Titus Statement on Hardest Hit Fund Audit

Sep 9, 2016
Press Release

September 9, 2016
Contact: Kyle Roerink
Phone: 202-657-3219

Washington, D.C. –Today Rep. Dina Titus of Nevada’s First Congressional District issued a statement on the audit of Nevada’s Hardest Hit Fund conducted by the Special Inspector General for the Troubled Asset Relief Program. 

“I expressed initial skepticism about how the state chose to utilize funds from the Hardest Hit Fund program. When Nevada originally received these funds, I publicly encouraged the state to establish a system to help underwater homeowners buy down the principal on their mortgages while simultaneously investing in our communities. This was the best way to quickly help homeowners and stabilize communities in Nevada.  Instead, the state created a Rube Goldberg-esque system, bloated with administrative costs, known as the Nevada Affordable Housing Assistance Corporation. I am angered by the Nevada Housing Division’s lack of oversight and greatly disturbed that money meant to aid struggling Nevadans was squandered on parties, gift cards, and luxury items. My office has spoken with the Housing Division, SIGTARP, and the Treasury Department and will follow up about the findings of the audit. While our economy continues to improve in the aftermath of the recession, the state’s indiscretion highlighted in the report may jeopardize its future ability to garner federal assistance that can help Nevada families.”