Many people and places were devastated by the housing crisis. As individuals recover and look to re-enter the housing market, programs have been implemented to encourage buying in the areas that were hardest-hit.
Subsequent to the financial and housing crises, Phoenix, and many other cities, saw a rapid increase in the number of foreclosures resulting in a landscape abundant in vacant homes and empty neighborhoods. As the economy has recovered, so have the financial situations of many people. Those people are now in a position to re-enter the housing market. In order to bolster recovery and encourage buying in these areas, the Federal National Mortgage Association (Fannie Mae) has created the HFA Mortgage Preferred program to bring buyers and homes together and revitalize hard-hit communities.