The U.S. Treasury Department’s Hardest Hit Fund (HHF) program assists struggling homeowners who have had an income reduction due to unemployment or underemployment. Additionally, HHF can be used for demolition of deteriorating and abandoned structures that decrease the real estate property value of surrounding homes. HHF is designed and administered in Illinois by the Illinois Housing Development Authority, and allocates funds to communities that have been suffering since the housing market downturn. Senator Kirk led the charge for these funds to be included in the FY16 Omnibus, which was signed into law in December. There are 18 states that are eligible to receive these funds, and Illinois is one of them. The program assists struggling homeowners who have had an income reduction due to unemployment or underemployment. Additionally, HHF can be used for demolition of deteriorating and abandoned structures that decrease the real estate property value of surrounding homes.
“I advocated for this funding because vacant and dilapidated buildings attract crime and block economic growth. $118 million will reduce crime problems at many of the sites and will incentivize economic development throughout Chicagoland,” said Senator Kirk.
“As Chairman of the Cook County Land Bank and someone who has been working to drive economic development in Chicago’s hardest hit communities for over five years, I know how critical these funds will be to building up and empowering our local communities and community members. These funds will allow us to focus not just on the homes but on the people who make Chicago, Cook County and Illinois great. I want to thank Senator Kirk, Reverend Jesse Jackson, Congresswoman Kelly, Congressman Dold and all of our partners in Michigan and Ohio who came together in a bi-partisan effort to adovocate for the residents of Illinois,” said Bridget Gainer, Cook County Commissioner (D-Chicago).
The $118 million is part of an initial $1 billion payout from The U.S. Treasury Department. The second $1 billion allotment will be in competitive allotments that all eligible states can apply for. To date, Illinois has used 88.5% of the initial money made available through HHF beginning in 2010.