WASHINGTON – The U.S. Department of the Treasury has released new data showing the success of the Homeowner Assistance Fund (HAF) in keeping over 500,000 families in their homes through the distribution of $6.6 billion to homeowners at risk of foreclosure. Deputy Secretary of the Treasury Wally Adeyemo highlighted the impact, stating, “The Biden-Harris Administration helped to prevent foreclosures and increased housing stability nationwide by keeping half a million families in their homes.”
The Treasury Department's efforts have been focused on reaching homeowners most in need, with 54% of HAF assistance going to very low-income homeowners. Demographically, the assistance has been distributed to diverse groups, with 40% of homeowners assisted self-identifying as Black, 20% as Hispanic/Latino, and 63% as female.
Innovative approaches have been key to the success of the HAF program, with states like South Carolina and Indiana implementing strategies to effectively serve low-income homeowners. South Carolina utilized a fact-specific zip code proxy to target vulnerable areas, while Indiana streamlined applicant eligibility screening processes by accepting federal benefit approval letters as income verification.
Furthermore, New Hampshire adjusted its program requirements to remove barriers for homeowners seeking assistance, reflecting the program's adaptability to changing market conditions. The Treasury Department's focus on housing stability has extended beyond HAF, with programs like the State and Local Fiscal Recovery Funds (SLFRF) contributing to nearly 3,000 housing projects with a budget of $18.5 billion through September 30, 2023.
The success of the HAF program and other initiatives under the Biden-Harris Administration has led to historically low foreclosure filings, demonstrating the effectiveness of targeted assistance in maintaining housing security for Americans. As the Treasury Department continues its efforts to support housing stability, the impact of these programs on families across the country remains significant.
