On March 29, the Obama Administration announced an expansion of the Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets (the HFA Hardest Hit Fund).  This second HFA Hardest Hit Fund will provide up to $600 million in funding for initiatives to help families stay in their homes in five states (North Carolina, Ohio, Oregon, Rhode Island, and South Carolina) which have large concentrations of people living in “economically distressed areas”.  The HFAs in states qualifying for this assistance will be required to submit plans for review by Treasury to become eligible for funding up to a predetermined allocation cap.  Treasury Release.