Last fall, the Oregon Housing and Community Services (OHCS) launched the Land Acquisition Program (LAP) with $2.5 million dollars designated for loans for the purchase of land for affordable homeownership and affordable rental housing development. OHCS initially targeted this program to rural areas for Land Acquisition for both homeownership and affordable rental housing with the intent to later open the program statewide.
OCHS is now opening LAP to urban communities. Beginning on November 19 the remaining LAP funding (currently $1.6 million) will be available statewide for the acquisition of property for affordable rental and affordable homeownership development. LAP loan periods are up to eight years with one percent simple interest and a one percent loan fee paid at the time of the construction loan. Please consult the LAP Program Manual for additional details.
Applications materials are online, and applications are accepted on an ongoing basis until funding is no longer available. If you have any questions about this fund offering, please contact LAP Program Manager Joanne Sheehy at Joanne.Sheehy@Oregon.gov.
