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Portland Announces $11 Million in Housing Funds

On November 4, the Portland Housing Bureau issued a Notice of Funding Availability (NOFA) for up to $11 million in federal and local housing funds, with as much as $5 million set aside for properties within the Interstate Corridor Urban Renewal Area. The NOFA specifically sites preservation of properties with federal rent assistance contracts as one of the three primary targets and states that projects serving households with incomes of no more than 30% of the area median family income (MFI) will receive funding preference. Applicants can also propose to use the funds for new development or acquisition and/or rehab of currently affordable housing that has no long-term use restrictions. All proposed projects must have a minimum of 10 rental units and all funding must go to rental housing affordable to households with incomes of no more than 60% MFI. Developments requiring 9% Low Income Housing Tax Credits are eligible. Click here for further details.

A mandatory info session for all potential applicants will occur on November 16. Applications are due by 3pm on December 19. The total funds available, subject to future appropriations and approved city budgets, includes $3 million in FY11 and FY12 HOME funds, $3 million in FY11 and FY12 CDBG funds, and $5 million in FY11, FY12, and FY13 Tax Increment Financing (TIF) for the Interstate Corridor Urban Renewal Area.

— Posted on 11/07/2011