Oregon Housing & Community Services is funding the creation, preservation and rehabilitation of more than 400 affordable homes across the state. These homes will help fill the need for housing for Oregonians with low incomes, including seniors, youth, and Black, Indigenous, and People of Color (BIPOC) communities.
The Housing Stability Council approved $72.8 million to fund 421 homes through the agency’s Oregon Centralized Application (ORCA) process. Part of this funding will be used to rehabilitate the Rosemont Court in Portland, which will serve seniors. Another housing development funded is Blossom Gardens in Salem, which is under construction, will focus on serving refugee families. The funding will also preserve two manufactured home parks for homeowners who live at the Rimrock Court Cooperative in Madras and Surfside Mobile Village in Newport.
The Oregon Affordable Housing Tax Credit (OAHTC) Homeownership was expanded to support limited equity cooperatives, an innovative homeownership model with growing interest in Oregon. By offering tax credits to the developer’s permanent lender, OAHTC Homeownership reduces financing costs and the savings are passed on to residents to ensure housing affordability for those earning 80 percent or less of area median income.
