Today the Oregon Ways and Means Subcommittee On Transportation and Economic Development heard an information update on the Hardest Hit program.
I recorded the hearing, and posted a MP3 audio file to the Internet Archive, HERE.
From my notes, the highlights:
- There were a total of 15,700 total applicants, but only about 6,000 were eligible.
- Because per family costs were less than the projected $20,000, Mortgage Payment Assistance Program will be able to help 6,000 applicants--ALL applicants found to be eligible. (Original projection was 5,000 households).
- Notifications to eligible applicants selected for program will go out today. There is still loan underwriting and some additional steps before loan proceeds will be available; likely some payments on behalf of borrowers will start in March.
- 24 counties were under subscribed, but if funding is still available, slots not used these counties will be opened once again in the future via a simultaneous relaunch of the program in all those counties. (Only specific under subscribed counties I am aware of are Crook and Klamath). Request was made by one Senator to keep Mortgage Payments funds in the counties where slots were not used, even if used for different HH program.
- Small business owners were eligible for program, used YTD profit and loss statements to make determination of income loss.
Other issues:
- Third version of Underwater program [Deschutes/Jackson counties] currently at US Treasury. Hope to hear during next couple of weeks, could be a national model.
- Hope to move other programs in March or April.
- I have asked for the PowerPoint and other documents made available to the Committee, including the list of slots and applications by county.
Thank you so much Tom for posting this information. I have been waiting on pins and needles, and it has been difficult to get any, if at all, information. Do you know how we will be informed, and what do you mean by the, "underwriting process?"
ReplyDeleteThanks again:-)))
My understanding is that notification will be via email or snail mail; could be some phone calls too but I am sure all would like to "get it in writing", but note that final approvals will still be subject to "underwriting"
ReplyDelete"Underwriting" to me would mean a final confirmation from OHSI staff that all docs are satisfactory and the completion of documents for closing. Could be some additional coordination with lender/servicer too.
As before important to stay in touch with the local agency, feel free to share my post with them; all can listen to the audio from the hearing to see if there are any nuances I missed in my notes. [ I am sure local agency is also eager to let folks know if they have been successful]
Please feel free to let me know if and when you get to closing and the start date for first mortgage payment. Hopefully there will be more official PR once those disbursements begin to occur.
TC