Multifamily Finance Programs

Oregon Housing and Community Services

What can Oregonians afford?

Serving Families at Below Income Levels

Housing Finance Program Highlights

Homeownership Program Highlights

OregonMedian Family Income: $61,302Nearly 1 in 5 residents live below the poverty line (17%)

Clackamas County

Deschutes County

Lincoln County

Morrow County

Median Family Income

$75,850 $62,579 $53,585 $50,379

Poverty Rate Nearly one in 10. (9.3%)

Nearly one in 6. (15.8%)

Nearly one in 5. (18.5%)

Nearly one in 6. (15.5%)

Homeowners & Renters

7 in 10 Own3 in 10 Rent

2 / 3 Own1 / 3 Rent

2 / 3 Own1 / 3 Rent

7 in 10 Own3 in 10 Rent

Fair Market Rent (2 Bedroom)

$922 $803 $751 $637

Average Single Family Home

Sales Price

$328,100(METRO)

$293,000

3

In Oregon, a renter

working full time at

minimum wage

afford $473 a month in

rent.

What can Oregonians afford?

Low Income

In Salem, a family making 80% of the

Area median Income can afford $1,116 per month in rent.

Very Low Income

(Federal)

Very Low Income

In Salem, a family making 50% of the

area median income can afford $698 per

month in rent.

Extremely Low Income

In Salem, a family making 30% of the

area median income can afford $419 per

month in rent.

80% 50% 30%

Today in Oregon, too many families and individuals can’t afford a place to call home.

In Salem, the average

renter makes

$10.42 an hour, and can afford

$542 a month in

rent.

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Multifamily Affordable Housing & Manufactured Home ParksHousing Development Programs

Tax Credits & Exemptions

Grants Loans Other

Low Income Housing Tax Credits (LIHTC)

General Housing Account Program (GHAP)

Oregon Rural Rehabilitation Loan

Program

Loan Guarantee and General Guarantee

ProgramOregon Affordable Housing Tax Credit

(OAHTC)

HOME Investment Partnerships Program

Conduit Bond Financing Program

Mobile Home Park Purchase Program

Vertical Housing Program

Housing Development Grant Program

Agriculture Workforce Housing Tax Credit

(AWHTC)

Low Income Weatherization Program

(LIWP)

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Available Tax Credit & Exemption Programs in your Community

• Low Income Housing Tax Credit (LIHTC)This federal program provides tax credits to developers who construct, rehabilitate, or acquire and rehabilitate affordable rental housing. Credits are awarded through a competitive process, and are used for housing that’s affordable to people making no more than 50 – 60% of area median incomes.

• Oregon Affordable Housing Tax Credit (OAHTC)This state income tax credit for lenders reduces the interest rate on loans by up to four percent. Applicants must demonstrate a twenty-year term, and that the benefit of the tax credit results in reduced rents for low income tenants.

• Vertical Housing Tax Exemption ProgramA property tax exemption program which encourages mixed-use commercial and residential developments. Additional exemptions are available for projects which serve low income Oregonians (80% of Area Median Income or less).

• Agriculture Workforce Housing Tax CreditThe Agriculture Workforce Housing Tax Credit (AWHTC) Program is designed to give a state income tax credit to investors who incur costs to construct, install, acquire or rehabilitate agriculture workforce housing.

6

Available Grants & Loans in your Community• General Housing Account Program (GHAP)

Created in 2009 by the Oregon Legislature, this fund is intended to expand the supply of affordable housing for low and very low income Oregonians. This fund supports affordable multifamily housing development and increasing the capacity of partners to meet the state’s affordable housing needs.

• HOME Investment Partnership ProgramThese federal funds develop affordable housing for low and very low income Oregonians. HOME funds are distributed both through local jurisdictions and the state.

• Housing Development Grant ProgramThe Housing Development Grant Program (Trust Fund) was created to expand Oregon’s supply of affordable housing for low and very low income Oregonians by providing funds to construct new housing, or acquire and rehabilitate existing housing.

• Low Income Weatherization GrantAvailable funds can be used to increase the efficiency of heating and other energy uses in multifamily housing.

• Conduit Bond ProgramThe Department provides bond issuance services, providing funds to finance the construction, rehabilitation, and acquisition of multifamily affordable housing for lower income Oregonians.

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Other Available Programs in your Community

• Loan Guarantee and General Guarantee ProgramThe goal of the Loan Guarantee Program is to encourage the lending community to make funds available to finance affordable housing projects with special consideration to those projects which include resident services. The program is used to guarantee up to 25% of the loan made to finance the development.

• Mobile Home Purchase Program A revolving loan fund used to provide pre-purchase assistance to qualified tenants associations, tenants association supported non-profit organizations, and Facility Purchase Associations.

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Affordable Homeownership Opportunities

The Department provides affordable homeownership options through it’s Single Family Residential Loan Program.

The Residential Loan Program is a below market interest rate home loan program made possible through the sale of tax-exempt mortgage revenue bonds.

In addition, through partners, the Department funds first time homebuyer education classes, down payment assistance, and foreclosure counseling.

Loans and Grants Education Counseling

Direct to Homeowner

Residential Loan Program

Through Partner Organizations

Down Payment Assistance

First time homebuyer education classes

Foreclosure Counseling