HARDEST HIT FUND

Third Quarter 2021 Performance Summary
Program Funds: Program funds are equal to the HFA’s total HHF allocation cap, less permitted administrative expenses.

Funds Drawn: Program and administrative funds HFAs have drawn from their account with Treasury containing their 

total HHF allocations.

Funds Disbursed: Funds HFAs have disbursed to HHF program participants, including those disbursed through down 

payment and blight elimination programs.

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

Includes borrowers assisted under down payment programs. Does not include structures removed under 

blight elimination programs.

Assistance Provided: Amount of financial assistance provided under HHF programs (equal to funds disbursed).

HARDEST HIT FUND QUARTERLY PERFORMANCE SUMMARY

Background and Glossary of Terms

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• In 2010, The Hardest Hit Fund (HHF) provided $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 avoidable 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.

• On February 19, 2016, Treasury announced an additional $2 billion allocation to HHF, for a total allocation of $9.6 billion. 

States are required to finalize any decisions with respect to underwriting homeowner assistance or blight elimination 

projects by June 30, 2021.

• 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 and performance data. 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:

Total Program Income: Total repaid funds generated by HHF program activities.
HARDEST HIT FUND All information as of September 30, 2021

Total Allocation = $9.6 billion

Total Program Income = $0.603 billion

DESCRIPTION:

• HFAs have implemented a number of different 

programs, including mortgage payment 

assistance, reinstatement, short sale/transition 

assistance, principal reduction and 

modification assistance, down payment 

assistance, and blight elimination programs.

• As of September 30, 2021, all HHF programs 

have been closed. Over the course of the 

program, funds have been disbursed on behalf 

of 91 programs. Most of this assistance has 

been provided from HHF mortgage payment 

and reinstatement programs; which assist 

borrowers suffering a financial hardship 

typically related to either unemployment or 

underemployment.

• In the aggregate, states have disbursed $8.8 

billion of their program funds from 

Treasury ($9.8 billion in total program and 

administrative funds) and have assisted 

418,637 homeowners. 

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Homeowners Assisted and Assistance Provided

As of September 30, 2021

$8.7 Billion

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3

2021

Billions

Assistance Provided Homeowners Assisted
HHF FUNDS DRAWN TO DATE

Of the $9.6 billion allocated to HHF, HFAs have drawn from Treasury $9.5 billion, or 99.0%, as 

of 9/30/2021. HFAs must have no more than 5% of their total allocation on hand when 

requesting funds. 

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Florida

California

Illinois

North Carolina

Rhode Island

New Jersey

Tennessee

Michigan

Arizona

Ohio

Oregon

Georgia

Nevada

Indiana

South Carolina

Kentucky

Mississippi

Washington D.C.

Alabama

HFA (% Cap Drawn)
HARDEST HIT FUND All information as of September 30, 2021

TOTAL ALLOCATION: $9.6 billion

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

OR IL CA AZ FL GA IN MI RI NC NV NJ SC OH TN KY DC MS AL

Assistance Provided as a Percent of Program Allocation

Assistance Provided 9/30/20 Assistance Provided 9/30/20 - 9/30/21
PROGRAM ASSISTANCE BY PROGRAM TYPE

The chart below illustrates the total funds disbursed by program type as of 9/30/2021. Over time, 

these disbursements have shifted, as HFAs have made program changes in order to respond to 

developments in their respective housing markets. HHF programs have assisted 418,637 

homeowners and demolished and greened 45,544 blighted properties.

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Mortgage Payment 

and Reinstatement 

Assistance, 54%

Principal 

Reduction, 18%

Blight Elimination, 

7%

Down Payment 

Assistance, 10%

Transition 

Assistance, < 1%

Administrative 

Expenses , 10%

Assistance % by Program Type
TOTAL ASSISTANCE BY STATE

The chart below shows the total amount of homeowners assisted and funds disbursed to assist 

homeowners and demolish and green blighted properties as of 9/30/2021

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