Oregon Housing and Community Services (OHCS) is developing a new Publicly Supported Housing (PuSH) Seller's Tax Credit as authorized by House Bill 2071 (2023). This program complements the existing PuSH Contract Preservation program. PuSH is a program that helps preserve existing affordable rental housing.
The PuSH Seller's Tax Credit is a new program for the agency. This new tax credit will be available to sellers of publicly supported housing who sell to a purchaser that agrees to maintain affordability restrictions. The credit can be used by purchasers as part of their negotiations with the seller, helping them to compete with other potential purchasers who may not keep the property affordable.
Seeking feedback
Currently, OHCS is seeking feedback on the draft framework for this new program. You can learn more about the proposal for this program through the
PuSH Seller's Tax Credit DRAFT Framework. After reading through the draft framework, please consider the following questions:
- We are proposing to prioritize awards according to tenant vulnerability, based on rent burden and lived experience of tenants, in order to align with Preservation Program funding criteria and better assess the impact on tenants. Should we prioritize awards based on AMI levels instead, or some other way?
- Is the approach to supporting racial equity in credit distribution the right approach, and is it effective?
- We are proposing not to offer credits to buildings that have been owned by the seller for less than 5 years. Is this the right decision, and does the reasoning seem accurate?
- Given the percentages proposed in the tables and typical sales prices/appraisals, does the tax credit work out to a dollar amount that is sufficient to help partners purchase buildings?
OHCS is hosting a meeting to hear from property owners, developers, and other organizations interested in the PuSH Seller's Tax Credit on
Thursday, May 16 from 10 - 11 a.m. At this meeting, OHCS staff will present an overview of the framework, ask for feedback, and hear any other comments attendees would like to share.
Register to attend via Zoom