The city of Portland and the state of Oregon have worked together since 2007 to offer a revolving loan fund to finance the purchase of at-risk, affordable properties and preserve their affordability until permanent financing is available. The Oregon Housing Acquisition Fund offers two types of loans: one for at-risk, subsidized properties and the other for market rate properties that will be converted to affordable units. The Fund also has a Green Pilot program that offers financial support for integrating green and sustainable building practices into the renovation of preserved properties, to help minimize operating costs and create healthier living environments for tenants.
The Housing Acquisition Fund is part of an umbrella initiative known as the Oregon Housing Preservation Project, which aims to preserve 6,000 at-risk units statewide (80% of the state’s estimated at-risk stock). As of 2013, OHPP had achieved 78 percent of this goal. The Acquisition Fund and the Oregon Housing Preservation Project are both administered by the Network for Oregon Affordable Housing.
For More Info:
Rob Prasch, Network for Oregon Affordable Housing
Email: [email protected]