State Scores ‘Hardest Hit’ Funds
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana has landed additional funding as part of the U.S. Department of Treasury’s Hardest Hit Fund. The state received $33.5 million to help with foreclosure prevention and neighborhood stabilization.
Indiana’s hardest hit program is run by the Indiana Housing and Community Development Authority. This new round of funding goes along with the $28.5 million the state received in February, and the combined total is part of the $2 billion in additional funding recently authorized by Congress.
"Today’s announcement continues Treasury’s commitment to provide relief to struggling homeowners and help stabilize neighborhoods in hard hit areas," said Mark McArdle, treasury deputy assistant secretary for financial stability. "While the housing market continues to recover we know some homeowners and areas are still experiencing the damaging effects of the housing crisis. With this additional funding, states will be equipped to continue their great work in getting critical resources to those most in need."
The Hardest Hit Fund was established in 2010 and aimed to assist 18 states and the District of Columbia, which were deemed the hardest hit by the economic and housing market downturn. Since the creation of the fund, Indiana has received more than $280 million in assistance.