NOAH Closes Two New Preservation Loans

NOAH recently closed a $1.2 million OHAF loan for Hawthorn Apartments in Eugene. The building contains 35 one-bedroom units, all with project-based Section 8 rental assistance, and serves individuals and families making no more than 60% of AMI. As of December 31, 2010, OHAF loans totaling approximately $17.6 million funded 11 acquisitions throughout Oregon, helping to save 416 units at risk of leaving the affordable housing stock. Of those 11, four loans are still active.

Rogue Terrace Apartments in Rogue River recently received a Preservation term loan from NOAH in the amount of $622,872. This loan preserves 32 units, all with project-based Section 8 rental assistance, serving people with disabilities and seniors with low incomes in Jackson County. With the inclusion of Rogue Terrace, NOAH invested approximately $14.6 million in permanent loans for 11 Preservation projects, with 369 total units, during 2009 and 2010. Seven of those 11 were projects initially acquired with OHAF loans.

— Posted on 1/12/2011