2011 CFC Funds Awarded to Nine Preservation Projects

On August 19, Oregon Housing and Community Services (OHCS) finalized its 2011 Consolidated Funding Cycle (CFC) awards, receiving clearance from the Housing Council for projects with allocation amounts that triggered a mandatory approval process. Preservation projects, accounting for nine of the 24 projects funded through this CFC, received support via seven programs: Housing Preservation Fund (HPF), Housing Development Grant (Trust Fund), Low Income Housing Tax Credit (LIHTC), Oregon Affordable Housing Tax Credit (OAHTC), Low Income Weatherization Program (LIWP), General Housing Account Program (GHAP), and HOME. Only one Preservation project that applied failed to receive an award and the funded projects include:

• Cedar Park Gardens, 20 units in Sandy
• Crestview Court Apartments, 48 units in Beaverton
• Duck Country Apartments, 76 units in Sherwood, Dundee, and Wilsonville (combining Dunhill Apartments, Linnwood Apartments, and Wilsonville Heights)
• Jefferson Court Apartments, 26 units in Madras
• Maples II Apartments, 21 units in Hillsboro
• Norseman Village Apartments, 43 units in Junction City
• Spencer House Apartments, 48 units in Spencer House
• Strawberry Village, 10 units in Prairie City
• Timber Grove Apartments, 72 units in Estacada and Sandy (combining Estacada Village Apartments and Firwood Village Apartments)

Northwest Real Estate Capital Corporation used Oregon Housing Acquisition Funds in 2010 to acquire Crestview Court Apartments. Both Maples II Apartments and Spencer House Apartments received Green Pilot Program grants through the Oregon Housing Preservation Project to help upgrade energy efficiency during the rehabilitations.

More information on CFC allocation amounts and project types is available here.

— Posted on 9/09/2011