The number of homeowners who received aid through the U.S. Department of the Treasury’s Hardest Hit Fund has more than doubled since April in states battling the highest volumes of foreclosures, the Special Inspector General for the Troubled Asset Relief Program announced Oct. 25, HousingWire reported.
The Treasury created the program to disseminate $7.6 billion in funds to agencies in 19 of the “hardest hit states” dealing with local foreclosures. To date, a total of $1.1 billion has been spent to aid struggling homeowners
According to Saralyn Stafford with the Georgia Department of Community Affairs, the number of borrowers in Georgia receiving aid has increased 82 percent since April, HousingWire reported. Nearly $45.6 million in funds have been committed in the state, with a total of 2,066 borrowers receiving aid through the program since its inception.
In New Jersey, another of the hardest-hit states, the program went from aiding a total of 54 people in December 2011 to 498 homeowners in the latest SIGTARP report.
The Treasury asserted that state agencies have made rapid progress in distributing aid to homeowners.
“Every state is showing tremendous progress and remains singularly focused on getting assistance out to homeowners,” Andrea Risotto, spokeswoman for the Treasury, told HousingWire. “To date, more than 77,000 families have been assisted by the program with another 30,000 in progress.”