The Oregon Legislature allocated Lottery Backed Bonds (LBB) to support OHCS efforts to preserve the state’s affordable housing stock. The funding is intended to preserve housing at risk of converting to market rate rents due to expiring federal contracts or maturing federal loans with 25 percent or more project-based rental assistance.
The purpose of this Notice of Funds Availability (NOFA) is to provide an equal opportunity for individuals and organizations interested in preserving rental subsidies in expiring federal project-based rental assistance contracts, or maturing federal loans, to apply for a limited amount of LBB Preservation Funds. A qualifying application shall not exceed the maximum allocation of available funds and must be used in conjunction with the OHCS issued conduit bond financing in conjunction with 4% Low Income Housing Tax Credits (LIHTC) for the preservation of affordable housing.
OHCS anticipates an additional Notice of Funds Availability specifically to address the preservation of manufactured home parks to be available before the end of April 2015.
Lottery Backed Bonds for Preservation
NOFA Issued Date: November 6, 2014
Application Due Date: March 31, 2015
Application Due Time: 4:00 PM PST
Applications will be reviewed as they are received.
