Discover if You’re Eligible for up to $60,000 in Free Cash Within Weeks Through Program to Reopen for Americans
On March 8, the Oregon Homeowner Assistance Fund (OHAF) will reopen to provide eligible homeowners with up to $60,000 to help alleviate financial hardships related to homeownership. The OHAF is administered by the Oregon Housing and Community Services (OHCS), and there is an estimated $72 million left in funding, which can help another 700 homeowners.
During the three-month pause, the OHCS reviewed previously submitted applications, performed system maintenance, and assessed the remaining funds. As the program reopens, it will prioritize homeowners facing active foreclosure and those “traditionally underserved by mortgage markets.”
The eligibility requirements for the OHAF vary depending on the phase. However, general guidelines include being a borrower on the mortgage or the property owner, living at the property, and experiencing financial hardship related to the pandemic after January 21, 2020. In addition, income limits also apply, with households at or below 150% of the area median income eligible for past-due payment relief of up to $50,000, and those at or below 100% of the area median income eligible for ongoing payment relief of up to $60,000.
The OHAF website also features other programs that homeowners can access to get assistance. Under President Joe Biden’s American Rescue Act, nearly $10 billion was allocated to states to help residents. One example is California’s Mortgage Relief Program, which offers a maximum of $80,000 per homeowner, with an average payment of $28,137 so far. As of now, about 10,500 families have received just under $300 million in aid.
It’s essential to note that there is no deadline for applications, but homeowners are encouraged to apply as soon as possible. Additionally, the program’s focus on helping those who are traditionally underserved by mortgage markets, such as minority groups and low-income families, can help bridge the gap in homeownership disparities. The OHAF program is a step forward in reducing the financial burden of homeownership and promoting homeownership equity.