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Initiatives and Programs » Emergency Economic Stabilization Act » Housing Finance Agency Innovation Fund

Housing Finance Agency Innovation Fund

Money for States Hit Hardest by Crisis






actually invested, loaned, or spent


A program under the Emergency Economic Stabilization Act More info from
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This program was created to provide up to $7.6 billion to fund "innovative measures" to help families in the states that were hardest hit by the aftermath of the burst of the housing bubble.

Initially in 2010, ten states received a total of $2.1 billion for plans targeted at steep home price declines and unemployment. Those states were 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.

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.

In 2016, the Treasury added another $2 billion in funding.

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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
Nevada Affordable Housing Assistance Corporation Nev. Jun. 25, 2010 $202,911,881
CalHFA Mortgage Assistance Corporation Calif. Jun. 25, 2010 $2,358,593,320
Florida Housing Finance Corporation Fla. Jun. 25, 2010 $1,135,735,674
Arizona (Home) Foreclosure Prevention Funding Corporation Ariz. Jun. 25, 2010 $296,048,525
Michigan Homeowner Assistance Nonprofit Housing Corporation Mich. Jun. 25, 2010 $761,204,045
North Carolina Housing Finance Agency N.C. Aug. 3, 2010 $706,507,564
Ohio Homeowner Assistance LLC Ohio Aug. 3, 2010 $762,302,067
Oregon Affordable Housing Assistance Corporation Ore. Aug. 3, 2010 $314,578,350
Rhode Island Housing and Mortgage Finance Corporation R.I. Aug. 3, 2010 $115,975,303
SC Housing Corp S.C. Aug. 3, 2010 $317,461,821
Alabama Housing Finance Authority Ala. Sep. 23, 2010 $162,521,345
Kentucky Housing Corporation Ky. Sep. 23, 2010 $207,005,833
Mississippi Home Corporation Miss. Sep. 23, 2010 $144,291,701
GHFA Affordable Housing, Inc. Ga. Sep. 23, 2010 $370,136,394
Indiana Housing and Community Development Authority Ind. Sep. 23, 2010 $283,714,437
Illinois Housing Development Authority Ill. Sep. 23, 2010 $715,077,617
New Jersey Housing and Mortgage Finance Agency N.J. Sep. 23, 2010 $415,133,962
District of Columbia Housing Finance Agency D.C. Sep. 23, 2010 $28,745,131
Tennessee Housing Development Agency Tenn. Sep. 23, 2010 $302,055,030