Oregon is set to add over 500 affordable homes to its housing arsenal thanks to Oregon Housing and Community Services (OHCS). In a push to mitigate the housing crunch, OHCS is channeling funds into the creation and preservation of affordable housing within Marion and Multnomah counties. The most recent moves include backing three developments to the tune of more than $141.3 million in bond funding, as outlined in the minutes of the Housing Stability Council's last meeting, which saw the finance approvals.
The executive director of OHCS, Andrea Bell, underscored the gravity of the initiative: "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," in a statement made by Oregon Housing and Community Services Newsroom. The approved bond financing ropes in $48.7 million of state resources and $30 million of Oregon Affordable Housing Tax Credits, combined with over $10.6 million in federal tax credit equity investment arriving each year.
The Barbur Apartments project, nestled in Portland's Hillsdale neighborhood, is being helmed by Innovative Housing, Inc. Poised to become a haven for families in need, these 149 homes aim to serve those earning below 60% of the Area Median Income (AMI) and will provide crucial support services, with a focus on aiding immigrant and refugee families. Peaceful Villa, another Portland development undertaken by Home Forward, is set for a vital transformation—expanding from its current 70 homes by adding 96 more, morphing into a reinvigorated family community designed to support those currently caught in Portland's housing squeeze.
Further afield in Salem, the Orchard Park Apartments are receiving a $23 million life preserver, thrown by Aberdeen Capital, to avoid the drift towards market rate rents after its affordability expiration in 2021. This intervention is not only about keeping the roofs affordable for incomes below 60% AMI, but also includes $3 million tagged for immediate repair work, ensuring the residents, many of whom have already been wrestling with the region's escalating rents, hold on to their sense of place and home.
While the Housing Stability Council's meeting packet offers full details on each project, one thing is clear: OHCS’s commitment to bolstering Oregon's housing stock through strategic financial support is a testament to ongoing efforts to ensure that everyone, regardless of income, has access to a place they can call home.
