In 2009, President Obama launch the Home Affordable Modification Program - HAMP - and reported that it would help 3-4 million struggling homeowners. Unfortunately, as David Sarasohn reports in this morning's Oregonian, the program hasn't reached nearly that many homeowners.
Oregon is one of the hardest-hit states in this foreclosure crisis, consistently ranking in the top five nationally. We're very lucky that a number of outstanding community organizations working to support homeownership, including Proud Ground, call Portland home.
For more than ten years, Proud Ground (formerly Portland Community Land Trust) has created permanently affordable housing in the Portland area. Proud Ground offers buyers very low purchase prices - up to $100,000 below market rate - in exchange for a commitment from the buyer that in turn the home will be sold for a similarly affordable price.
Considering Sarasohn's piece this morning, perhaps the most impressive thing about Proud Ground is this: In over ten years, no Proud Ground homeowner has ever faced foreclosure.
We're proud to work with Proud Ground and other partners supporting homeownership - the cornerstone of the American dream - in our community.
Nick was honored to introduce Senator Merkley when he unveiled his plan to address the housing crisis earlier this year. Click here for photos and more about the plan.