Oregon Housing and Community Services (OHCS) will invest $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.
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.
