Merkley: Oregon to Receive $88 Million for Programs Tailored to Assist Families Facing Foreclosure
Washington, D.C. – March 29, 2010 – (RealEstateRama) — The U.S. Treasury Department announced Monday that Oregon will be eligible for $88 million to help families living in areas that have been hit hardest by the housing crisis to stay in their homes. The funding comes as part of an expansion of the Housing Finance Agency (HFA) Hardest Hit Fund.
“While the housing crisis ripped the nation’s economy apart, it tore at families in different communities in different ways, Merkley said. “This funding addresses the complexity of the crisis by allowing Oregon to provide housing assistance that is tailored to hard-hit areas of the state and best helps families stay in their homes.”
Under the program, Oregon Housing and Community Services may submit proposals for innovative housing initiatives designed specifically for regions of the state that have experienced severe damage to the housing market.
When first announced by President Obama on February 19, 2009, the HFA Hardest Hit Fund provided assistance to five states. Today’s expansion of program totals $600 million for an additional five states that have been hit by concentrated unemployment, including $88 million for Oregon.
“The economic benefit for Oregon communities reaches beyond help for families underwater on their mortgage. Because foreclosures can damage home values across an entire neighborhood or city, this kind of assistance benefits all homeowners in the area, even those who aren’t at risk of losing their home,” Merkley said.
