Updated: Oregon Hardest Hit Program Approved, But Not Underwater Mortgage Component.

 Update: Just to be clear the two county program not authorized in the Treasury approved plan that I referred to as the underwater borrower program was called the "Loan Refinancing Assistance" in the plan originally submitted to Treasury:

"Loan Refinancing Assistance is a pilot project designed to allow OHCS to target homeowners with deeply “underwater” mortgages in two Oregon counties where home values have declined more than 25 percent.

------------------------

OHCS PR is HERE.

The four programs that WERE approved are listed HERE. (The underwater borrower program for Jackson and Deschutes counties was not approved.  I expect OHCS will continue to pursue getting approval for this program, and I do not know how or IF this will impact program allocations in the interim).

The apparently approved version of the plan is HERE.

FAQ's are HERE. (I say apparent because even though document is dated June 1st, I did not see the underwater program listed in this version of the document).

Now that the plan has been approved, I will be asking for additional documents from OHCS, including the by laws for the new non profit, the participation agreement with Treasury, and the contract between OHCS and the non profit.  I will also be checking to see if there is a regular schedule of meeting dates for the new non profit.

Congrats to OHCS for getting to this important milestone, now the real work begins...

Originally created and posted on the Oregon Housing Blog.