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LIFT Homeownership Recommendations Fall 2018 Summary

Explore the detailed breakdown of LIFT Homeownership Recommendations from Fall 2018, covering scoring criteria, policy outcomes, and next steps for affordable housing initiatives.

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LIFT Homeownership Recommendations Fall 2018 Summary

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  1. LIFT RECOMMENDATIONS FALL 2018 NOFA • Presenter Name in bold, position, if used, in italics Oregon Housing and Community Services or other affiliate name Date (optional) Event name or location (optional) • April 5, 2019 • Housing Stability Council

  2. LIFT HOMEOWNERSHIP RECOMMENDATIONS FALL 2018 NOFA • Presenter Name in bold, position, if used, in italics Oregon Housing and Community Services or other affiliate name Date (optional) Event name or location (optional) • April 5, 2019 • Housing Stability Council

  3. TABLE OF CONTENTS • Snapshot • Scoring • Policy Outcomes • Changes Considered • Next Steps • FALL 2018 LIFT RECOMMENDATIONS

  4. LIFT Homeownership Funding Overview 2017-19 Biennium Membership and Mission • FALL 2018 LIFT RECOMMENDATIONS

  5. LIFT Homeownership Snapshot Membership and Mission • 6 LIFT Homeownership applications received/ 63 units • $4,405,000 in requests • 6% Rural • 94% Urban • $11,320,000 available • $ 6,915,000 remaining (to be used in LIFT Rental NOFA) All 6 LIFT Homeownership applications recommended for funding reservation • FALL 2018 LIFT RECOMMENDATIONS

  6. LIFT Homeownership Scoring Readiness to Proceed / Financial Viability / Development Capacity: 45points • Readiness to proceed: 15 points • Financial viability: 10 points • Capacity of the development team: 10 points • Capacity of the management group: 10 points • FALL 2018 LIFT RECOMMENDATIONS

  7. LIFT Homeownership Scoring Service to Communities of Color / Innovation & Replicability / MWESB: 29 points • Service to communities of color: 15points • Innovation, efficiency, and replicability: 9points • Plans to address equity and diversity through the use of MWESB contracting, sub-contracting and professional services: 5points • FALL 2018 LIFT RECOMMENDATIONS

  8. LIFT Homeownership Scoring Low Subsidy / Low Construction Costs: 26 points • Lower LIFT subsidy per unit: 20 points • Costs that are below industry norms: 6 points • FALL 2018 LIFT RECOMMENDATIONS

  9. LIFT Homeownership Policy Outcomes Membership and Mission Membership and Mission Soft set-aside of 50% for rural communities, 50% for urban communities: • 1 application submitted for a rural development/6% ($260,000) of reservations • 5 applications submitted for urban developments/94% ($4,145,000) of reservations * All projects were required to demonstrate efforts to serve communities of color • FALL 2018 LIFT RECOMMENDATIONS

  10. LIFT Homeownership Policy Outcomes Membership and Mission Membership and Mission Scoring criteria for serving communities of color and MWESB • All projects demonstrated efforts to serve communities of color • Average score 14.5 out of 15 possible points • All projects were required to explain approach to engage MWESB organizations • Average score 3.7 out of 5 possible points • FALL 2018 LIFT RECOMMENDATIONS

  11. LIFT Homeownership Policy Outcomes Membership and Mission Membership and Mission LIFT Subsidy • 5 projects asked for a per unit subsidy of $65,000 or less • 1 project requested a per unit subsidy of $65,001-$75,000 • FALL 2018 LIFT RECOMMENDATIONS

  12. LIFT Homeownership Policy Outcomes Membership and Mission Membership and Mission Construction Costs • 100% of proposals were at or below RS Means costs Innovation, Efficiency, Replicability: • Question was scored this year instead of Pass/Fail • Average score out of 9 possible points: 8.3 points • FALL 2018 LIFT RECOMMENDATIONS

  13. LIFT Homeownership Changes Considered for Next NOFA • Minimum score required for serving communities of color in rural areas • FALL 2018 LIFT RECOMMENDATIONS

  14. LIFT Homeownership Next Steps • Housing Stability Council votes on motion for approval of recommendations • Await outcome of LIFT funding in legislative session • Working with Legislative Liaison to time the bond sale for January 2020 NOFA release date • FALL 2018 LIFT RECOMMENDATIONS

  15. LIFT Homeownership QUESTIONS? • FALL 2018 LIFT RECOMMENDATIONS

  16. LIFT RENTAL RECOMMENDATIONS FALL 2018 NOFA • Presenter Name in bold, position, if used, in italics Oregon Housing and Community Services or other affiliate name Date (optional) Event name or location (optional) • April 5, 2019 • Housing Stability Council

