Pandemic Darlings The pandemic economy, in original documents
Home Source documents U.S. Department of the Treasury, Homeowner Assistance Fund: "Overview"

U.S. Department of the Treasury, Homeowner Assistance Fund: "Overview"

Summary

Treasury's Overview of Quarterly HAF Participant Data through June of 2022, dated December 2, 2022, on the American Rescue Plan-funded Homeowner Assistance Fund. It states that HAF programs began providing assistance in the first half of 2022 and that early participant-reported data show assistance reaching low-income and underserved communities. Excluding omitted data, 59% of HAF assistance was delivered to very low-income homeowners; 33% of homeowners receiving assistance self-identified as Black and 22% as Latino, and nearly two thirds of beneficiaries were female applicants. HAF participants have until September 30, 2026 to use HAF funds to assist homeowners.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“U.S. Department of the Treasury, Homeowner Assistance Fund: ‘Overview.’” Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-homeowner-assistance-fund-overview-71e2453ac1/, SHA-256 d22d2ebab7a00712186e45b5082f789d21b972b431d679c95bdcbf908d327504.

Full text

                                U.S. Department of the Treasury
                 Overview of Quarterly HAF Participant Data through June of 2022

                                            December 2, 2022

Early participant-reported data for the American Rescue Plan-funded Homeowner Assistance Fund
(HAF) through June of 2022 show that assistance is reaching low-income and underserved communities
as states continue to provide assistance to homeowners through the HAF program. The early data
demonstrate that HAF has provided assistance to tens of thousands of homeowners across the country.

HAF was designed to support homeowners experiencing financial distress, working in conjunction with a
range of other foreclosure prevention initiatives implemented by the Biden-Harris Administration that
resulted in historically low foreclosure filings in 2021. After a planning process during which Treasury
required states, territories, and Tribes to inform their plans with data and community input, HAF
programs began providing assistance in the first half of 2022 as some other foreclosure protections wound
down. HAF programs across the country are assisting homeowners both by providing direct assistance
and helping homeowners access workouts through their mortgage servicers, such as loss mitigation
options made available for government-backed loans.

Treasury has taken numerous actions to ensure that HAF empowers states, territories, and Tribal
governments to reach the most vulnerable homeowners, including requiring participants to structure and
target assistance based on data-driven assessments of homeowner needs, with an emphasis on data that
identifies disparate hardships across demographic groups. Reporting through June of 2022 shows that
HAF assistance is reaching a much broader range of economically vulnerable and traditionally
underserved homeowners than prior federal mortgage assistance and foreclosure prevention programs:

    •   Excluding omitted data, 59% of HAF assistance was delivered to very low-income homeowners
        (those earning 50% of area median income and below).
    •   33% of homeowners receiving assistance self-identified as Black and 22% self-identified as
        Latino.
    •   Nearly two thirds of HAF beneficiaries were female applicants.

Since June, many HAF programs have assisted thousands more homeowners, with some public
dashboards from these programs indicating they have doubled their total assistance provided. As rising
interest rates strain housing affordability, particularly for homeowners with lower incomes, HAF funds
continue to serve as a crucial resource to assist in resolving delinquency, providing mortgage payment
assistance, and addressing other threats to housing stability. HAF participants have until September 30,
2026 to use their funds to assist homeowners in their communities.

HAF is an important part of a broader Biden-Harris administration effort to enable struggling borrowers
across the country to remain in their homes. The Biden-Harris administration has engaged a series of
measures that protected homeowners from foreclosure, including a foreclosure moratorium, increased
options for mortgage payment forbearance, and enhanced loan modifications to resolve delinquencies,
among other initiatives that have together helped keep mortgage delinquencies and foreclosures below
pre-pandemic levels.

A summary of Quarterly HAF participant data through June of 2022 is available here.

File and source

File
TREAS-Overview-Q22022-HAFReporting-Data12022022.pdf
Size
20,915 bytes
SHA-256
d22d2ebab7a00712186e45b5082f789d21b972b431d679c95bdcbf908d327504
Our copy
TREAS-Overview-Q22022-HAFReporting-Data12022022.pdf
Original
home.treasury.gov
Back to top