News
Oregon advocates celebrate $60 million for housing programs
On July 20th the National Low Income Housing Coalition recognized Oregon advocates' work in securing $60 million in new housing resources for the state - here. The $60 million approved by the 2015 Legislature will provide new affordable housing for homeless families with $20 million dedicated toward the construction of homes for people living with mental illnesses.
In addition to the $60 million in new funding, the Legislature also approved $9.75 million for the Emergency Housing Account (EHA) and the State Homeless Assistance Program (SHAP). EHA provides funds for existing local programs or for the creation of new programs to assist homeless people or people at-risk of becoming homeless. SHAP provides operating support to emergency shelters and their associated supportive services for homeless people. An additional $2.5 million was allocated for the preservation of existing affordable homes with federal project based rental assistance contracts.
— Posted on 7/23/2015
Paulsen LIHPRHA bill passes House
On July 14, 2015 the House of Representatives passed H. R. 2482, the “Preservation Enhancement and Savings Opportunity Act of 2015” under suspension of the rules. This bill was introduced by Congressman Erik Paulsen (R-MN) and would amend the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) to allow for increased distributions and refinancing opportunities for property owners.
H.R. 2482 is the latest version of legislation that the House Financial Services Committee has been considering for several years and upon which the National Preservation Working Group has provided many detailed comments. PWG members are pleased that the bill passed yesterday incorporates several important provisions sought by our members.
H.R. 2482 includes the following preservation provisions:
The owner must in compliance with the LIHPRA use agreement;
The owner must set aside appropriate reserves necessary to address planned future repairs and replacements before drawing surplus cash or residual receipts from the property;
The owner must continue to operate the property as affordable for its useful life pursuant to the use agreement;
Prior to distributing any new loan proceeds, the owner shall provide for capital repairs arising from a CNA satisfactory to a lender or bond issuer;
Rent increases for unassisted tenants will be limited to 10 percent per year.
It’s unclear who will carry the bill in the Senate or what its prospects are this session.
— Posted on 7/17/2015
Portland City Council Approves Affordable Housing Incentives
On July 10th the Portland City Council voted to support the creation of new incentives for affordable housing construction. Under the new incentive program, developers seeking to build to the maximum density currently allowed in the Central City would provide affordable housing within their project, or pay into a fund for the creation and preservation of affordable housing.
Based on average levels of development activity in the Central City, the bonus could result in as many as 60 additional units per year, or $120-200 million for affordable housing development and rehabilitation over 20 years.
Read about the new incentive program here.
— Posted on 7/13/2015