Current funding recipients are safe from the shutdown, says spokesperson
The Indiana Hardest Hit Fund (IHHF) has stopped taking new applications, according to WFYI Indianapolis.
The mortgage assistance program stopped taking new applications after it learned in the spring that there were no new funds coming in for future applicants.
Brad Meadows, a spokesperson for the Indiana Housing and Community Development Authority, said current participants will not be affected by the closure and that local housing counselors who were in charge of processing applications were told in advance about the shutdown.
The IHHF has been running for almost seven years and has provided $140 million in mortgage assistance to more than 9,300 people.
Between 2010 and 2016, the IHHF received $238 million in five rounds of funding, with the last round supposedly meant for 2020.
The Hardest Hit Fund provides services such as mortgage payment assistance for un- or underemployed homeowners and principal reduction for homeowners to afford cheaper mortgages.
Nationwide, there are 19 HHFs, including Alabama, California and Florida. Mississippi stopped taking in new applications in May, and Georgia stopped last Friday.
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Relief available for borrowers impacted by Hurricane Matthew
Could this be the first 'Hardest Hit' state to use funds for down payment assistance?
The mortgage assistance program stopped taking new applications after it learned in the spring that there were no new funds coming in for future applicants.
Brad Meadows, a spokesperson for the Indiana Housing and Community Development Authority, said current participants will not be affected by the closure and that local housing counselors who were in charge of processing applications were told in advance about the shutdown.
The IHHF has been running for almost seven years and has provided $140 million in mortgage assistance to more than 9,300 people.
Between 2010 and 2016, the IHHF received $238 million in five rounds of funding, with the last round supposedly meant for 2020.
The Hardest Hit Fund provides services such as mortgage payment assistance for un- or underemployed homeowners and principal reduction for homeowners to afford cheaper mortgages.
Nationwide, there are 19 HHFs, including Alabama, California and Florida. Mississippi stopped taking in new applications in May, and Georgia stopped last Friday.
Related stories:
Relief available for borrowers impacted by Hurricane Matthew
Could this be the first 'Hardest Hit' state to use funds for down payment assistance?
