OHCS Announces Results of Recent Preservation RFA

On December 16, Oregon Housing and Community Services (OHCS) announced two successful applications for its recent Request for Pre-Application (RFA) for Preservation funds. The 1200 Building, co-sponsored by Cedar Sinai Park and Winkler Development Corporation, and Crooked River Apartments, a three-property portfolio sponsored by Chrisman Development and Management Inc, received funding reservations and must now submit applications for OHCS bond financing within 45 days. The Crooked River Apartments, consisting of Madison Apartments and Willow Creek Apartments in Madras and Wintergreen Apartments in Redmond, totals 94 units, 79 of which currently have and 12 are expected to receive Rental Assistance (RA) through USDA Rural Development (RD); while the 1200 Building in Portland has 89 units, all of which currently have project-based Section 8 rental assistance. In order to preserve these 183 units, OHCS will use bond financing and issue Oregon Affordable Housing Tax Credits to accompany the $5.7 million in Preservation gap funds available. During the one-month application period in the fall, OHCS received requests for funding exceeding $14 million.

— Posted on 12/19/2011