Tuesday, February 15, 2011

Hardest Hit Mortgage Payment Assistance Background, Including My Analysis of Eligible Submissions by County.

OHCS staff were kind enough to provide to me with materials used for a Hardest Hit update at a House Ways and Means Subcommittee meeting last week. 

I have put all the documents into a ZIP file that you can download HERE. (Documents include maps, background materials, a process flow, and a PowerPoint presentation).

I also completed a new analysis of one of the OHCS documents that shows the number of slots by county and the number of eligible submissions received by OHSI. I added some data showing the number of unemployed by county in September 2010 ; my analysis is found in the 2 page PDF HERE

Some observations
  1. Because overall cost per household is less than original projections OHSI is now projecting that they will be able to help 5,787 households with the Mortgage Payment Assistance Program, 16% more than the 5,000 they originally projected. (Instead of initial cost projection of $20,000 per family appears that average cost per family is now projected at $17,280 [$100M/5,787 households]).
  2. It appears there were 23 counties that were under subscribed [fewer eligible submissions than allocated slots] and 13 that were oversubscribed.
  3. The two counties with the highest oversubscribed %'s [MORE eligible submissions than allocated slots] were Multnomah and Lane; the most under subscribed counties were Sherman and Grant.
  4. The 5 Portland metro counties had 960 slots assigned to them, and 2,275 total eligible submissions, an over subscription count of 1,315 and a over subscription rate of 137%. 
  5. HOWEVER, while these 5 Portland metro counties generated 39.3% of all MPA eligible submissions, they also had an even HIGHER % (47.8%) share of the total state unemployed in September 2010.
  6. [ I recognize that applicants did NOT have to be unemployed to be eligible for the MPA program].

Feel free to add YOUR observations as comments to this post.

Originally created and posted on the Oregon Housing Blog

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