We are excited to announce that the new Land Acquisition Program (LAP) is anticipated to open and begin accepting loan applications on November 19, 2018. LAP is a first come, first serve program based upon date received. Applications will be reviewed for program required standards. Multiple applications received on the same day and resulting in fund oversubscription will be evaluated based upon selection criteria.
LAP was established by 2017 HB 2912 and provides loans for the purchase of land to be used for the development of affordable rental or homeownership housing. The loan can remain outstanding for up to eight years and is repayable at the time of construction financing. The initial resources will target land purchase for affordable housing development in rural areas of the state.
For additional information regarding LAP and application requirements, please visit the LAP webpage. For purposes of program requirements for entering into a purchase and sale agreement, applicants may use the date of this notice as the initial program announcement.
A Public Hearing regarding draft Oregon Administrative Rules (OAR) for LAP is scheduled for Thursday, October 18, 2018 from 1:00 pm – 2:00 pm in Room 124B of the North Mall Office Building, 725 Summer Street NE, Salem, OR 97301. If any program timelines are impacted by the OAR adoption process, we will send a notification through a Technical Advisory. For additional information please contact Rick.Ruzicka@oregon.gov.
Any program or application questions can be directed to Joanne.Sheehy@oregon.gov.
Julie V. Cody
Assistant Director for Housing Finance
Oregon Housing and Community Services
Julie.Cody@oregon.gov
