About the Illinois Hardest Hit Program
The Obama Administration established the Hardest Hit Fund (HHF) in February 2010 to provide targeted aid to families in states hit hardest by the economic and housing market downturn. Authorized by the Emergency Economic Stabilization Act of 2008, the Troubled Asset Relief Program (TARP) funds must be used to offer an unemployment bridge program that will pay a portion of a borrower’s mortgage payment while unemployed or substantially underemployed. The U.S. Department of Treasury obligated a total of $7.6 billion for this program.
The Illinois Housing Development Authority (IHDA) was approved by Treasury to receive $445,603,557 for statewide disbursement to assist Illinois homeowners struggling to meet their mortgage obligations through the Illinois Hardest Hit Program. The program will assist homeowners who have experienced an income reduction due to unemployment or substantial underemployment in two ways: Monthly Mortgage Payment Assistance and Reinstatement Assistance. The assistance allows eligible households to maintain their home while they work to regain employment and financial stability.
Borrower eligibility criteria can be found on the home page. The Required Documentation Checklist provides homeowners with a list of all the documents needed to complete the application online. Overall program parameters are documented and summarized in IHDA’s Proposal to Treasury, Agreement with Treasury, and the latest revised Summary Guidelines.
Reporting
The Illinois Housing Development Authority submits Quarterly Performance Reports to US Treasury to provide a status of the Hardest Hit Fund (HHF) Homeowner Emergency Loan Program (HELP) and the Mortgage Resolution Fund (MRF). Reports are due to Treasury within 15 days of the close of the quarter and posted upon approval. Quarterly reports now available for viewing:
Illinois HHF First Quarter Performance Report 2011
Illinois HHF Second Quarter Performance Report 2011
Illinois HHF Third Quarter Performance Report 2011
Illinois HHF Fourth Quarter Performance Report 2011
Illinois HHF First Quarter Performance Report 2012
