Salem, OR – June 11, 2009 – (RealEstateRama) – Nearly $26 million in combined grants, loans and tax credits to housing developers throughout the state will help fund 435 units of affordable housing, providing hundreds of low-income Oregonians a place to call home.
“This financing can give the economic punch to inject important construction jobs into the Oregon economy,” said Rick Crager, deputy director of Oregon Housing and Community Services (OHCS), the state agency that oversees the distribution of these funds.
“A number of these projects also preserve existing federally-subsidized rental housing,” added Crager. “In addition, this financing makes more affordable homes readily available to families whose living situations are jeopardized by the troubled economy.”
Seventeen low-income housing projects throughout Oregon will receive funding from the department’s spring 2009 Consolidated Funding Cycle (CFC), generating an estimated $844 million in economic activity throughout the state, Crager announced today.
The latest round of CFC funding includes:
- Federal Low-Income Housing Tax Credit Program (LIHTC) encourages new construction and rehabilitation of rental housing for low-income families $5.8 million in annual tax 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 $13.5 million in reduced-interest-rate loans.
- 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 $4.26 million.
- Housing Trust Fund: Receipt of trust fund grants obligates projects to provide 25 years of affordable housing $1.95 million.
- 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 $404,461.
OHCS awarded CFC funds for projects in the following communities:
- Ashland (Snowberry Brook) The Housing Authority of Jackson County received $100,000 in Housing Trust Fund, $825,000 in LIHTC, $2.7 million in OAHTC and $100,000 in LIWP funds to construct 60 units of affordable housing for low-income families. Total project costs: $11,390,240.
- Astoria (Astoria Gateway II) Shelter Resources and Astoria Gateway II, LP, received $100,000 in Housing Trust Fund, $420,000 in HOME, $755,369 in LIHTC, and $225,000 in OAHTC funds to construct 33 units of affordable housing for persons with disabilities and
low-income families. Total project costs: $7,249,992. - Cave Junction (Valley Village II) Southern Oregon Affordable Rentals I, LLC, received $137,000 in Housing Trust Fund, $421,284 in HOME, and $296,342 in OAHTC funds to acquire, rehabilitate and preserve 16 units of affordable housing and associated tenant rental assistance for seniors and persons with disabilities. Total project costs: $861,571.
- Dallas (Jen’s Place) Polk Community Development Corp. (CDC) received $105,555 in Housing Trust Fund and $844,464 in HOME funds to construct five units of affordable housing for persons in drug/alcohol recovery and low-income families. Total project costs: $1,211,483.
- Eugene (Sunny Drive) Oregon Supportive Living Program received $98,973 in Housing
Trust Fund monies to rehabilitate a four-bedroom group home for released offenders who
have disabilities. Total project costs: $98,973. - Hood River (Hood River Crossing Apartments)
Luckenbill-Drayton & Associates received $187,792 in Housing Trust Fund, $660,000 in HOME, $818,679 in LIHTC, and $1.2 million in OAHTC funds to construct 40 units of affordable housing for farmworkers and low-income families. Total project costs: $8,225,059. - North Bend (Cedar Grove Apartments) Lovelace Properties, LLC, received $100,000 in Housing Trust Fund, $985,000 in HOME, $262,059 LIHTC, and $1.12 million in OAHTC funds to acquire, rehabilitate and preserve 42 units of affordable housing for persons with disabilities and low-income families. Total project costs: $4,105,000.
- Ontario (The Family Place) Housing Authority of Malheur County received $105,638 in Housing Trust Fund monies to rehabilitate and preserve one unit of affordable housing for a
low-income family. Total project costs: $173,312. - Portland (CSI MRDD Group Home, Burnside) Community Services, Inc., received $100,000 in Housing Trust Fund and $11,608 in LIWP funds to acquire, rehabilitate and preserve
a four-bedroom group home for persons with disabilities. Total project costs: $484,000. - Portland (Portland Hope Bridges) Portland Hope Meadows is sponsoring this innovative housing model, serving both seniors and foster children in the same complex. OHCS is funding the senior portion with $100,000 in Housing Trust Fund, $793,782 in LIHTC, and $63,646 in LIWP funds to construct 27 units. Total project costs: $7,835,384.
- Portland (Upshur House) Northwest Housing Alternatives received $464,993 in LIHTC and approximately $2.4 million in OAHTC funds to acquire, rehabilitate and preserve 30 units of affordable housing for low-income families. Total project costs: $6,680,992.
- Portland (Walnut Park-Portland) REACH Community Development, Inc., received $100,000 in Housing Trust Fund, $506,102 in LIHTC, almost $1.3 million in OAHTC, and $96,384
in LIWP funds to acquire, rehabilitate and preserve 38 units of affordable housing for seniors and homeless persons. Total project costs: $6,907,652. - Portland (Yolanda House) YWCA of Greater Portland received $100,000 in Housing Trust Fund monies to rehabilitate nine units of affordable housing for homeless persons and low-income families. Total project costs: $149,122.
- Rogue River (Rogue Terrace) Southern Oregon Affordable Rentals 1, LLC received $164,461 in Housing Trust Fund, $934,960 in HOME, and $622,872 in OAHTC funds to acquire, rehabilitate and preserve 32 units of affordable housing for seniors and persons with disabilities.
Total project costs: $1,736,891. - Roseburg (Parkside Village) Guardian Affordable Housing Development, LLC, received $226,561 in Housing Trust Fund, $577,734 in LIHTC, and $1.8 million in OAHTC funds to acquire, rehabilitate and preserve 36 units of affordable housing for low-income families.
Total project costs: $6,633,438. - Springfield (Afiya Apartments) ShelterCare received $125,187 in Housing Trust Fund and $32,823 in LIWP funds to construct 16 units of affordable housing for persons with disabilities.
Total project costs: $2,544,410. - Tigard (The Knoll @ Tigard) Community Partners for Affordable Housing, Inc., received $100,000 in Housing Trust Fund, $825,000 in LIHTC, $1.85 million in OAHTC, and $100,000 in LIWP funds to construct 48 units of affordable housing for seniors.
Total project costs: $10, 435,115.
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.
Contacts:
Dave Summers, 503-986-2073, david.summers (at) hcs.state.or (dot) us
Floyd Smith, 503-986-6747, floyd.smith (at) hcs.state.or (dot) us
