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