Update 3, Developing: Oregon Getting $88 Million in Housing Foreclosure Help.

Update 3: OHCS has received at least $114 Million in federal foreclosure related funding, latest allocation increases funding by 233%.
Oregonian story HERE has some OHCS quotes.

Also, some additional perspective from me: Two other prior foreclosure related (NSP) grants to OHCS totalled $26.429 million, so $88 million in additional foreclosure funding is an INCREASE of 233% from previously awarded totals to date, bringing total foreclosure related funding through OHCS to at least $114.429 Million.
-----------
Update 2: In mid February, Michigan was awarded funds in round 1 of this effort. In the PR on its web site HERE, the Michigan HFA outlines their planning process which would see publication of their draft plan for public comment in early April with submission due to Treasury by mid April.

Applying similar time frames to Oregon would suggest an application deadline to Treasury by the end of June, with a draft out for public comment by mid June.
-----------
Update 1: Some local media stories in last couple of hours: OPB and Portland Business Journal

Senator Merkley press release is HERE.

-------------
CBS news has story HERE.

Treasury PR with some details HERE.

PR makes clear that OHCS will have to submit plan to use available funds:

Treasury will announce rules governing the submission of program designs by HFAs within two weeks and will provide a period thereafter for HFAs to submit their program designs in order to receive funding. These rules will be substantially similar to the rules previously released by Treasury for the first HFA Hardest Hit Fund, and will include a proposal submission timeline for this second HFA Hardest Hit Fund.

Originally created and posted on the Oregon Housing Blog.