WASHINGTON, July 7 (Reuters) – The U.S. Treasury Department said on Friday that state programs using its COVID-19 Homeowner Assistance Fund distributed $1.2 billion in aid to homeowners in the first quarter of this year, bringing the program’s total payments to $3.7 billion so far.

Payments from the $10 billion program, launched as part of President Joe Biden’s pandemic-related 2021 American Rescue Plan Act, have reached more than 318,000 households at risk of foreclosure, the department said.

The program has benefited a higher proportion of economically vulnerable and traditionally underserved homeowners than previous federal mortgage aid efforts, it added. Nearly half of the assistance has reached “very low-income homeowners” earning less than 50% of their area’s median income, according to the Treasury data.

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