State Approves $127 Million in Housing Funds Across Oregon

The money will stimulate economic activity in the state while addressing pressing housing needs.

(SALEM, Ore.) - Fifteen low-income housing projects throughout Oregon will receive funding through the Oregon Housing and Community Services fall 2008 funding cycle, OHCS Director Victor Merced announced today.

These combined grants, loans and tax credits will amount to nearly $75 million in total project costs, which will support construction or rehabilitation of 457 units of affordable housing around the state. The projects will generate approximately $127 million in economic activity throughout the state's economy.

The department's Consolidated Funding Cycle (CFC) provides opportunities to apply for grants, loans and tax subsidies to develop housing for lower-income Oregonians. The fall 2008 round of funding included the following programs and funding amounts:

• Federal Low-Income Housing Tax Credit Program (LIHTC) encourages new construction and rehabilitation of rental housing for low-income families—$4.5 million in annual credits.

• Oregon Affordable Housing Tax Credit Program (OAHTC) lowers the cost of financing by up to 4 percent and reduces tenant rents by an amount equal to the savings that result from the low interest rate—$11.9 million.

• HOME Investment Partnerships Program (HOME), a US Department of Housing and Urban and Development program supporting affordable housing options for people at less than 50 and 60 percent of their area's median income—$2.3 million.

• Housing Trust Fund—Receipt of trust funds obligates projects to provide 25 years of affordable housing —$1.1 million.

• HELP Program provides funding for safe, decent and sanitary housing, affordable to very-low-income families and individuals. The department awards HELP funds to house homeless persons, including victims of domestic violence, and for group homes serving the developmentally disabled or chronically mentally ill—$225,000.

• Low-Income Weatherization Program (LIWP) increases energy efficiency by bringing old units up to or above code and enabling new construction to be built to standards greater than code when energy savings justify the additional investment—$937,364.

• Housing Permanent Living Utilizing Services (PLUS) is a funding initiative available in the 2007-09 biennium to develop permanent supportive housing for Oregon's homeless population. The program is based on the concept that homeless persons are better served by comprehensive housing that includes support services to achieve stability and to stop the cycle of homelessness. Housing PLUS includes funding for housing developments, ongoing support and services for homeless persons––$1.1 million.

OHCS awarded funds for projects in the following Oregon communities as part of the fall 2008 CFC:

• Clackamas County—Town Center Station. Monterey Avenue Investments LLC received $100,000 in Housing Trust Funds, $633,000 in LIHTC, $2,159,363 in OAHTC and $117,203 in LIWP to construct 52 units of affordable housing for low-income families.

• Bandon—Seacrest Apartments. Northwest Real Estate Capital Corporation received $144,131 in LIHTC and $465,000 in OAHTC to acquire and rehabilitate 20 affordable housing units for seniors.

• Eugene—Erin Way. Independent Environments Inc. received $100,000 in Housing Trust Funds and $75,000 in HELP Funds to acquire and rehabilitate a two-unit, six-bed group home for people with developmental disabilities.

• Eugene—The Lamb Building. St. Vincent de Paul Society of Lane County received $50,000 in Housing Trust Funds, $505,000 in LIHTC, $875,000 in OAHTC, $606,024 in Housing PLUS Funds and $50,000 in LIWP to construct 35 units of affordable housing for released offenders and persons with HIV/AIDS.

• Eugene—Roosevelt Crossing Transitional Housing. Housing and Community Services Agency of Lane County received $150,000 in Housing Trust Funds, $389,272 in LIHTC, $1,470,937 in OAHTC and $23,819 in LIWP to construct 45 units for the homeless and released offenders.

• Hermiston—Cottonwood I. Northwest Housing Alternatives received $50,000 in Housing Trust Funds, a $212,180 grant reservation of HOME Funds, $172,169 in LIHTC, $815,431 in OAHTC and $35,939 in LIWP to acquire and rehabilitate 22 units for low-income families.

• Hermiston—Cottonwood II. Northwest Housing Alternatives received $50,000 in Housing Trust Funds, a $564,110 grant reservation of HOME Funds, $117,738 in LIHTC, $390,797 in OAHTC and $54,538 in LIWP to acquire and rehabilitate 24 units for seniors.

• Klamath Falls—Iris Glen Townhomes. Luckenbill-Drayton and Associates received $100,000 in Housing Trust Funds, $646,980 in LIHTC and $100,000 in LIWP to construct 37 units for low-income families.

• McMinnville—New Reflections. Yamhill County Housing Authority received $100,000 in Housing Trust Funds, $75,000 in HELP Funds and $7,462 in LIWP to construct a five-bed group home for people recovering from drug and alcohol addiction.

• Portland—Miracles Club. Guardian Affordable Housing Development LLC received $708,000 in LIHTC, $1,903,000 in OAHTC and $133,727 in LIWP to construct 40 units of housing for people recovering from drug and alcohol addiction.

• Portland—The Rockwood Building. Human Solutions Inc. received $100,000 in Housing Trust Funds, $718,800 in LIHTC, $1,500,000 in OAHTC, $186,000 in Housing PLUS Funds and $72,343 in LIWP to construct 47 units of affordable housing for low-income families and people who are homeless.

• Portland—Rose Quarter Housing, Condo B. Central City Concern received $100,000 in Housing PLUS Funds and $100,000 in LIWP to acquire and rehabilitate 44 units for homeless persons, released offenders and people recovering from drug and alcohol addictions.

• Portland—Roselyn Apartments. Northwest Housing Alternatives received $50,000 in Housing Trust Funds, $152,030 in LIHTC, $1,304,124 in OAHTC and $51,577 in LIWP to acquire and rehabilitate 31 units of affordable housing for seniors.

• Roseburg—Esperanza Circle. Umpqua Community Action Network received $100,000 in Housing Trust Funds, a $983,142 grant reservation of HOME Funds, $75,000 in HELP Funds, $232,000 in Housing PLUS Funds and $114,916 in LIWP to construct six units for homeless persons and people recovering from drug and alcohol addictions.

• Sweet Home—Linnhaven and Stonebrook. Willamette Neighborhood Housing Services received $100,000 in Housing Trust Funds, a $585,000 grant reservation of HOME Funds, $362,100 in LIHTC, $988,973 in OAHTC and $75,840 in LIWP to acquire, rehabilitate and construct 51 units of affordable housing for low-income families and seniors.

OHCS is the state's housing finance agency and community services program administrator. The department provides financial and program support to create and preserve opportunities for quality, affordable housing for Oregonians of lower and moderate income, and administers federal and state antipoverty, homeless, energy assistance and community service programs. For more information, visit our web site at www.ohcs.oregon.gov.