Housing Finance Agency Innovation Fund
Money for States Hit Hardest by Crisis
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A program under the Emergency Economic Stabilization Act
19 recipients
$7.6 billion promised
$923.52 million actually invested, loaned, or spent
More info from www.financialstability.gov
This program will provide up to $7.6 billion to fund "innovative measures" to help families in the states that have been hardest hit by the aftermath of the burst of the housing bubble.
Ten states received a total of $2.1 billion for plans targeted at steep home price declines and unemployment. Those states are California, Florida, Arizona, Michigan, Nevada, North Carolina, Ohio, Oregon, Rhode Island, and South Carolina.
In order to receive funds, each state's housing finance agencies had to submit plans to the Treasury Department for evaluation. Treasury says all program designs will posted online.
In August of 2010, the Treasury Department announced that another $2 billion would go to 17 states and Washington, D.C. for programs targeted at helping unemployed homeowners. All of the recipients are listed below.
The next month, the Treasury upped its commitment to $7.6 billion.
More info from www.financialstability.gov
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The following list shows the 19 recipients of Housing Finance Agency Innovation Fund.
| Name | State | Date Entered | Amount Committed by 4HM | Amount Returned to 4HM | Total Bailout Commitment |
|---|---|---|---|---|---|
| Nevada Affordable Housing Assistance Corporation | Nev. | Jun. 25, 2010 | $194,026,240 | $194,026,240 | |
| CalHFA Mortgage Assistance Corporation | Calif. | Jun. 25, 2010 | $1,975,334,096 | $1,975,334,096 | |
| Florida Housing Finance Corporation | Fla. | Jun. 25, 2010 | $1,057,839,136 | $1,057,839,136 | |
| Arizona (Home) Foreclosure Prevention Funding Corporation | Ariz. | Jun. 25, 2010 | $267,766,006 | $267,766,006 | |
| Michigan Homeowner Assistance Nonprofit Housing Corporation | Mich. | Jun. 25, 2010 | $498,605,738 | $498,605,738 | |
| North Carolina Housing Finance Agency | N.C. | Aug. 3, 2010 | $482,781,786 | $482,781,786 | |
| Ohio Homeowner Assistance LLC | Ohio | Aug. 3, 2010 | $570,395,099 | $570,395,099 | |
| Oregon Affordable Housing Assistance Corporation | Ore. | Aug. 3, 2010 | $220,042,786 | $220,042,786 | |
| Rhode Island Housing and Mortgage Finance Corporation | R.I. | Aug. 3, 2010 | $79,351,573 | $79,351,573 | |
| SC Housing Corp | S.C. | Aug. 3, 2010 | $295,431,547 | $295,431,547 | |
| Alabama Housing Finance Authority | Ala. | Sep. 23, 2010 | $162,521,345 | $162,521,345 | |
| Kentucky Housing Corporation | Ky. | Sep. 23, 2010 | $148,901,875 | $148,901,875 | |
| Mississippi Home Corporation | Miss. | Sep. 23, 2010 | $101,888,323 | $101,888,323 | |
| GHFA Affordable Housing, Inc. | Ga. | Sep. 23, 2010 | $339,255,819 | $339,255,819 | |
| Indiana Housing and Community Development Authority | Ind. | Sep. 23, 2010 | $221,694,139 | $221,694,139 | |
| Illinois Housing Development Authority | Ill. | Sep. 23, 2010 | $445,603,557 | $445,603,557 | |
| New Jersey Housing and Mortgage Finance Agency | N.J. | Sep. 23, 2010 | $300,548,144 | $300,548,144 | |
| District of Columbia Housing Finance Agency | D.C. | Sep. 23, 2010 | $20,697,198 | $20,697,198 | |
| Tennessee Housing Development Agency | Tenn. | Sep. 23, 2010 | $217,315,593 | $217,315,593 |