Officials with the U.S. Department of the Treasury are espousing the benefits of its Homeowner Assistance Fund (HAF), which has aided more underserved communities than prior federal mortgage assistance and foreclosure prevention programs.
“The Homeowner Assistance Fund has helped keep hundreds of thousands of families in their homes,” Deputy Treasury Secretary Wally Adeyemo said. “As state programs assess their remaining HAF funds, the Treasury Department will continue working with recipients to ensure these funds are swiftly delivered to homeowners most in need.”
HAF data showed as of March 31, HAF programming enabled roughly $3.7 billion in payments to more than 318,000 homeowners at risk of foreclosure. In the first quarter of this year, HAF programs distributed $1.2 billion in assistance to households, representing a 50 percent increase over the fourth quarter of 2022.
Additionally, the Treasury Department indicated data revealed HAF programs are reaching a higher proportion of economically vulnerable and traditionally underserved homeowners than prior federal mortgage assistance endeavors, detailing as of March 2023, 49 percent of HAF assistance was delivered to very low-income homeowners, defined as homeowners earning less than 50 percent of the area median income.
With regard to demographics, the Treasury Department noted 35 percent of homeowners assisted by HAF programming self-identified as Black while 23 percent self-identified as Hispanic / Latino and 59 percent self-identified as female.
According to the Treasury Department, HAF is essential to helping families remain in their homes through foreclosure moratoriums, increased options for mortgage payment forbearance and enhanced loan modifications to resolve delinquencies.