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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 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.

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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 $194,026,240
CalHFA Mortgage Assistance Corporation Calif. Jun. 25, 2010 $1,975,334,096
Florida Housing Finance Corporation Fla. Jun. 25, 2010 $1,057,839,136
Arizona (Home) Foreclosure Prevention Funding Corporation Ariz. Jun. 25, 2010 $267,766,006
Michigan Homeowner Assistance Nonprofit Housing Corporation Mich. Jun. 25, 2010 $498,605,738
North Carolina Housing Finance Agency N.C. Aug. 3, 2010 $482,781,786
Ohio Homeowner Assistance LLC Ohio Aug. 3, 2010 $570,395,099
Oregon Affordable Housing Assistance Corporation Ore. Aug. 3, 2010 $220,042,786
Rhode Island Housing and Mortgage Finance Corporation R.I. Aug. 3, 2010 $79,351,573
SC Housing Corp S.C. Aug. 3, 2010 $295,431,547
Alabama Housing Finance Authority Ala. Sep. 23, 2010 $162,521,345
Kentucky Housing Corporation Ky. Sep. 23, 2010 $148,901,875
Mississippi Home Corporation Miss. Sep. 23, 2010 $101,888,323
GHFA Affordable Housing, Inc. Ga. Sep. 23, 2010 $339,255,819
Indiana Housing and Community Development Authority Ind. Sep. 23, 2010 $221,694,139
Illinois Housing Development Authority Ill. Sep. 23, 2010 $445,603,557
New Jersey Housing and Mortgage Finance Agency N.J. Sep. 23, 2010 $300,548,144
District of Columbia Housing Finance Agency D.C. Sep. 23, 2010 $20,697,198
Tennessee Housing Development Agency Tenn. Sep. 23, 2010 $217,315,593