The U.S. Department of the Treasury reported that its Homeowner Assistance Fund (HAF) programs distributed $1.2 billion in assistance to households during the first quarter of the year, a 50% increase over the fourth quarter of 2022.
The HAF was authorized by the American Rescue Plan Act of 2021 to provide $9.961 billion that would support homeowners facing financial hardship associated with Covid-19. Its funds were distributed to states, U.S. territories and Indian tribes for assistance with mortgage payments, homeowner’s insurance, utility payments and other home-specific purposes. To date, HAF programs made roughly $3.7 billion in payments to more than 318,000 homeowners at risk of foreclosure.
As of March 2023, 49% of HAF assistance was delivered to very low-income homeowners, defined as homeowners earning less than 50% of the area median income. 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 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.”
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