Oregon Affordable Housing Assistance Corporation

Programs: Mortgage payment assistance programthe mortgage payment assistance program assists 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 $23,125,644 and $34,592,977 were made during the fiscal years ended december 31, 2014 and 2013, respectively.

loan refinance assistance pilot programthe loan refinancing assistance pilot project will assist underwater homeowners in crook, deschutes, jackson, jefferson, and josephine counties who have regained employment or recovered from financial distress, and demonstrate the ability to afford a loan reflective of the current value of their home. Existing home loans will be 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 will then be refinanced to an amount equal to the home's current appraised value. Loan repurchases of $7,864,032 and $6,731,474 were made during the fiscal years ended december 31, 2014 and 2013, respectively.

loan preservation assistance programthe loan preservation assistance (lpa) program will assist homeowners who have regained employment or recovered from financial distress to ensure their home loans become, or remain, affordable. There are two distinct, exclusive, benefits available through lpa program. Reinstatement assistance will pay up to $15,000 in arrearages or fees for certain recipients of the mortgage payment assistance program and serves as an exit path for those recipients of mortgage payment assistance. Preservation assistance will pay up to $25,000 of arrearages or fees to lenders/servicers on behalf of homeowners who have recovered from a period of unemployment or financial distress. Program payments of $4,792,569 and $5,705,007 were made during the fiscal years ended december 31, 2014 and 2013, respectively.

rebuilding american homeownership assistance pilot project