Network for Oregon Affordable Housing Receives $750,000 CDFI Award

On August 19, 2010, Network for Oregon Affordable Housing (NOAH) became one of 180 Community Development Financial Institutions (CDFI) nationwide to receive a Financial Assistance Award for Fiscal Year 2010. NOAH’s award totaled $750,000. This money--the maximum awarded by the CDFI Fund this year--will help the nonprofit lender preserve affordable rental housing through NOAH’s Oregon Housing Acquisition Loan (OHAF) program, which seeks to preserve federally subsidized, rent-assisted housing throughout Oregon. Specifically, the CDFI award will provide the funds necessary to cover the financing gap between the maximum loan that can be borrowed under NOAH’s OHAF program and the actual cost to acquire a property.

“This CDFI award will allow NOAH to be more aggressive with its lending under our preservation loan program, and ultimately will allow us to preserve many housing projects for low income households that otherwise may have been lost to market investors,” said Bill Van Vliet, NOAH Executive Director.

Federally subsidized, rent-assisted properties have been the backbone of affordable housing in Oregon for over two decades. These properties offer deep rent subsidies and house some of the state’s most vulnerable populations. Thousands of these units are reaching the end of their contracted period of affordability. In fact, over 9,000 HUD units are subject to contract expiration over the next five years.

— Posted on 8/23/2010