The Oregon Housing Stability Council has now approved $103.5 million in Local Innovation Fast Track funding to go to 10 affordable housing developments across the state of Oregon. Oregon Housing and Community Services will provide 646 additional homes with these developments for individuals and households living on low incomes. Half of the funded projects will be built in rural communities and half in urban areas.

“Lack of affordable housing is a top concern for many people across the state and we must continue to pursue measurable progress. These investments will help improve the futures and quality of life for thousands of Oregonians in rural and urban areas of the state,” said OHCS Director Andrea Bell. “We are grateful to Governor Kotek and the Oregon legislature for having the foresight to invest in the LIFT program. Together we recognize that investments in safe, affordable housing are also investments in communities where everyone can thrive.”

OHCS received a total of 23 applications, amounting to over $221.6 million in LIFT funding requests, more than LIFT funds available. Special consideration was given to those who have a Qualified Culturally Specific Organization on the development team.

A D V E R T I S E M E N T

A D V E R T I S E M E N T

The developments receiving awards include:

• College View Apartments in Bend, receiving $8.3 million
• Depoe Bay Townhomes in Depoe Bay, receiving $2.3 million
• Estacada Apartments Phase II in Estacada, receiving $11.9 million
• Ollie Court in Eugene, receiving $11.3 million
• Pacific Flats in Phoenix, receiving $13.5 million
• Phoenix Corner in Phoenix, receiving $15.3 million
• Rand Road Affordable Housing in Hood River, receiving $15.1 million
• Rivergreen Apartments Phase II in Corvallis, receiving $5.6 million
• Salem Apartments in Salem, receiving $17.9 million
• Unicorn Bed in Portland, receiving $2.3 million

OHCS says that the assessment considerations included multiple factors such as: readiness to proceed, financial viability, development capacity, service to communities of color, innovation, replicability, minority-, women-, veteran-owned business participation, use of affordable rents, family-sized units, and the involvement of Qualified Culturally Specific Organizations.

“By approving these funding recommendations, OHCS is taking a crucial step forward in addressing the pressing housing needs of communities across Oregon,” said Bell. “The LIFT program continues to make a significant positive impact on affordable housing development in Oregon.

For more detailed information about each recommended project, please refer to the Housing Stability Council packet from July 7, 2023.


--Bruce Armstrong

Post Date: 2023-07-13 17:03:04

Last Update: 2023-07-13 17:46:01