Hardest Hit Applications Due to Treasury Today: OUTLINE of First State Plan Found.

Today is the deadline for the submission of plans from the first round of Hardest Hit funded states who will receive $1.5 billion in TARP funding.

If I see updates later today I will update this post, but as of this morning, I can find only ONE update.

Michigan: HFA website provides a link to their "Plan" HERE, but it is ONLY a 3 page outline of the ACTUAL plan (which is much more detailed and likely closer to the 50 page limit set by Treasury). HFA has posted Q and A's HERE.

Detroit Free Press (my home town paper) has story HERE outlining what is in Michigan plan. Story says there are no income limits and three options:

1) Mortgage payment assistance for homeowners currently receiving unemployment compensation, 2) Rescue funds for homeowners who have fallen behind in their mortgage payments due to an involuntary inability to pay, such as a temporary layoff or medical emergency and have overcome this obstacle, and 3) Federal matching funds for principal reductions for homeowners who can no longer afford their mortgage payments as a result of reduced income.

Originally created and posted on the Oregon Housing Blog.