The Housing Alliance and Oregon Housing Preservation Project request $20 Million in Lottery Backed Bonds for Preservation

Since 2007 Lottery Backed Bond and General Fund dollars have filled project financing gaps and contributed to the preservation of many critically important properties throughout Oregon. There are still many projects with federal rental assistance contracts at-risk. We must continue to take action to ensure their preservation if we hope to keep Oregon’s communities affordable for Oregonians with low incomes.

$20 million in Lottery Backed Bonds committed by the State in 2013 will provide the gap financing resources OHCS needs to successfully preserve up to 1,000 additional units of at-risk rental housing with attached federal rental assistance. $20 million in Lottery Backed Bonds dedicated to preservation will leverage an estimated $110 million in additional capital and will secure nearly $120 million in additional federal rental assistance over the next 20 years. 

This sound investment will help ensure that vulnerable Oregonians continue to have a safe and stable place to call home, and will result in a significant return to the State.

Read the Housing Alliance Preservation Agenda here.

— Posted on 4/09/2013