Oregon Affordable Housing Assistance Corporation

“The form 990 will be reviewed by the fiscal analyst and president, and copies will be provided to all members of the the governing body prior to filing.”

“The board ensures that the conflict of interest policy is distributed to and understood by all interested persons. Officers and directors are required to complete questionnaires and disclose potential conflicts annually. Appropriate action, in accordance with the policy, would be taken in the event of a potential or actual conflict.”

“The organization pays no compensation to management officials or officers and has no key employees.”

“The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“The specific purposes of the corporation are to (i) administer grants, loans, and other forms of financial resources targeted to help prevent or mitigate the impact of foreclosures on low and moderate income persons, and to help stabilize housing markets in the state of oregon (the "state"), (ii) develop and implement housing assistance programs targeted to help prevent and mitigate the impact of foreclosures on low and moderate income persons, and to help stabilize housing markets within the state, (iii) provide funds or other financial support or benefits to promote, preserve or stabilize affordable housing markets located in the state, (iv) provide subsidies or other benefits targeted to low and moderate income persons within the state necessary or appropriate to stabilize housing markets located in the state, (v) finance affordable or subsidized housing in the state, (vi) accept and make grants for affordable or subsidized housing in the state, (vii) develop and administer programs related to housing permitted under the emergency economic stabilization act of 2008, as amended ("eesa"), and to act as an institution eligible to receive troubled asset relief program funds under eesa, (viii) finance and refinance housing loans, provide credit and other financial support for housing loans and otherwise provide financial support for affordable housing within the state, (ix) develop and implement educational programs, instruction, research, assistance and other programs to help prevent foreclosures of housing and stabilize housing markets within the state, (x) lessen the burdens of government by assisting the housing and community services department of the state of oregon ("ohcs") prevent or mitigate the impact of foreclosures on low and moderate income persons, and to help stabilize housing markets within the state, and (xi) conduct or perform any ancillary or related activity in furtherance of the foregoing. For these purposes, the determination of what constitutes affordable housing and who is a low and moderate income person shall be determined by the board of directors of the corporation. Subject to the limitations set forth in the articles of incorporation, the corporation shall be permitted to conduct other lawful activities permitted under the oregon nonprofit corporation act. It is intended that the corporation shall work with ohcs to accomplish their mutual goal of providing affordable housing assistance and benefits to persons of low and moderate income. In particular, it is intended that the corporation shall seek input from the director of ohcs regarding the corporation's activities. The corporation shall submit to regulation by the state as set forth in written notice provided to the corporation by the director of ohcs.”

“Organization ceased conducting program services as the programs ceased to operate per agreement with the us treasury and program guidelines. Activity in 2022 was focused on the closure of the program and entity, which existed for the sole purpose of executing the hardest hit fund programs in oregon.”

“Distribution upon dissolution -1,816,245.”

“The programs administered by oahac terminated on december 31, 2021 and no additional funding will be received. Oahac was established to be the "eligible entity" to receive funding through the hhf program, to be used to help oregonians who have been impacted by economic hardships. The federal funding for these programs has been fully committed, and no program disbursements were made after december 31, 2021. Oahac continued to have administrative expenditures through 2022 that were assessed through the u.s treasury's return of funds (rof) process as it closed out the program with ust. Additional administrative expenditures were incurred through the entity's dissolution in 2022. These expenses were paid by oahac. Once hhf was closed, outstanding assets and liabilities of oahac were transferred to ohcs upon oahac's dissolution per the bylaws of oahac.”