OHCS and the Network for Oregon Affordable Housing (NOAH) have launched the Construction Loan Guarantee (CLG) Program. The CLG Program decreases risk to lenders, making it easier for developers to access construction loans to build affordable homes for people with low to moderate incomes, serving households up to 120% of area median income. Eligible projects may include:
- Single-family homes
- Manufactured home communities
- Multi-family rentals
By providing lenders with extra financial security up front, CLG decreases their risk of loss and increases their ability to make loans to projects. These loans make developing affordable housing easier, creating more certainty for lenders in the face of unpredictable factors like interest rates, material costs, or supply chain issues. Visit the
NOAH CLG webpage for more program details and how to apply.
Background
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.
Questions? Contact Ann Remmers, NOAH Deputy Director, Director of Lending at
annr@noah-housing.org.