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Oregon Affordable Housing Assistance Corporation

Current OHSI Borrowers: Payoff information is available here.

The OHSI program is now closed.

The Oregon Affordable Housing Assistance Corporation (OAHAC) was an Oregon nonprofit public benefit corporation that has now been dissolved. The primary purpose of OAHAC was to administer programs, such as the Oregon Housing Stabilization Initiative (OHSI), targeted to help prevent or mitigate the impact of foreclosures on low and moderate income persons, to help stabilize housing markets in Oregon, to provide resources for affordable or subsidized housing and to develop and administer programs related to housing permitted under the Emergency Economic Stabilization Act of 2008, as amended ("EESA"), and act as an institution eligible to receive Troubled Asset Relief Program Funds under EESA.

The OAHAC Board of Directors of the Corporation held regular and special meetings, in accordance with Section 65.344 of the Oregon Revised Statutes, to discuss general business matters and program updates, approve meeting minutes, and to take any that the Board of Directors of the Corporation deem appropriate.

Meeting Information Archive

OHSI Payoff Information

Information for Lenders, Escrow Officers, Homeowners, and Loan Participants


OHSI programs provide homeowner assistance through no-interest, five-year, forgivable loans, that create a mortgage on the property. The mortgage reflects the maximum benefit that could have been received, not the amount that was actually received. The loans are forgiven at a rate of 20% per year, the forgiveness period begins the following year after assistance is received. No payments are required during the time OHSI’s loan is in the 5-year forgiveness period. However, if the property is sold or refinanced before the 5 year loan forgiveness period, then the unforgiven balance may become due.

Payoff statements

Order a payoff statement by emailing The Payoffs Department is not available by phone. All email inquiries are processed in the order received. Please allow 48-72 hours for response time.

Satisfaction of mortgage

OHSI will only accept payoff funds via wire transfer. If you have a short sale or insufficient funds transaction, please provide an estimated settlement statement for OHSI’s review. Once approved, OHSI will require an emailed copy of the final HUD-1/final settlement statement for a short sale or insufficient funds transaction. Upon receipt, OHSI will prepare a satisfaction of mortgage and forward it to the requestor to be recorded.

Recording fees

The homeowner is responsible for all associated recording fees for removal of the lien once a payoff for the loan has been received prior to the loan forgiveness date.

OHSI will pay the recording fee to release our lien only when we place said lien on the participant’s property in error. OHSI will also be responsible for recording and the recording fee to release the lien when our loans reach the 5 year forgiveness period and is forgiven in full.


OHSI will subordinate to a refinance where the first and second mortgage are being paid off through a rate and term refinance, where the borrower will be receiving LESS than 1% cash back of the NEW loan amount.

OHSI will NOT subordinate when the borrower(s) take out cash of MORE than 1% of the NEW loan amount and/or if the borrower is consolidating debt though the refinance transaction.

Subordination requirements

You will need to submit the following documentation:

  1. Estimated HUD 1 Settlement Statement, TRID Loan Estimate, or Closing Disclosure. Loan estimates must show our participant(s)/borrower(s) receiving LESS than 1% of the NEW loan amount.
  2. Principal balance of new loan.
  3. Name and address of new servicer.
  4. Rate and term of new loan.
  5. Payoff statement of current loan.
  6. Name and address of current servicer.
  7. Contact information for escrow, include name and email address.
  8. Preliminary Title report.
  9. Authorization for release of information.
  10. Please supply a UPS or FEDEX return label to return finished documents.

We do not charge a fee for our subordination agreements.

Please allow 5 to 7 business days to complete a subordination agreement upon receipt of the above requirements.


Loan Payoffs and Subordination