Salem, OR – December 15, 2009 – (RealEstateRama) — The State Housing Council approved additional funding to housing developers throughout the state, boosting the number of affordable housing units statewide.
“This latest round of approvals assure stable funding, in this dynamic market, for more than 450 affordable living units across the state,” said Victor Merced, director of Oregon Housing and Community Services (OHCS), the state agency that oversees the distribution of these funds.
“In these tough economic times, these projects will provide jobs and much-needed housing for many of Oregon’s families teetering on homelessness,” Merced said.
Funding sources are:
• Federal Low-Income Housing Tax Credit Program (LIHTC) encourages new construction and rehabilitation of rental housing for low-income families.
• 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.
• HOME Investment Partnerships Program (HOME), a U.S. Department of Housing and Urban Development program that supports affordable housing options for people at less than 50 and 60 percent of their area’s median income.
• Housing Trust Fund: provides grants that obligate the development to provide a minimum of 25 years of affordability.
• 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.
At the meeting, Ames Creek Court, a Linn County project sponsored by Willamette Neighborhood Housing Services, was approved for a trust fund increase. The Network for Oregon Affordable Housing, a statewide nonprofit corporation that provides financing and technical assistance for affordable housing development, will refinance the complex’s current loan using the Oregon Affordable Housing Tax Credit program.
Two projects were approved for predevelopment loans:
• Medford – The Housing Authority of Jackson County was awarded a predevelopment loan of up to $500,000 to acquire land for development of Canterbury Hills, a 50-unit low-income family complex.
• Portland – Innovative Housing, Inc. was awarded a predevelopment loan of up to $323,000 to acquire and develop property for working families with incomes between 30 and 60 percent of Portland’s median income. The almost $13 million St. John’s project proposes to include eight permanent supportive housing units among its one- to four-bedroom mix of 55 units.
The following projects were recommended for additional funding through the Tax Credit Assistance Program (TCAP). TCAP loans are funded through the American Recovery and Reinvestment Act of 2009 (Recovery Act) to address diminished capital investments toward low-income housing tax credit projects. Projects that could receive additional funding are:
• Astoria – Astoria Gateway II, sponsored by Shelter Resources, received up to $1.7 million for new construction of 33 apartments for low-income families. Other OHCS funds include LIHTC, HOME, Housing Trust Fund and OAHTC. Total project cost: $7.2 million.
• Eugene – Roosevelt Crossing, a 45-unit transitional housing complex for individuals released from state prisons and other correctional facilities, received up to $3 million. Housing and Community Services Agency of Lane County is the sponsor of this new construction project. Other OHCS funds include Weatherization and LIHTC. Total project costs: $5.8 million.
• Gresham – Rockwood Building, sponsored by Human Solutions, was awarded $2.4 million to construct a 47-unit mixed-use complex serving people experiencing homelessness and low-income families/individuals. Other OHCS funds include LIHTC, Housing Trust Fund, Housing PLUS and Weatherization. Total project costs: $11.8 million.
• Hood River – Hood River Crossing received up to $2.4 million to construct 40 units for low-income families and farmworkers. Developer Luckenbill-Drayton & Associates and Columbia Cascade Housing Corporation, a nonprofit affiliate of Mid-Columbia Housing Authority, are sponsoring the project. Other OHCS funds include Housing Trust Fund and HOME. Total project costs: $8.6 million.
• Portland – Bridge Meadows, developed by Portland Hope Meadows, received up to $2.5 million to provide 27 affordable and nine market-rate units for seniors, adoptive families and hardest to place foster children in need of adoptive homes. Other OHCS sources include Tax Credit Equity Sale, Housing Trust Fund and LIWP. Total project costs: $8.9 million.
• Portland – Miracles Club Mixed Use, sponsored by Guardian Affordable Housing Development, received up to $1.3 million to construct a 40-unit complex for people in recovery from alcohol and other addictions. Other OHCS funds include Tax Credit Equity and LIWP. Total project costs: $12.3 million.
• Portland – Upshur House, sponsored by Northwest Housing Alternatives, received up to $2.5 million to rehabilitate a 30-unit multi-family complex. Other OHCS funding includes LIHTC. Total project costs: $6.8 million.
• Portland – Walnut Park Apartments, sponsored by REACH Community Development, received $950,051 to rehabilitate a 38-unit complex for seniors and persons with disabilities. Other OHCS funds include LIHTC and Weatherization. Total project costs: $7.1 million.
• Tigard – The Knoll @ Tigard, a 48-unit senior complex, received up to $1.2 million in gap funding. Other OHCS funds include LIHTC, Housing Trust Fund, LIWP and OAHTC. Total project costs: $10.4 million.
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 incomes. OHCS also administers federal and state anti-poverty, homeless, energy assistance and community service programs. For more information, visit our Web site at www.ohcs.oregon.gov.