PORTLAND, Ore. (AP) — Late last month, the state of Oregon received $82.7 million from the federal Troubled Asset Relief Program, bringing the state’s total allotment to $220 million for aid to homeowners facing foreclosure.
But the Daily Journal of Commerce reports that, even with 8,400 households in the process of pre-foreclosure, state officials say homeowners will have to wait until December to receive any of the money.
The TARP money is part of the U.S. Department of the Treasury’s Hardest Hit Fund, which has provided $3.5 billion in targeted aid to families in the 19 states most affected by foreclosures.
State officials say they expect the Oregon relief program to be rolled out by December and they hope to have all the money distributed in two to three years.
