Oregon Affordable Housing Assistance Corporation

HELP PREVENT/MITIGATE IMPACT OF FORECLOSURES ON LOW/MOD INCOME PERSONS; STABALIZE HOUSING MARKETS.

LOAN PRESERVATION ASSISTANCE PROGRAM: THE LOAN PRESERVATION ASSISTANCE (LPA) PROGRAM ASSISTED HOMEOWNERS WHO HAVE REGAINED EMPLOYMENT OR RECOVERED FROM FINANCIAL DISTRESS TO ENSURE THEIR HOME LOANS BECOME, OR REMAIN, AFFORDABLE. THERE ARE FOUR DISTINCT, EXCLUSIVE BENEFITS AVAILABLE THROUGH THE LPA PROGRAM.REINSTATEMENT ASSISTANCE PAID UP TO $15,000 IN ARREARAGES OR FEES FOR CERTAIN RECIPIENTS OF THE MORTGAGE PAYMENT ASSISTANCE PROGRAM AND SERVED AS AN EXIT PATH FOR THOSE RECIPIENTS OF MORTGAGE PAYMENT ASSISTANCE. PRESERVATION ASSISTANCE PAID UP TO $40,000 OF ARREARAGES OR FEES TO LENDERS/SERVICERS ON BEHALF OF HOMEOWNERS WHO HAVE RECOVERED FROM A PERIOD OF UNEMPLOYMENT OR FINANCIAL DISTRESS. PROPERTY TAX ASSISTANCE PAID UP TO $40,000 OF PROPERTY TAX ARREARAGES TO COUNTY TAXING AUTHORITIES. REVERSE MORTGAGE ASSISTANCE PAID UP TO $40,000 OF PROPERTY TAX, HOMEOWNER'S INSURANCE AND/OR HOMEOWNER OR CONDO ASSOCIATION FEES AND/OR ASSESSMENTS IMPOUNDED. THE PRESERVATION, PROPERTY TAX, AND REVERSE MORTAGE BENEFIT LIMIT IS A COLLECTIVE AMOUNT. THIS PROGRAM WAS CLOSED AS OF DECEMBER 31,2021. EXPENSES INCURRED DURING THE YEAR ENDED DECEMBER 31, 2022 WERE TO WIND DOWN AND CLOSE OUT THE PROGRAM.

MORTGAGE PAYMENT ASSISTANCE PROGRAM:THE MORTGAGE PAYMENT ASSISTANCE PROGRAM CONTINUED TO ASSIST UNEMPLOYED, UNDEREMPLOYED, OR FINANCIALLY DISTRESSED HOMEOWNERS BY PROVIDING FULL MONTHLY MORTGAGE PAYMENTS. FUNDS ARE PAID TO LENDERS/SERVICERS FOR UP TO 12 MONTHS OR $20,000, WHICHEVER IS REACHED FIRST. THIS PROGRAM WAS CLOSED AS OF DECEMBER 31,2021. EXPENSES INCURRED DURING THE YEAR ENDED DECEMBER 31, 2022 WERE TO WIND DOWN AND CLOSE OUT THE PROGRAM.

LOAN REFINANCE ASSISTANCE & REBUILDING HOMEOWNERSHIP ASSISTANCE PILOT PROGRAMS:THE LOAN REFINANCING ASSISTANCE PILOT PROJECT ASSISTED UNDERWATER HOMEOWNERS WHO HAVE REGAINED EMPLOYMENT OR RECOVERED FROM FINANCIAL DISTRESS, AND DEMONSTRATE THE ABILITY TO AFFORD LOANS REFLECTIVE OF THE CURRENT VALUES OF THEIR HOMES. EXISTING HOME LOANS ARE PURCHASED BY THE OREGON AFFORDABLE HOUSING ASSISTANCE CORPORATION AT OR BELOW THE CURRENT APPRAISED VALUE OF THE HOME AND AT LEAST 10 PERCENT BELOW THE OUTSTANDING PRINCIPAL BALANCE. THE LOANS ARE THEN REFINANCED TO AN AMOUNT EQUAL TO THE HOME'S CURRENT APPRAISED VALUE. THIS PROGRAM CLOSED AS OF DECEMBER 31, 2018. THE REBUILDING AMERICAN HOMEOWNERSHIP ASSISTANCE PILOT PROGRAM (RAHAPP) ASSISTED HOMEOWNERS, WHO ARE IN A NEGATIVE EQUITY POSITION, REFINANCE INTO NEW LOANS THAT PERMIT THE HOMEOWNERS TO REBUILD EQUITY IN THEIR HOMES FASTER THAN THEIR EXISTING MORTGAGE LOANS CURRENTLY ALLOW, OR TO LOWER THEIR MONTHLY PAYMENT AMOUNTS. EXISTING HOME LOANS ARE PURCHASED BY THE OREGON AFFORDABLE HOUSING ASSISTANCE CORPORATION AND REFINANCED AT A 15- OR 30-YEAR FIXED MORTGAGE RATE. THIS PROGRAM CLOSED AS OF DECEMBER 31, 2017.THERE WERE NO LOAN REPURCHASES DURING THE YEAR ENDED DECEMBER 31, 2022. EXPENSES INCURRED DURING THE YEAR WERE TO WIND DOWN AND CLOSE OUT THE PROGRAMS.