The Oregon Housing Preservation Project is an unprecedented partnership of state and local housing agencies, and concerned stakeholders, all working to preserve affordable housing and rent subsidies for over 30,000 low-income Oregonians. Guidance and leadership is provided by a steering committee made up of housing industry experts from the public, nonprofit and private sectors.
We are ready to guide you through complex, myriad regulations involved in a transfer of federal loans and subsidies available to preservation properties.
Qualified borrowers can access short-term, below-market-rate acquisition loans that expedite transfers. And with the Green Pilot Program, you can apply for funding and grants to integrate green and sustainable building practices into the renovation of properties.
What is Preservation?
Preservation properties are rental housing projects which are at-risk of losing their federal housing subsidies. Our highest priority is securing properties with Project Based Section 8 subsidies. The Section 8 program allows tenants to pay a truly affordable rent based on their household income. If rent subsidies are lost, they will not be replaced, and Oregon loses a valuable federal resource in addressing the housing needs of the low-income citizens in our community.
Preservation properties also include those with HUD insured mortgages; projects funded under HUD’s 202 or 811 housing programs; properties developed with funds from the Rural Development Department; and properties that were built using low-income Housing tax credits.
During 2007, OHCSD and PHB began working with other organizations across the state to develop a set of strategies to preserve Preservation properties and their associated federal subsidies. The Network for Oregon Affordable Housing was selected to administer the effort and create a new loan fund, the Oregon Housing Acquisition Fund (Fund), to support the acquisition of at-risk properties. The project and loan fund were launched with essential investment from the Meyer Memorial Trust, an early supporter and participant in creating the program. The Fund made its initial Preservation loan in November of 2008.