Restoring Stability: Quarterly Reports


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Restoring Stability Quarterly Update – March 31, 2012

In accordance with the Participation Agreement with the U.S. Department of the Treasury, the Ohio Housing Finance Agency (OHFA) submits quarterly reports to Bank of New York Mellon. View the first quarter 2012 presentation report.

Launched on September 27, 2010, the statewide program is designed to assist homeowners who are experiencing a financial hardship that puts them at-risk of mortgage loan default or foreclosure. The program was created through the Ohio Hardest-Hit Fund (HHF) that was established by $570.4 million in federal foreclosure prevention funding from the U. S. Department of the Treasury.

Homeowners access the Restoring Stability program through an online application system, a toll-free hotline, or by contacting an approved counseling agency. All of the applicants are referred to housing counseling agencies that can help the homeowners complete the process of providing documentation of their income, mortgage status, financial hardship and other information. The housing counselor meets with the homeowner in person or by telephone and obtains the required documents from the homeowner. The agency makes an initial assessment if the applicant qualifies for the program, and then submits the applicant's file to OHFA. OHFA verifies all of the information to ensure that assistance is only offered to qualified households.

By March 31, 2012, 5,020 homeowners were receiving assistance totaling $48,354,497. This includes more than $28.9 million in Rescue Payment Assistance to 4,339 homeowners and over $18.5 million in Partial Mortgage Payment Assistance to 3,254 homeowners. Sixty-one homeowners were assisted through Lien Cancellation while five homeowners benefited from Transition Assistance. All payments are made through OHFA's fiscal agent, Ohio Homeownership Assistance LLC, to mortgage servicers on behalf of eligible homeowners.

Quarterly Reports
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