Correction: Hardest Hit Funding in 19 States Now Up to $7.6 Billion; That's 22%/ $1.3 Billion More than HUD CDBG, HOME, ESG,and HOPWA Funding in ALL 50 States and Territories.

Correction:
Corrected text below to correctly refer to order and content of 3 tables in my updated PDF file. PDF file did not change.
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Readers may recall my earlier blog post after the second round of Hardest Hit funding included a table HERE that compared Hardest Hit funding to funding levels in each state for 4 major HUD programs (CDBG, HOME, ESG, and HOPWA). 
  
That initial analysis showed that $2.1 Billion in Hardest Hit funding for these 10 states was $112 million/6% more than their total funding for these 4 HUD programs.

On Sept 29th Treasury allocated an additional $3.5 Billion in Hardest Hit funding, so this is an UPDATE showing the distribution of those funds as well the distribution of an additional $2 Billion allocated earlier in September.  


I have combined my analysis in a single PDF file with three tables HERE. (Table 1 is two pages, other two tables one page each).

1. The first table is a is an update to my earlier table comparing Hardest Hit funding in 19 states to their funding for the 4 major HUD programs. (Legal sized to fit all columns).
2. The second table is a recap of all Hardest Hit funding to date, NOW $7.6 Billion. It shows funding by state and date. 
3. The third table is a new comparison that ranks how much each state received in Hardest Hit funds per homeowner with a mortgage.

Observations

1. Prior Analysis : 10 State Hardest Hit Funding Exceeded Program Funding for 4 Major HUD Programs by 6%, and Oregon HH Funding Exceeded HUD Funding for 4 Programs by 37%,

My earlier post included a table HERE that compared Hardest Hit funding to all HUD funding in each state for four major HUD programs:  CDBG, HOME, ESG, and HOPWA.  At that point $2.1 Billion in Hardest Hit funding had been allocated.

2. Updated Analysis (Table 1): 19 State Hardest Hit Funding Exceeds HUD 4 Program Funding by 149%, and Oregon Exceeds HUD Funding for 4 Programs by 242%.  

19 state Hardest Hit Allocation of $7.6 Billion Also Exceeds 50 State and Territory Funding for 4 Major HUD Programs ($6,221,594,435) by $1.3 Billion/22%.

3. (Table 2) The last round of funding on Sept 29th added $3.5 billion to Hardest Hit funding, with all 19 states receiving funding. 

Hardest Hit TARP funding has increased by $6.5 Billion/407% from the initial 5 state allocation of $1.1 Billion and $5.5 Billion/262% from the initial 10 state allocation of $2.1 billion.

4. Hardest Hit Funding Per Homeowner With a Mortgage: At $336 Oregon Ranks 6th Highest.

The third table compares total Hardest Hit funding per state to the number of owner occupied households WITH a mortgage in each state using data from the newly released 2009 American Community Survey.  In that table you will see that:

1. The average Hardest Hit funding per homeowner with a mortgage in the 19 states receiving Hardest Hit funding was $283.
2. Oregon's Hardest Hit funding per homeowner with a mortgage is the 6th highest, at $336 per household. 
3. Nevada had the highest Hardest Hit funding per homeowner with a mortgage at $441.
4. Indiana had the lowest Hardest Hit funding per homeowner with a mortgage at $181. 
5. Since only a PORTION of homeowners with a mortgage have a problem the ACTUAL amount per homeowner in distress on their mortgage is much higher than the amounts shown above. If 10% of homeowners with a mortgage are in distress the per homeowner amount available would be 10 times the amounts shown above; if distressed % is 5%, amount would be 20 times higher than shown, etc.  

NOTE: As of Saturday, Treasury has yet to issue a press release on the latest round of Hardest Hit funding, so for now this is likely the ONLY place where total Hardest Hit funding for ALL states and ALL rounds can be found--I dug the data out of TARP reports found on the Treasury Financial Stability website. 

 Originally created and posted on the Oregon Housing Blog