Nearly $19 million in American Recovery and Reinvestment Act funds will help kick-start seven affordable housing developments in Oregon.
The awards will result in the development or the acquisition and rehabilitation of 272 multifamily housing units throughout the state.
“These funds are targeted to restart projects that have been stalled because of this economic downturn, creating jobs and affordable housing across Oregon,” said Gov. Ted Kulongoski. “This Recovery Act funding both stimulates the economy and helps those in need.”
The funds come from both the Tax Credit Assistance Program (TCAP) and the exchange program, both created under the 2009 stimulus bill.
The projects receiving funding are Crest Butte Apartments in Bend; Seacrest Apartments in Bandon; Linnhaven/Stonebrook Apartments in Sweet Home; Parkside Village in Roseburg; Walnut Park and Upshur House, both in Portland; and Roosevelt Crossing in Eugene.
The recent TCAP awards include part of the competitive portion of $27.3 million in federal funds allocated to the state to assist affordable housing projects that have capital investment gaps.
Oregon Housing and Community Services (OHCS) estimates that the exchange program proceeds could be as high as $49.9 million if the equity investment market does not improve soon.
OHCS will also make reservations of TCAP and exchange funding in late September for up to 19 remaining projects that have applied through a competitive process.