News
Boardman Residents Purchase Manufactured Home Community
Residents of Bella Vista Estates in Boardman recently purchased the 127-space manufactured housing community providing stability and affordable living for its residents. Formerly Desert Springs Estates — Bella Vista Estates is one of seven resident-owned communities in Oregon. Purchase by the resident owned coop preserves the community and gives the residents control of its future. Without resident ownership, lower income tenants could face eviction or higher rents imposed by a new owner over which they have no say.
Working with Community and Shelter Assistance Corporation, or CASA of Oregon, Bella Vista formed a cooperative group to secure financing and completed the sale on January 31st. CASA of Oregon was able to help Bella Vista secure $3.15 million in funding to buy the park. CASA Executive Director Peter Hainley said converting to resident-owned communities takes the speculation out of the property, and ensures the co-ops will keep rates affordable for everybody.
According to data provided by CASA of Oregon, there are approximately 1,293 manufactured housing parks with 65,500 spaces statewide. This represents a majority of the affordable housing stock available to low- and fixed-income Oregonians.
Read George Plaven’s story about Bella Vista Estates in the East Oregonian here.
— Posted on 3/25/2014
OHCS to Re-establish Preservation Set-Aside for LHITC NOFA
On March 14, 2014, Oregon Housing and Community Services issued a Technical Advisory regarding the 2014 and 2015 Multifamily Housing Finance LIHTC NOFA Parameters which announced a return to a set-aside for “Big P” Preservation projects. This will be a “soft” set-aside, meaning if no projects in the region met the eligibility criteria, other projects will be funded instead. OHCS announced the set-aside will be in place for two years with some changes possible in 2015 and beyond:
2014 - Establish a 35% soft set-aside for preservation projects with at least 25 percent ofthe units having federal project-based rent subsidies.
2015 - Retain the 35% soft set-aside for preservation projects, but expand the eligibilityto include what is considered “little p” preservation projects. The definition will be developed with input from affected stakeholders.
Expansion of the Preservation set-aside definition is targeted for the 2015 and 2016 cycles.
Read the Technical Advisory here.
— Posted on 3/25/2014
Housing Advocates Secure Preservation Funds
The Oregon Housing Alliance, Oregon Housing Preservation Project members and other advocates worked together to secure $2.5 million in lottery back bond funds from the Oregon Legislature for preservation project gap funding.
Tom Walsh and Rob Prasch testified before the Joint Ways and Means Capital Construction Subcommittee on February 14 and Housing Alliance members met with Subcommittee members during two Housing Alliance Lobby Days last month.
The opportunity to request additional preservation funds came up just before the start of the short session and the Housing Alliance moved quickly to add a request for $5 million to their legislative agenda. During last year’s session the Capital Construction Subcommittee awarded $5 million for preservation. Oregon Housing and Community Services now has $7.5 million in preservation funds to award and plans to issue a NOFA in late summer. We estimate the $7.5 million will provide the gap funding needed to preserve between 250 and 400 units.
— Posted on 3/07/2014