State plans announced for $2.1B in TARP money

Money will be used to stem foreclosures, assist unemployed

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).