Advocates Secure $5 Million for Preservation

Since 2007 Lottery Backed Bond and General Fund dollars have filled project financing gaps and contributed to the preservation of thousands of units of critically needed assisted housing throughout Oregon. There are still many projects with federal rental assistance contracts at-risk. This past July advocates were very pleased when the Legislature approved $5 million in Lottery Backed Bond funding for preservation transactions.

$5 million in Lottery Backed Bonds committed by the State this session will provide the gap financing resources OHCS needs to successfully preserve around 300 additional units of at-risk rental housing with attached federal rental assistance. $5 million in dedicated preservation funds will leverage an estimated $25 million in private capital for preservation transactions and will help secure $25 - $30 million in federal rental assistance payments over the next 20 years.

Preservation of assisted housing was one of the Oregon Housing Alliance legislative agenda items for the 2013 session. Together we must continue to take action to ensure the preservation of these to help keep Oregon’s communities affordable for Oregonians with low incomes.

— Posted on 7/16/2013