners.

• Arizona reported it had committed approximately 

$113.9 million on behalf of program participants as of 

December 31, 2014.

5

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$53.9 million

(23.1% of

program cap)

$87.0 million

(37.4% of

program cap)

61.4% 10.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,593 3,533 36.3% 6.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.6% 6.7% 2.7% 2.3%

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

All information as of December 31, 2014
CALIFORNIA

Keep Your Home California

Total Allocation = $1.975 billion

PROGRAMS:

• Unemployment Mortgage Assistance Program –

Provides monthly mortgage payment assistance on behalf of 

unemployed or underemployed homeowners.

• Mortgage Reinstatement Assistance Program –

Provides assistance to reinstate a delinquent mortgage.

• 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.

• Reverse Mortgage Assistance Pilot 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:

• In November, California modified eligibility criteria for its 

Unemployment Mortgage Assistance and Principal 

Reduction Programs in order to serve a larger population of 

homeowners.

• California reported it had committed approximately 

$925.7 million on behalf of program participants as of 

December 31, 2014.

6

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$543.7 million

(29.8% of

program cap)

$884.1 million

(48.4% of

program cap)

62.6% 9.4%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

33,342 46,018 38.0% 5.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

8.3% 7.0% 3.2% 2.5%

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

All information as of December 31, 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 continues to pilot the tax lien 

extinguishment provision in the HomeSaver program to 

assist homeowners at risk of foreclosure due to property tax 

delinquency. DC closed its other HomeSaver program 

components to new applicants in November 2013.

• The District of Columbia reported it had committed 

approximately $15.2 million on behalf of program 

participants as of December 31, 2014.

7

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$11.1 million

(66.6% of

program cap)

$13.4 million

(81.2% of

program cap)

21.4% 1.8%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

625 695 11.2% 0.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.6% 7.3% 5.6% 5.2%

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

All information as of December 31, 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:

• Florida reached a milestone in October, assisting more 

than 20,000 homeowners; only California, Michigan, and 

Ohio have reached more borrowers.

• Florida reported it had committed approximately 

$557.9 million on behalf of program participants as of 

December 31, 2014.

8

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$213.4 million

(22.4% of

program cap)

$462.8 million

(48.6% of

program cap)

116.9% 11.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

13,787 21,300 54.5% 7.8%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

6.3% 5.6% 11.7% 8.3%

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

All information as of December 31, 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 October, Georgia expanded its mortgage payment and 

reinstatement assistance programs and increased funds 

available to facilitate modifications for at-risk 

homeowners.

• Georgia reported it had committed approximately 

$131.9 million on behalf of program participants as of 

December 31, 2014.

9

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$62.8 million

(21.5% of

program cap)

$102.2 million

(35.0% of

program cap)

62.6% 10.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

4,431 5,909 33.4% 6.4%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.4% 6.9% 5.1% 4.3%

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

All information as of December 31, 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 of 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 December, Illinois began reviewing applications 

submitted in the first Blight Reduction Program funding 

round.

• Illinois reported it had committed approximately 

$334.6 million on behalf of program participants as 

of December 31, 2014.

10

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$204.1 million

(53.5% of

program cap)

$292.2 million

(76.6% of

program cap)

43.2% 4.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

11,545 13,722 18.9% 0.8%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

8.9% 6.2% 7.3% 5.8%

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

All information as of December 31, 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-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:

• Throughout the quarter, Indiana announced Blight 

Elimination Program funding awards for numerous 

partners.

• Indiana reported it had committed approximately 

$181.3 million on behalf of program participants as of 

December 31, 2014.

11

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$29.6 million

(15.5% of

program cap)

$57.2 million

(29.9% of

program cap)

93.4% 17.5%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,722 4,682 72.0% 15.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

6.8% 5.8% 5.9% 5.0%

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

All information as of December 31, 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:

• In October, Kentucky modified its Unemployment 

Bridge Program by expanding the eligibility criteria in 

order to serve additional homeowners. 

• Kentucky reported it had committed approximately 

$158.3 million on behalf of program participants as 

of December 31, 2014.

12

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$53.5 million

(40.0% of

program cap)

$77.8 million

(59.3% of

program cap)

45.5% 8.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

4,874 6,369 30.7% 5.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.9% 5.7% 5.2% 4.5%

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

All information as of December 31, 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 and underemployed 

homeowners. Homeowners must contribute a portion of 

their monthly income. 

• 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 16 cities throughout the state.

RECENT ACTIVITY:

• In October, Michigan reallocated an additional $75 

million to the Blight Elimination Program and expanded 

the number of eligible partners; Michigan awarded these 

funds to twelve partners in December.

• As of December 31, 2014, Michigan reported it had 

committed approximately $271.7 million on behalf of 

program participants and an additional $97.4 million 

under the Blight Elimination Program. 13

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$126.4 million

(28.8% of

program cap)

$211.8 million

(46.9% of

program cap)

67.6% 15.2%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

17,171 24,568 43.1% 7.5%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

8.3% 6.3% 4.0% 3.3%

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

All information as of December 31, 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:

• In October, Mississippi modified its Home Saver Program 

by expanding the eligibility criteria in order to serve 

additional homeowners. 

• Mississippi reported it had committed approximately 

$68.9 million on behalf of program participants as of 

December 31, 2014.

14

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$24.3 million

(28.1% of

program cap)

$43.7 million

(50.5% of

program cap)

79.8% 14.1%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

2,042 2,984 46.1% 9.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.8% 7.2% 6.2% 5.7%

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

All information as of December 31, 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 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:

• Nevada continues to administer its Mortgage Assistance Program, 

which reopened in 2013.

• Nevada reported it had committed approximately $87.2 

million on behalf of participants as of December 31, 2014.

