Oregon Housing and Community Services Oregon Spotlight Historic

Oregon Housing and Community Services Oregon Spotlight: Historic State Resources for Affordable Housing Presenter. Salazar, Name in. Director bold, position, if used, in italics Margaret Oregon Housing and Community Services or other affiliate name RAD+ Convening – Oregon Spotlight Date (optional) Event name or location (optional)

Oregon Housing Needs and Recent State Investments • Oregon Housing Challenges and Opportunities • Public engagement of voters and elected officials • Historic state resources approved in 2017 and 2018 O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Supply Constraints: New Residential Permits, 2000 -2017 35, 000 30, 000 25, 000 20, 000 15, 000 10, 000 5, 000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1 Unit 2 to 4 Units O H C S 5 or More Units A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Severe Rent Burden is Pervasive O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Homelessness in Oregon is Widespread O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

People of Color Disproportionately Cost Burdened O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Historic New Legislative Funding and Policy Tools • 2017 Legislative Session: Historic Funding allocated Affordable Housing Gap Financing – LIFT - New Construction ($80 million, GO Bonds) – Preservation ($25 million, lottery bonds) – Oregon Affordable Housing Tax Credits ($25 million) Homeless Services Funding – Emergency Housing Assistance ($40 million) Policy Tools – Preservation Law: Opportunity to Purchase – Land Acquisition Program O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Historic New Legislative Funding and Policy Tools • 2018 Legislative Session: Historic Funding allocated Document Recording Fee Tripling of Document Recording fee ($30 M-$90 M/biennium, gap financing) Emergency Shelter Funding $5. 2 million in emergency winter shelter funds Task Force Legislative Task force on Racial Disparities in Homeownership O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Key OHCS Development Resources • • LIFT Preservation General Housing Account Program / Gap funding Oregon Affordable Housing Tax Credits HOME 9% LIHTC 4% LIHTC O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

RECENT DEVELOPMENT AWARDS LIFT Multifamily Rental and Homeownership Awards • 837 new, affordable rental homes across the state and 54 new affordable homeownership Units • Currently scoring next round of applicants for $32 million in LIFT; to make funding recommendations in April Federal 9% Low Income Housing Tax Credit (LIHTC) and HOME Awards • 796 new and preserved affordable homes • leveraging local, state, and private investments • 2019 applications are due March 29 th; to make funding recommendations in July O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

2018 DEVELOPMENT AWARDS O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Gap Financing for RAD, Preservation and New Construction • Federal Preservation $25 million Lottery Backed Bonds Project Based Rent Assistance; Urban = $8. 3 million – Applications being evaluated Project Based Rent Assistance; Rural = $8. 3 million – Applications being evaluated Rental Assistance Demonstration = $8. 3 million – First Come First Served • Gap Financing from Document Recording Fee – New Strategies: Portfolio preservation ($15 million in 2018, $10 million in 2019) – Fast Track 4% New Construction ($5 million 2018, $5 million 2019) – Expanded work on preserving manufactured home parks – Veterans, small projects, and rural + capacity building coming later 2019 O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

RECENT 4% LIHTC / BOND ACTIVITY Recent 3 years: • 24 New Construction Projects • 18 Preservation Projects • 4725 total units • 34 projects used OHCS issued loans totaling approximately $385 million • 12 projects leveraged OHCS gap funds • 6 projects leveraged OAHTC • Volume Cap available to address current demand O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

RECENT 4% LIHTC / BOND ACTIVITY Scattered Site 4%’s: • O H C S A G E N C Y 8 Scattered Site Portfolio Transactions with 17 building sites – 5 Federal Preservation – 1 Portfolio Preservation – 2 New Construction O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

RECORD DEVELOPMENT OHCS has over 8, 000 affordable homes in the development pipeline O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

