Florida Hardest Hit Fund
In 2010, the U.S. Department of the Treasury created the Hardest Hit Fund to provide targeted aid to homeowners in those states most affected by the housing market crash. As part of this program, $7.6 billion in aid was allocated to the 18 states, along with Washington, D.C., that experienced the most extreme home price declines and high unemployment rates as a result of the economic crisis.
Florida was awarded over $1 billion in funds through the Hardest Hit Fund to help eligible homeowners avoid foreclosure.
As of the end of November 2013, Florida has distributed only 26% of its designated funds.
The Florida Hardest-Hit Fund
Unemployed and underemployed homeowners who have fallen behind in their mortgage payments can use HHF funds to bring their loan current and/or cover future mortgage payments.
There are two programs currently available under Florida’s HHF program, as well as two programs that are in development:
- the Unemployment Mortgage Assistance Program (UMAP)
- the Mortgage Loan Reinstatement Payment (MLRP) Program
- the Modification Enabling Pilot/principal reduction program (not yet available), and
- the Elderly Mortage Assistance Program (not yet available).
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