15

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$80.2 million

(47.4% of

program cap)

$85.8 million

(50.7% of

program cap)

7.0% 1.1%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

4,989 5,539 11.0% 1.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

9.0% 6.8% 8.0% 6.0%

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

All information as of December 31, 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 and 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:

• Although New Jersey closed the HomeKeeper Program to 

new applicants in November 2013, it continued to process 

applications under review and remit monthly payments on 

behalf of participants through the fourth quarter.

• New Jersey reported it had committed approximately 

$244 million on behalf of program participants as of 

December 31, 2014.

16

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$127.9 million

(48.8% of

program cap)

$205.7 million

(78.5% of

program cap)

60.8% 7.5%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

5,161 5,993 16.1% 1.7%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.2% 6.2% 11.8% 11.0%

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

All information as of December 31, 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:

• In the fourth quarter, North Carolina partnered with 

servicers and agencies to issue joint mailings in order to 

boost application volume. 

• North Carolina reported it had committed 

approximately $321.1 million on behalf of program 

participants as of December 31, 2014.

17

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$216.9 million

(51.6% of

program cap)

$290.9 million

(69.2% of

program cap)

34.1% 6.0%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

14,943 18,277 22.3% 4.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

6.9% 5.5% 4.3% 3.7%

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

All information as of December 31, 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 and 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:

• In the fourth quarter, Ohio increased production under the 

Neighborhood Initiative Program, preventing avoidable 

foreclosures by eliminating blight across the state.

• Ohio reported it had committed approximately $456.2 

million on behalf of participants as of December 31, 2014.

18

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$213.4 million

(42.7% of

program cap)

$384.5 million

(74.9% of

program cap)

80.2% 10.7%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

15,779 24,214 53.5% 5.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.1% 4.8% 6.2% 5.2%

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

All information as of December 31, 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 assistance on behalf of 

unemployed and underemployed homeowners.

• Loan Preservation Assistance Program – Provides 

reinstatement assistance that may be combined with 

Mortgage Payment Assistance. 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: 

• Although Oregon closed its Mortgage Payment and Loan 

Preservation Assistance Programs to new applicants in June 

2014, it continued to process applications under review and 

remit monthly payments on behalf of participants. LRAPP 

and RAHAPP remain available to eligible homeowners.

• Oregon reported it had committed approximately 

$219.1 million on behalf of program participants as of 

December 31, 2014.

19

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$128.6 million

(71.1% of

program cap)

$175.4 million

(97.0% of

program cap)

36.3% 6.2%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

9,388 11,620 23.8% 2.5%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.1% 6.7% 4.9% 4.0%

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

All information as of December 31, 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:

• Hardest Hit Fund Rhode Island is closed to new applicants. 

Rhode Island continues to disburse assistance on behalf of 

participating homeowners.

• Rhode Island reported it had committed approximately 

$67.0 million on behalf of program participants as of 

December 31, 2014.

20

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$53.6 million

(79.0% of

program cap)

$62.7 million

(92.5% of

program cap)

17.0% 2.2%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

3,059 3,075 0.5% 0.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

9.3% 6.8% 6.6% 6.0%

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

All information as of December 31, 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 

and underemployed homeowners.

• Direct Loan Assistance Program – Provides 

reinstatement assistance, principal reduction, or 

forbearance reduction/elimination 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 achieve 

long-term affordability.

• Property Disposition Assistance Program – Provides 

assistance to offset relocation expenses incurred in 

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

• Neighborhood Initiative Program – Prevents 

foreclosures through the demolition, greening, and 

ongoing maintenance of vacant and abandoned blighted 

residential properties.

RECENT ACTIVITY:

• In October, South Carolina opened the Neighborhood 

Initiative Program online application portal. South 

Carolina also planned a major television and digital 

marketing push scheduled to launch in January 2015.

• South Carolina reported it had committed 

approximately $155.7 million on behalf of program 

participants as of December 31, 2014.

21

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$89.9 million

(37.2% of

program cap)

$127.7 million

(52.9% of

program cap)

42.0% 7.3%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

6,844 8,808 28.7% 4.6%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

6.6% 6.5% 5.1% 4.4%

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

All information as of December 31, 2014
TENNESSEE

Keep My Tennessee Home – Closed to New Applicants

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. 

Re-employed homeowners may qualify for standalone reinstatement assistance. 

RECENT ACTIVITY:

• Although Tennessee closed its program to new 

applicants in July 2014, it continued to process 

applications under review and remit monthly 

payments on behalf of participants through the 

fourth quarter.

• Tennessee reported it had committed 

approximately $196.0 million on behalf of 

program participants as of December 31, 2014.

22

Program Funds Disbursed

Cumulative 

Program Funds 

Disbursed

December 2013

Cumulative 

Program Funds 

Disbursed

December 2014

12-Month 

Growth in 

Cumulative 

Program Funds 

Disbursed

(%)

Quarterly 

Growth in 

Cumulative 

Program Funds 

Disbursed (%)

$77.0 million

(41.7% of

program cap)

$137.9 million

(71.5% of

program cap)

79.0% 11.6%

Homeowners Assisted

Cumulative 

Homeowners 

Assisted 

December 2013

Cumulative 

Homeowners 

Assisted 

December 2014

12-Month 

Growth in 

Cumulative 

Homeowners 

Assisted (%)

Quarterly

Growth in 

Cumulative 

Homeowners

Assisted (%)

5,380 7,355 36.7% 2.0%

State Economic and Loan Performance Indicators

Unemployment 

Rate 

December 2013

Unemployment 

Rate 

December 2014

90+ Delinquency 

December 2013

90+ Delinquency 

December 2014

7.7% 6.6% 4.7% 4.0%

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

All information as of December 31, 2014