Oregon Housing and Community Services has released a Draft Framework outlining the second round of LIFT. The funding amounts to two anticipated allocations of $40 million each. This round will devote 80% of funds to multifamily housing and 20% to single family (as opposed to 100% to multifamily from the first round). These funds require the state to own or operate any real property development that utilizes this resource.

Specific proposed changes to the rental housing program from the first round of LIFT include:

  • Historically Underserved Communities: Projects will have to be located in either a rural community or will need to serve a community of color.
  • Households served should be at or below 60% AMI, but OHCS plans to devote additional funds to potentially reach 50% AMI residents or lower.
  • Up to $75,000 of LIFT funds may be used per unit if leveraging 4% tax credits, $125,000/unit if not using 4% credits
  • Developer fees are capped at 2 percentage points less than allowed through federal tax credit projects as defined in the most recent QAP
  • Selection criteria may be based on the following factors:
    • Lowest subsidy per unit
    • Readiness to proceed
    • Reaching rent rates affordable to lower AMI residents
    • Lower construction costs
    • Demonstration of innovation, efficiency, and replicability of building development or finance strategy
    • Use of Minority, Women, and Emerging Small Business contracting and professional services
    • Demonstrated financial viability
    • Demonstrated capacity of development team

Please submit written feedback to Natasha Detweiler.