Oregon Housing and Community Services will begin accepting applications for the state's Mortgage Payment Assistance (MPA) program beginning Dec. 10. The MPA program, which is financed by the U.S. Treasury Department's Hardest Hit Fund, is the first program under the Oregon Homeownership Stabilization Initiative (OHSI) to be launched.
The OHSI contains four borrower-assistance programs, of which the MPA program is the largest. According to the Oregon Housing and Community Services, the program has been funded with $100 million to help approximately 5,000 homeowners pay their mortgages for up to one year or to a maximum payout of $20,000 – whichever comes first.
Applications for the program will be open from Dec. 10, 2010, to Jan. 14, 2011. Program participants will be randomly selected from eligible applicants by a secure software program and notified soon after the application's closing date. The program is not first-come, first-served, the Oregon agency explains, and all eligible homeowners who apply within the application period will have an opportunity to receive help with their mortgage payment.
Each applicant will fill out an online application and then meet face-to-face with an intake adviser to answer questions and to ensure that all necessary documents are submitted
"While we recognize there are not enough resources to serve the great need faced by homeowners in Oregon, we are pleased to have created a solid program that will help smooth the difficult path many families have been traveling," says Oregon Housing and Community Services Director Victor Merced.