Treasury Distributes $742 million to States and Territories through Homeowner Assistance Fund
WASHINGTON – The U.S. Department of the Treasury announced that it has distributed $742 million to 42 states and 3 territories through the Homeowner Assistance Fund (HAF). A part of the Biden-Harris Administration’s American Rescue Plan, HAF was designed to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship due to the COVID-19 public health crisis.
“Today there are over 3 million homeowners behind on mortgage payments, and the pandemic has exacerbated the country’s already severe housing affordability crisis,” said Deputy Secretary of the Treasury Wally Adeyemo. “Treasury is focused on ensuring the American economy recovers from the devastation of the COVID-19 crisis, including providing relief for our country’s most vulnerable homeowners facing the loss of basic housing security through no fault of their own.”
The Homeowner Assistance Fund provides:
- A minimum of $50 million for each state, the District of Columbia and Puerto Rico
- $498 million for Tribes or Tribally designated housing entities and the Department of Hawaiian Home Lands
- $30 million for the territories of Guam, American Samoa, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands
The HAF infusion comes on the heels of last week’s announcement that the Department of the Treasury, in coordination with the Department of Housing and Urban Development, and the White House American Rescue Plan Implementation Team allocated $21.6 billion for Emergency Rental Assistance (ERA), which will help prevent evictions and ensure basic housing security for millions of Americans. These programs represent the Administration’s all-of-government approach that leverages authorities and agencies across the entire Administration to help people remain stably housed during the pandemic, an important step towards building stronger and more equitable communities.
Treasury will continue to distribute HAF funds in the coming months. For more information, visit https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/homeowner-assistance-fund.