Housing Finance Authorities in five states where home prices have fallen by 20 percent or more have a green light from the Obama administration to put $1.5 billion in TARP funds to work on foreclosure prevention plans. HFAs in Arizona, California, Florida, Michigan and Nevada are the first to benefit from a "Hardest Hit Fund" program announced in February to funnel $2.1 billion from the Troubled Asset Relief Program (TARP) into foreclosure prevention programs (see story). A second round of $600 million in funding has been earmarked for five additional states with areas of high concentrations of unemployment: North Carolina, Ohio, Oregon, Rhode Island and South Carolina. The Treasury Department, which administers the TARP program, is currently reviewing proposals submitted by HF...
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