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Preservation: means any Project with at least twenty-five percent (25%) of the units having existing federal Project-Based Rental Assistance Contract; and
a) the HUD Section 8 Project-Based Rental Assistance Contract is expiring within seven (7) years of the date of the OHCS NOFA application; or
b) the USDA Rural Development direct mortgage is maturing within seven (7) years of the date of the OHCS NOFA application; or
c) the USDA Rural Development project has a pending prepayment request; or
(Note, USDA Rural Development projects with a maturing mortgage within 3 years of the date of
the OHCS NOFA application, or where the Owner’s prepayment request has been approved, will be prioritized.)
d) the USDA Rural Development project’s restrictive use covenants have expired; or
e) Projects with Public Housing Units undergoing a preservation transaction involving a comprehensive recapitalization, including those converting to HUD Section 8 projects under the HUD Rental
Assistance Demonstration or projects under the HUD Section 18 Demolition and Disposition Programs.
The HUD 811 Project Rental Assistance (PRA) program allows persons with disabilities to live as independently as possible in the community by subsidizing rental housing opportunities which provide access to appropriate supportive services.
The Oregon Legislature allocates Lottery Backed Bonds to support OHCS efforts to preserve the state’s affordable housing stock.
The funding is intended to preserve housing at risk of converting to market rate rents due to expiring federal contracts or maturing or pre-payment eligible federal loans with at least 25 percent of the units are covered by federal Project Based Assistance.
The residents of these developments represent the lowest income Oregonians that face a high risk of homelessness if the federal rental subsidy does not continue, placing additional burden on affordable housing already in short supply.
Lottery Backed Bond – Preservation Funds will provide gap financing to acquire and rehabilitate these developments. It will ensure the units remain affordable and the facilities will be in good condition for future years.
It is OHCS intent to have these resources leverage 4% LIHTCs paired with conduit bonds.
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