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Community Developments Investments (Updated September 2016)

A Look Inside …
States are implementing their individual Hardest Hit Fund programs in innovative ways. By working closely with state agencies, banks can identify solutions that may help borrowers remain in their homes.This report describes the innovative ways state housing agencies are using funds from the U.S. Department of the Treasury to help homeowners in areas still struggling to recover from the housing crisis.

  Photo of couple outside their house.

Hardest Hit Fund Program Receives $2 Billion in Additional Funding in FY 2016
Congress authorized an additional $2 billion in funding to the Treasury Department’s Hardest Hit Fund. Participating state housing finance agencies have until December 31, 2020, to use the funds.


Hardest Hit Fund Provides Locally Tailored Solutions for Struggling Homeowners
The Treasury Department’s Hardest Hit Fund is unique among federally funded foreclosure prevention programs in that it allows each participating state housing finance agency to design and implement programs based on the distinct challenges of its local housing markets.



  Photo of the front of the Treasury Department building.

Protect My Kentucky Home: Unemployment Bridge Program
Kentucky Housing Corporation focuses its state’s Hardest Hit Fund relief on temporary mortgage assistance for unemployed and underemployed homeowners, along with reinstatement assistance to help bring borrowers current on their mortgages.



  Commonwealth of Kentucky seal.

Keep Your Home California: Principal Reduction Program
California’s principal reduction program is designed to be as flexible as possible to meet the needs of both homeowners and lenders under numerous scenarios. Lenders and investors routinely use the program to help struggling homeowners in their portfolios get the help they need.



  Keep Your Home California logo.

Florida Hardest Hit Fund: Modification-Enabling Pilot Program
Florida Housing Finance Corporation developed an innovative “buy and modify” principal reduction program using Hardest Hit Fund assistance. Working with a private partner that acquires nonperforming mortgage notes, the program provides assistance to reduce the principal balance of qualified homeowners’ loans and improve the viability of loan modifications.


  Florida Hardest Hit program logo.

North Carolina Foreclosure Prevention Fund: Outreach Initiatives
One of the challenges Hardest Hit Fund administrators grapple with is how to efficiently identify eligible homeowners who may be interested in participating in a state’s Hardest Hit Fund program. The North Carolina Housing Finance Agency’s emphasis has been direct outreach to homeowners who are potentially eligible.


  North Carolina Foreclosure Prevention Fund logo.

Review of Foreclosure Prevention and Community Stabilization Activities Under CRA
A look at the provisions in Community Reinvestment Act regulations and guidance that banks should keep in mind when developing policies and initiatives to address foreclosures, property disposition, and community stabilization.



  Photo of bulldozer demolishing house.

The ReClaim Project: Resolving Low-Value Distressed Properties
The ReClaim Project contributes to neighborhood revitalization efforts in markets still recovering from the housing crisis by moving low-value, pre-foreclosure properties toward community-sensitive resolutions.


  Photo of renovated house.

State Hardest Hit Fund Program Contact Information


Resource Guide