Hardest Hit Program Changes, Admin Expenses Up to $35 Million.

OHCS recently announced changes in the $220 million Oregon Hardest Hit program with a Director's Announcement HERE. 

I located the official 7th amendment to the Hardest Hit agreement with US Treasury HERE. 

Admin Expenses Have Move than Doubled

Last page of the 7th. amendment shows admin expenses of $35.107 million, 16% of $220 million Hardest Hit funding for Oregon. 

Second amendment to Treasury agreement HERE (page 8) had admin expenses at $15.585 million, 7.1% of Hardest Hit funding. This means that admin expense estimates have more than doubled since start of program.

Originally created and posted on the Oregon Housing Blog.

Special Inspector General TARP Report Out: For Hardest Hit Spending, Oregon Does Very Well Relative to National Averages.

Report is HERE.

I have prepared two tables HERE using report data. 

The first table shows as of September 30, 2011 the amount of funds drawn compared to the amount available ("obligated") to each state. As title to table indicates, Oregon Ranks #1 in % of Obligated Funds Drawn Down, 3 Times National Average.

The second table shows the number of borrowers receiving assistance as of June 30, 2011 and the amount of the assistance provided as of that date. As title indicates, Oregon Accounted for Nearly 1 in 7 Borrowers Receiving Assistance Nationally AND Oregon Has Spent 1.1% of Its Funding Available to Assist Borrowers, Nearly Double National Average.

Originally created and posted on the Oregon Housing Blog.