In 2023, the Oregon legislature allocated $20 million for a special financial organization, called Community Development Financial Institutions (CDFI), to create the Construction Loan Guarantee (CLG) fund and program.
CLG helps developers get construction loans to build affordable homes for people with low to moderate incomes, up to 120% area median income. CLG gives lenders extra financial security up front, making it easier to build housing when macroeconomic forces like interest rates, material costs, or supply chains issues are unpredictable.
OHCS has awarded $20 million to the Network for Oregon Affordable Housing (NOAH) to launch and manage this new program through a competitive Request for Applications process.
NOAH will share details about how the program works, who can apply, and how to apply on their website. We’ll add a link here once the program is up and running.