United States agency of Treasury and the Hardest Hit Fund through the Irs

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The United States agency of Treasury established the Hfa (Housing Finance Agency) Hardest Hit Fund through the emergency Economic Stabilization Act, which was enabled by the Irs for financially distressed homeowners in February 2010. The Irs does not constitute gross wage from cash payments to financially distressed homeowners under the federal housing relief programs when filing taxes.

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Because the Hfa Hardest Hit Fund is designed to allow each state housing agency the maximum in designing local programs to fund the needs of financially distressed homeowners, it assists in helping those who may be losing their homes to foreclosure. The states that are eligible for the Hfa Hardest Hit Fund are:

- Alabama
- Arizona
- California
- District of Columbia
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Michigan
- Mississippi
- Nevada
- New Jersey
- North Carolina
- Ohio
- Oregon
- Rhode Island
- South Carolina
- Tennessee

There are qualifications that must be met before the Hfa Hardest Hit funds are available, and those qualifications are, housing pricing that has come to be less than 20% from peak pricing of homes in general and/or the unemployment rate increases to the point of being greater than the national median of unemployment.

If the Hfa Hardest Hit funds are treated as forgivable loans, the Irs will treat the payments as dispersed payments to the homeowners and not as a loan. The Irs's main goal in the initiative of the Hfa Hardest Hit funding is to preclude more homeowners from losing their homes to foreclosures. To do this, they allow tax breaks that help the financially distressed homeowners to the states listed above. The payments are treated as disbursements to the homeowners as occurring payments made at that time. This constitutes that the Irs does not count the payments as part of gross wage when filing a tax return, "Which excludes from wage payments under governmental public benefit programs for the promotion of the general welfare". Consideration 2011-14, 2011-14 I.R.B. (Mar. 14, 2011).

Funding for each state was approved by proposals that deal with but are not tiny to mortgage modifications, mortgage cost assistance, deeds-in-lieu of foreclosure, reductions for homeowners with negative equity, unemployment programs and second-lien reductions. This enables the taxpayer to deduct on their Irs tax return the amounts they paid on mortgage payments on that year and for the years 2010, 2011 or 2012 if they received help from the Hfa Hardest Hit funding program. So if you reside in the abovementioned states and are facing housing troubles, take this opportunity to take some of the burden off your shoulders.

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