Washington State Has Their Draft Pilot Homeowner Assistance Plan Out for Public Comment.

Washington state has their 11 page draft pilot plan to spend 10% ($17.315M) of their Homeowner Assistance Fund allocation out for public comment through June 7th. 

I have downloaded their draft HERE; their webpage for HAF is HERE. 

My observations:

1. Only 10% of total HAF allocation is included in plan. Draft indicates that Treasury requires a plan OR a date for submission for a plan by June 30th. This draft clearly is intended to be a plan that meets the Treasury deadline by being a plan with a date ("in the next few months") for submission of a (FULL) plan.  
2. No geographic targeting or set aside; appears to be  first come, first served. 
3. No data provided on location or concentration of seriously delinquent loans or presumptively socially disadvantaged homeowners. 
4. Income limits at 100%, NO assistance for 100% to 150% median income homeowners (the Treasury Plan limit available after 60% of funds are spent at or below 100%).
5. No actual income limits by county and household size are included. 
6. Max assistance per homeowner is $25,000 unless you’re in a socially disadvantaged group and then it could increase by 50% /$12,500. [Page 7-8].
7. Several existing programs will be funded by HAF. 
8. Admin and IT cost is about 10%.
9. Actual HAF amount available for direct benefit to home owners appears to be about 66% ($11.485M) of the total of $17.315 M. [Page 10 and table below].

Table here from page 10 shows planned fund expenditures: 

Originally created and posted on the Oregon Housing Blog.