Oregon Housing and Community Services is now offering gap funds to be paired with 4% Low-Income Housing Tax Credit (LIHTC) / Conduit Bond affordable housing development transactions on both new construction and portfolio preservation projects.
The Gap funding application can be found: http://www.oregon.gov/ohcs/Pages/multifamily-housing-four-percent-application.aspx
- Sponsors must use OHCS issued Conduit Bonds
- Sponsors can only apply for new construction gap funds or portfolio preservation gap funds. Not both as part of this funding offering.
- 1 project per sponsor
- Sponsors must submit a complete 4% LIHTC/Conduit Pre-application along with application for gap funds
- Sponsors must submit a Capital Needs Assessment (CNA) no more than 12 months prior to submission of application – Portfolio Preservation gap funding offering only
Applications will be accepted on or after Monday, April 17th, beginning at 8:00 a.m. PDT. Applications will be reviewed and scored in the order received. Applications that meet or exceed the minimum score of 40 points will receive a reservation of funding.
If points are in dispute, the decision will be made by the Assistant Director for Housing Finance Division.
In addition to submitting a completed Gap application, applicants must submit the required supporting documentation, including a complete 4% LIHTC/Conduit Pre-Application, in hard and electronic form.
If funds remain unreserved as of June 30, 2018, OHCS will reevaluate the criteria for reserving funds to ensure the full use of funds.
For questions, please contact Tai Dunson-Strane, Tax Credit Program Manager, at Tai.Dunson-Strane@oregon.gov.