LIFT Spotlight: Local Innovation and Fast Track Housing - Funded with state Article XI-Q bonds - New Construction funding - Recently awarded $53 million to 9 projects, 836 units - 6 of those projects plan to leverage 4% LIHTC - 19 projects had applied for $109 million in resources - Requests ranged from $32 k/unit to $100 k/unit - Current LIFT program Caps: – Up to $75, 000 per MF LIFT unit is urban areas – Up to $125, 000 per MF LIFT unit in rural areas – Up to $100, 000 per MF LIFT unit when used with scattered site projects

LIFT - Most recent applications have been submitted; planned funding recommendations for April Housing Stability Council - Funds go into projects as a loan in first position - Lenders that have worked on LIFT projects: - Key. Bank with a Freddie TEL takeout - Key. Bank/FNMA MTEB - Washington Federal - Citibank - Governors Housing Plan includes $130 million for LIFT

2019 Session and Beyond OHCS STATEWIDE HOUSING PLAN AND 2019 LEGISLATIVE PRIORITIES The lack of available housing, high rents and high home prices are causing housing instability and homelessness to increase. The data is clear: too many Oregonians are without a safe, stable and affordable place to call home. In response to these needs, the Governor’s Recommended Budget asks for an investment of $406. 1 million, recognizing it will take an unprecedented effort at all levels to create stabilization in our housing market. O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Statewide Housing Plan Purpose The Statewide Housing Plan articulates how Oregon Housing and Community Services (OHCS) will pave the way for more Oregonians to have access to the stable housing opportunities necessary for self-sufficiency. To do this, the Plan… • • Draws on quantitative and qualitative data to illuminate areas of need across the state and within specific communities; Communicates six priorities to build support and inspire coordinated action; Describes how OHCS will lead, fund, and support our partners on priority issues over the next five years; and Provides a framework and direction for OHCS to prepare annual work plans, set goals, monitor progress and implement our priorities. The Plan marks a new way of doing business for OHCS. It lays the foundation for OHCS to be a data- and research-driven organization, and proposes a new way of collaborating and focusing resources and energy to address the most pressing housing issues facing Oregon today. O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

Statewide Housing Plan O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

GOVERNOR’Sand HOUSING Membership Mission. POLICY INVESTMENTS $130 M: Increasing the supply of affordable housing by bolstering LIFT to build 1, 700 -2, 100 units of affordable owner and rental housing with private and nonprofit housing developers $25 M: Preserving 400 units of existing, publicly supported affordable housing $15 M: Seeding the acquisition of attainable rental market housing to stabilize at least 450 units in multifamily housing properties that offer rents at or below market rate, but do not currently have rent or income restriction O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

INVESTING INand PERMANENT Membership Mission SUPPORTIVE HOUSING There are three distinct elements to a successful PSH program: affordable housing development resources, rent assistance, supportive services. This requires substantial coordination and partnership including state agencies, health systems, developers of affordable housing, local service providers, and others. These partnerships allow us to leverage public and private resources to provide homes and supports to lift Oregonians out of chronic homelessness. The Oregon Health Authority (OHA) and OHCS are collaborating to invest in PSH to create 500 new units of housing with supportive services across Oregon • $50 M – Bonding resources for development • $4. 5 M – Resources through OHA budget to support rent assistance and services O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

ACCELERATING DEVELOPMENT IN GREATER OREGON Membership and Mission $15 M: Launch the Greater Oregon Housing Accelerator to provide incentives to a minimum of three dozen collaborative partnerships between employers, housing developers, and communities statewide $15 M: Modify the Housing Development Guarantee Account to lessen the risk for housing developers in rural communities $1. 4 M: Provide technical assistance resources through the Department of Land Conservation and Development to help communities be ready for development O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

PREVENTING and ANDMission ENDING HOMELESSNESS Membership $15 M: Rental Market Resources to provide outreach and education to tenants and landlords on rights and responsibilities and increase access to private market rental housing $20 M: Dedicated resources to tackle child and family homelessness $40 M: Stabilize funding for Emergency Housing Assistance and shelters across the state O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S

QUESTIONS Margaret Salazar, Director Oregon Housing and Community Services O H C S A G E N C Y O V E R V I E W & 2 0 1 9 L E G I S L A T I V E P R I O R I T I E S