Economy
5:57 pm
Tue July 31, 2012

Oregon Has Highest Distribution Rate Of Federal Foreclosure Assistance Funds

Originally published on Mon July 30, 2012 5:05 pm

SALEM, Ore. - Oregon has been the most aggressive state in distributing federal funds aimed at preventing foreclosures. The state has tapped into nearly half of the $220 million it received under the “Hardest Hit” program.

That's a higher rate than any of the other 17 states and Washington, D.C. that were awarded the funds. The Oregon Housing and Community Services Department says it's distributed the money to about 4,800 homeowners so far.

The agency's Ben Pray says when the state opens up a new round of application slots each month, they often fill up in a matter of minutes.

"What it shows is the demand in the state is pretty overwhelming still, even though maybe it seems like we're getting our way through the crisis a little bit."

Pray says despite the high utilization rate, Oregon should still be able to distribute foreclosure assistance money for at least two more years before the federal cash runs out.

The new numbers come from the Special Inspector General for the Troubled Assets Relief Program.

On the web:

Oregon foreclosure prevention resources: http://cms.oregon.gov/ohcs/Pages/SFF_Foreclosure_Prevention_Resources.aspx

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