Oregon’s Homeowner Assistance Fund is Closing its Application Portal on December 20th to Manage Funds Responsibly

Oregon Homeowner Assistance Fund Program Closure

Introduction
Oregon Housing and Community Services (OHCS) has announced the impending closure of the Oregon Homeowner Assistance Fund (HAF) program to most new applicants. This decision aims to prevent overcommitting funds, with the application portal set to close on Wednesday, December 20, at noon PST.

Eligibility Criteria and Remaining Opportunities
While the closure deadline approaches, homeowners facing active foreclosure still have a window of opportunity. They can apply through housing counselors. OHCS emphasizes prioritizing homeowners at imminent risk of housing displacement, socially disadvantaged individuals, and those meeting additional eligibility criteria listed on the HAF website.

Existing Applicant Status and Assistance Monitoring
For existing applicants, the ability to monitor their application status or scheduled payments remains accessible through the HAF portal.

Priority Processing and Potential New Applications
OHCS has structured the HAF program as a safety net for the most vulnerable homeowners without viable workout options, ensuring priority processing for them. In the event of remaining funds after closure, HAF intake partners may submit new applications on behalf of homeowners facing judicial or nonjudicial foreclosure, although funding availability for these cases isn’t guaranteed.

Impact of HAF and Foreclosure Rates
In addition to Oregon’s foreclosure moratorium and increased mortgage forbearance, HAF has played a significant role in maintaining a historically low foreclosure rate during and post the COVID-19 pandemic. August 2023 CoreLogic data reflects this success, showing a foreclosure rate of 0.16%, compared to the 20-year average of 1.03%.

Financial Overview and Assistance Allocation
As of December 4, OHCS has approved a substantial number of applications, amounting to approximately $46.9 million out of the $72 million initially available. Over $35 million has already been disbursed, with an average award of around $27,000. OHCS is currently reviewing or monitoring an additional 859 applications, projecting a total assistance value of $23.2 million. An estimated $1.9 million remains in available funds.

Ongoing Efforts and Collaborations
OHCS continues to collaborate closely with homeowners, housing counselors, and mortgage servicers to postpone and prevent foreclosures for applicants. Detailed information can be accessed through the HAF Dashboard.

Conclusion
The impending closure of the Oregon Homeowner Assistance Fund program underscores the importance of timely action for eligible homeowners facing foreclosure. OHCS remains committed to assisting those in need and urges eligible individuals to take advantage of the remaining opportunities before the application portal closes.