This study examines the impact of the $10 billion federal program launched in 2021 to support homeowners affected by the COVID-19 pandemic. The report provides analysis of the distribution and use of HAF assistance nationwide, differences in state implementation, and the characteristics of borrowers who received support—highlighting those who required help beyond traditional forbearance and loss mitigation options. The report compares the characteristics of Ohio homeowners who received mortgage payment forbearance during the COVID-19 pandemic and Ohio homeowners who received assistance through HAF, in addition to or instead of forbearance. 

Key findings from Stabilizing Vulnerable Homeowners in a Time of Crisis: Insights from the Homeowner Assistance Fund include: 

• HAF programs served vulnerable homeowners, with more than 90% of HAF funds nationwide distributed to homeowners with incomes below the area median.
• HAF beneficiaries were geographically concentrated in areas that were more distressed during the COVID-19 pandemic, as measured by higher rates of unemployment and higher rates of mortgage delinquency.
• While the majority of HAF funds were used to cover past due or future mortgage payments, HAF programs also assisted with a variety of non-mortgage homeowner expenses, such as utility payments and property taxes.
• In addition to traditional mortgages, HAF mortgage assistance helped with payments for non-traditional types of credit instruments securing a principal residence such as reverse mortgages, land contracts, or mortgages with complex titles.
• More than one in ten of the 100,000 Ohio homeowners with mortgages as of the end of 2019 who subsequently received assistance for missed mortgage payments during the COVID-19 pandemic received HAF in addition to or instead of forbearance.
• About 16 percent of Ohio HAF recipients received mortgage payment forbearance prior to receiving assistance through HAF.
• Ohio homeowners receiving mortgage payment forbearance disproportionately held government backed FHA, VA, or GSE loans.
• About one-third of the Ohio homeowners receiving assistance through HAF did not have evidence of a mortgage on their credit file. 80% of homeowners receiving assistance for non-mortgage expenses did not have evidence of a mortgage.