Reports + Articles


OHCS releases a Request for Pre-Applications

Oregon Housing and Community Services (OHCS) has issued a Request for Pre-Applications (RFA) for Housing Preservation Funds. Pre-Applications will be accepted on an ongoing basis through the deadline of December 15, 2009. “Only applicants who will use the Housing Preservation Funds in conjunction with OHCS issued bond financing may apply under this Request for Pre-applications.”

You can download the application here. OHCS is making available up to $11.3 million in Housing Preservation Funds under this RFA, with the expectation to preserve a minimum of 680 units.

Questions can be directed to: Shelly Cullin, Senior Loan Officer, Multifamily Finance Section, 503 986-2118.

— Posted on 11/11/2009

HUD Approves Use of Residual Receipts to Preserve Oregon Assisted Housing

On October 21st, Reneé Greenman, HUD Region X Multi-Family Hub Director, approved the use of up to $585,000 in Residual Receipts to help finance the preservation of Stewart Terrace, an Oregon Housing and Community Services bond financed Section 8 property in McMinnville. HUD headquarters staff acknowledged the state’s authority, under Part 883, to determine allowable “project purposes” and concurred with the Portland Field Office decision to allow use of the Residual Receipts to help cover the costs of the renovations.

While it is too early to determine if this signals a change in policy by HUD it does potentially free up as much as $9 million currently tied up in Oregon Section 8 project Residual Receipts accounts for financing preservation transactions.

Preserve Oregon Housing staff have been working with HUD locally and with the new HUD Administration on securing approval for the use of these restricted funds to help finance the preservation of expiring-use projects. The city of Portland with OHCS and with two Portland area developers have been working for several years now with Oregon Senators Wyden and Merkley to draft legislation which would allow this use outright. Last month the Senators jointly introduced S.1676 which would provide access to project specific Residual Receipts accounts for a broad range of uses on preservation transfers. See post dated 9/16/2009 for more on S.1676.

— Posted on 11/02/2009