Some relief may be coming to Oregon residents that are having a hard time paying their mortgage because of a reduction of income through unemployment or a reduction in employment. The Oregon Homeownership Stabilization Initiative (OHSI) application window begins on Friday, December 10th.
Oregon has $100,000,000 to spend through the program. The OHSI FAQ page goes into the details of how the funds may or may not have to be paid back in certain situations. Most importantly, just because you qualify doesn’t mean you will receive the benefit. Once the application window closes a month later,“The state will conduct a random drawing to choose who will get help. The program is not first come, first serve.”
Qualifying for the program does not guarantee that you will get assistance and the qualification will be different for each household as evidenced by the two versions I used on the eligibility test. The income qualifications per household size are listed on the FAQs:
Changing the number of people that live in the house from four to five people changes the eligibility. There are 10 total questions on the test.You would not qualify if you owned a second residential property according to question #7 or if you live in a condo or townhouse according to question #8. Even if you fail the eligibility test you can still apply so even if you think you don’t qualify but would benefit from the program you should do your homework. For those that qualify, we hope you win in the random drawing.