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Indiana's Hardest Hit Fund

The U.S. Department of the Treasury identified Indiana as one of 18 states plus the District of Columbia, that had been most affected by the downturn of the economy. Indiana was awarded more than $221 million to help struggling Hoosier families pay their mortgages through the Indiana Housing and Community Development Authority (IHCDA).

The U.S. Department of the Treasury recently approved Indiana’s Hardest Hit Fund changes, which has broadened borrower eligibility to include:

1. An increase in the maximum amount of assistance per household from $18,000 to $30,000 for all types of assistance except Transition Assistance.
2. An increase in the maximum duration of assistance from eighteen months to twenty-four months.
3. An expansion of the qualification requirements if there have been the following hardships: involuntary and substantial reduction in employment income; a substantial reduction in household income due to the death of a household member; significant expenses related to non-elective medical procedures or emergencies; or military service.
4. Available transition assistance for eligible homeowners with unaffordable mortgage payments who obtain a short sale or deed-in-lieu of foreclosure from their lender or servicer and leave their home in a saleable condition.
5. An extension of the timeline for applicants seeking unemployment benefits through the Unemployment Bridge Program on or after January 1, 2009.
6. A financial literacy education course for monthly assistance recipients and that they engage in approved training, education or structured volunteer work.

With these program updates, the IHCDA estimates that approximately 10,000 Indiana households will receive assistance over the life of Indiana’s Hardest Hit program.

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For more information on the Indiana Housing and Community Development Authority, please visit www.in.gov/ihcda/.

For information on assistance with mortgage payments or at-risk foreclosures, please visit the Indiana Foreclosure Prevention Network at www.877gethope.org/.

For more information about your county or region, please visit Hoosiers by the Numbers featuring workforce data from the Indiana Department of Workforce Development.