HARDEST HIT FUND

First 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 March 31, 2021

Total Allocation = $9.6 billion

Total Program Income = $0.567 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 March 31, 2021, HHF has disbursed 

funds on behalf of 91 programs. 15 states 

continue to provide assistance, 4 states 

(California, Florida, Illinois and South 

Carolina) have closed and completed their 

final repayment to Treasury. 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 $8.7 

billion of their program funds from 

Treasury ($9.7 billion in total program and 

administrative funds) and have assisted 

416,971 homeowners. 3

Homeowners Assisted and Assistance Provided

As of March 31, 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 Q1

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 3/31/2021. 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 March 31, 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 MI NC NV RI SC OH NJ TN IN KY MS DC AL

Assistance Provided as a Percent of Program Allocation

Assistance Provided 3/31/20 Assistance Provided 3/31/20 - 3/31/21
ACTIVE PROGRAMS BY HFA

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State

Mortgage 

Payment 

Assistance

Reinstatement1 Transition 

Assistance 2

Principal 

Reduction3

Blight 

Elimination

Down Payment 

Assistance

AL ✓ ✓ ✓ ✓ ✓

AZ ✓ ✓ ✓ ✓ ✓

CA ✓ ✓ ✓ ✓

DC ✓ ✓ ✓

FL ✓ ✓ ✓ ✓

GA ✓ ✓ ✓ ✓

IL ✓ ✓ ✓ ✓ ✓

IN ✓ ✓ ✓ ✓ ✓

KY ✓ ✓ ✓

MI ✓ ✓ ✓ ✓ ✓

MS ✓ ✓ ✓

NC ✓ ✓ ✓ ✓

NJ ✓ ✓ ✓ ✓

NV ✓ ✓ ✓ ✓ ✓

OH ✓ ✓ ✓ ✓ ✓

OR ✓ ✓ ✓

RI ✓ ✓ ✓ ✓ ✓

SC ✓ ✓ ✓ ✓ ✓ ✓

TN ✓ ✓ ✓ ✓ ✓

The chart below shows the approved programs at each HFA. Programs closed to new applicants as 

of 3/31/2021 appear in striped gradient. 

1. May include assistance to reinstate delinquent mortgages, property taxes, and other arrearage fees and/or reverse mortgage assistance programs.

2. Includes facilitation of a short-sale or deed-in-lieu of foreclosure.

3. May include permanent loan modifications, recast, second lien extinguishment, and buy -and-modify programs.
PROGRAM ASSISTANCE BY PROGRAM TYPE

The chart below illustrates the total funds disbursed by program type as of 3/31/2021. 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 416,971 

homeowners and demolished and greened 45,281 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 3/31/2021

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