Homeowner Assistance Fund helped 300,000+ homeowners stay in their homes in Q1 2023.

The U.S. Department of the Treasury has released data on the Homeowner Assistance Fund (HAF) through March 31, 2023 (Q1 of 2023), which shows a substantial increase in assistance to homeowners at risk of losing their homes. As of March 31, HAF programs made approximately $3.7 billion in payments to more than 318,000 homeowners at risk of foreclosure. In Q1 of 2023 alone, HAF programs distributed $1.2 billion in assistance to households–a 50% increase over Q4 of 2022. Additionally, 14 states and two U.S. territories have expended more than 50% of their HAF program funds, excluding administrative expenses. The Treasury Department’s data also shows that HAF programs are reaching a higher proportion of economically vulnerable and traditionally underserved homeowners than previous federal mortgage assistance efforts. As of the close of Q1, 49% of HAF assistance was delivered to very low-income homeowners, defined as homeowners earning less than 50% of the area median income (AMI). Demographically, 35% of homeowners assisted self-identified as Black, 23% self-identified as Hispanic/Latino, and 59% self-identified as female. “The Homeowner Assistance Fund has helped keep hundreds of thousands of families in their homes,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “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.”

Source: DSNews