About the Illinois Hardest Hit Program
On July 19th, 2013 it was announced that the final date to make application to the Illinois Hardest Hit Program® (HHF) will be September 30, 2013. While there is no guarantee that applications submitted by that date will receive funding, it will not be possible to submit an application after that date.
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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. See IHDA's Proposal to Treasury, Agreement with Treasury, and the latest revised Summary Guidelines.
IHDA is a self-supporting state agency that finances the creation and preservation of affordable housing throughout Illinois. IHDA accomplishes its mission through a number of federal and state funding sources. View IHDA's Audited Financial Statements for FY 2013 .
Lender participation in the HHF program is essential to assist homeowners in distress. Many times homeowners will apply for the program and their lender or mortgage servicer has not completed the necessary documents to participate. For copies of the necessary forms please download them here. If you have questions concerning lender participation in the Illinois HHF program please call 855-873-7405.
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 45 days of the close of the quarter and posted upon approval. Quarterly reports now available for viewing. The Second Quarter Performance Report for 2013 will be finalized and available for viewing on 8/15/13.