To address the critical shortage of affordable housing, Oregon Housing and Community Services (OHCS) is injecting over $141.3 million in bond funding to foster the creation and preservation of more than 500 affordable homes in Marion and Multnomah counties. This substantial financial commitment comes as a response to the enduring housing challenge faced by numerous residents in the region, highlighted by the recent approval from the Housing Stability Council.
To leverage state and federal resources, the financing is set to bring in more than $48.7 million from state resources, accompanied by $30 million in Oregon Affordable Housing Tax Credits. Additionally, these housing initiatives are expected to generate upwards of $10.6 million annually in federal tax credit equity investment, as reported by the Oregon Housing and Community Services. "No matter where they live, all people of Oregon deserve to have a housing system that works for them. We must dedicate ourselves to making concrete housing progress that actually makes life better," OHCS Executive Director Andrea Bell stated in the release.
In Portland, Innovative Housing, Inc. is taking the helm in developing Barbur Apartments, offering 149 affordable homes to those earning below 60% Area Median Income (AMI). Another initiative is the transformation of Home Forward's Peaceful Villa, which is currently planned to preserve 70 existing homes and add 96 new ones to establish a family community replete with various services to enrich resident life.
Meanwhile, in Salem, the preservation of affordability at Orchard Park Apartment’s 224 units is a highlight. An investment of $23 million is directed at preventing the transition to market-rate rents after the original affordability term expires in 2021. This funding, comprising $3 million for urgent renovations, plays a pivotal role in securing housing stability for those with incomes under 60% AMI in the face of escalating rents in the area.
