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 CONTINUED TO ASSIST 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. PROGRAM PAYMENTS OF $7,385,933 WERE MADE DURING THE YEAR ENDED DECEMBER 31, 2021.

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. PROGRAM PAYMENTS OF $3,332,849 WERE MADE DURING THE YEAR ENDED DECEMBER 31, 2021.

PRINCIPAL REDUCTION/LIEN EXTINGUISHMENT PROGRAM: THE PRINCIPAL REDUCTION/LIEN EXTINGUISHMENT PROGRAM ASSISTS FINANCIALLY DISTRESSED HOMEOWNERS LIVING ON A FIXED INCOME BY PROVIDING IMMEDIATE MORTGAGE PAYMENT RELIEF AND STABLE HOUSING EXPENSE PAYMENTS THAT ARE AFFORDABLE AND SUSTAINABLE OVER THE LONGTERM. FUNDS ARE PAID TO THE FIRST MORTGAGE LENDERS/SERVICERS AS A ONE-TIME PAYMENT UP TO $50,000 TOWARD PRINCIPAL REDUCTION AND RECAST OR LIEN EXTINGUISHMENT, PLUS UP TO $36,000 TO REINSTATE THE MORTGAGE. HOWEVER, ELIGIBLE HOMEOWNERS ARE LIMITED TO RECEIVING A MAXIMUM OF $75,000 IN TOTAL ASSISTANCE FROM THE MORTGAGE PAYMENT ASSISTANCE PROGRAM, LOAN PRESERVATION ASSISTANCE PROGRAM, AND PRINCIPAL REDUCTION/LIEN EXTINGUISHMENT PROGRAMS COMBINED. PROGRAM PAYMENTS OF $789,761.51 WERE MADE DURING THE YEAR ENDED DECEMBER 31, 2021.

LOAN REFINANCE ASSISTANCE PILOT PROGRAM: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 THEOREGON 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 WITH NO LOAN REPURCHASES DURING THE YEAR ENDED DECEMBER 31, 2021.REBUILDING AMERICAN HOMEOWNERSHIP ASSISTANCE PILOT PROJECT: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 WITH NO LOAN REPURCHASES DURING THE YEAR ENDED DECEMBER 31, 2021.