Oregon Housing and Community Services takes action to preserve 1,300+ affordable homes

Oregon Housing and Community Services (OHCS) invests $23.2 million to stabilize affordable housing properties facing urgent financial challenges, helping preserve 1,362 homes at rents people can afford. The Housing Stability Council (HSC) voted Friday, Jan. 9 to approve the funding for 15 properties located in Multnomah County.

The legislature allocated $50 million in new lottery bonds to OHCS for preservation and stabilization. The agency responded to partners' concerns about the financial distress of their properties and allocated $35 million of those funds for stabilization.

"This investment allows us to help hundreds of Oregonians have a place to call home that they can afford," said OHCS Executive Director Andrea Bell. "Partners will be able to protect and preserve access to well-maintained housing at an important time when our commitments need to be shown through delivering results."

The projects all met the requirements to receive the stabilization funding, with the maximum Property Stabilization Investments (PSI) loan at $2 million. The properties reported the financial challenges were caused by issues such as increases in insurance premiums, nonpayment of rent, and expensive emergency repairs.

More detailed information regarding each project can be found in the Housing Stability Council meeting packet.