  17. TABLE OF CONTENTS • Snapshot • Scoring Criteria • Policy Outcomes • Changes Considered • Next Steps • FALL 2018 LIFT RECOMMENDATIONS

  18. LIFT Rental Funding Overview 2017-19 Biennium Membership and Mission • FALL 2018 LIFT RECOMMENDATIONS

  19. LIFT Rental Snapshot Membership and Mission • 15 applications received/ 1,429 units • Requests: $82.8 MM in requests • Available: $20.9 MM from LIFT Rental NOFA + $ 6.9 MM from LIFT Homeownership $27.8 MM total from NOFAs + $ 2.7 MM additional OHCS gap funds* $30.5 MM needed • 5 applications recommended for funding reservations totaling $30,590,964 *may come from LIFT resources (interest earnings or returned awards) or other agency gap resources • FALL 2018 LIFT RECOMMENDATIONS

  20. LIFT Rental Snapshot Membership and Mission Distribution of recommendations • 3 rural applications recommended for funding: $16,105,606 (53% of total) • 1 urban application recommended for funding: $7,875,000 (26% of total) • 1 urban/rural scattered site application recommended for funding: $6,610,358 (21% of total) • FALL 2018 LIFT RECOMMENDATIONS

  21. LIFT Rental Scoring Readiness to Proceed / Financial Viability / Development Capacity: 31points • Readiness to proceed: 10 points • Financial viability: 10 points • Capacity of the development team: 5 points • Owner, Sponsor, Management capacity: 6 points • FALL 2018 LIFT RECOMMENDATIONS

  22. LIFT Rental Scoring Service to Communities of Color / Innovation & Replicability / MWESB/Use of 811 Rent Assistance/Affordable Rents: 38points • Service to communities of color: 15points • Innovation, efficiency, and replicability: 9points • Plans to address equity and diversity through the use of MWESB contracting, sub-contracting and professional services: 5points • Use of 811 rent assistance: 4points • Rents affordable at or below 30% AMI: 5points • FALL 2018 LIFT RECOMMENDATIONS

  23. LIFT Rental Scoring Low Subsidy / Low Construction Costs: 31points • Lower LIFT subsidy per unit: 25points • Costs that are below industry norms: 6points Scattered Site projects (at least one urban and one rural site): 2bonus points • FALL 2018 LIFT RECOMMENDATIONS

  24. LIFT Rental Policy Outcomes Membership and Mission Membership and Mission Over the biennium resources aim to accomplish LIFT funds 50% for rural communities, 50% for urban communities*: • 5 applications submitted for rural developments/28% ($23,455,606) of funds requested • 7 applications submitted for urban developments/38% ($31,436,428) of funds requested • 3 applications submitted for scattered site developments/34% ($27,910,358) of funds requested * All projects were required to demonstrate efforts to serve communities of color • FALL 2018 LIFT RECOMMENDATIONS

  25. LIFT Rental Policy Outcomes Membership and Mission Membership and Mission Scoring criteria for serving communities of color and MWESB • All projects demonstrated efforts to serve communities of color • Average score 10.8 out of 15 possible points • All projects were required to explain approach to engaging MWESB organizations • Average score 4.2 out of 5 possible points • FALL 2018 LIFT RECOMMENDATIONS

  26. LIFT Rental Policy Outcomes Membership and Mission Membership and Mission LIFT Subsidy 12 projects (80%) asked for a per unit subsidy of • $80,000 or less for rural areas, • $45,000 or less for urban areas, or • $75,000 or less for scattered site projects to receive the highest score (25 points) • FALL 2018 LIFT RECOMMENDATIONS

  27. LIFT Rental Policy Outcomes Membership and Mission Membership and Mission Construction Costs • 8 (53%) proposals scored points for being at or below industry norms. Innovation, Efficiency, Replicability • Scored criterion this year instead of Pass/Fail • Average score out of 9 possible points: 7.1 • FALL 2018 LIFT RECOMMENDATIONS

  28. LIFT Rental Policy Outcomes Membership and Mission Membership and Mission Scattered Site Projects The NOFA offered 2 bonus points for scattered site projects. • 3 urban / rural scattered site projects were received, one scattered site project was recommended for funding • FALL 2018 LIFT RECOMMENDATIONS

  29. LIFT Rental Changes Considered for Next NOFA • Minimum score required for serving communities of color in rural areas • Preference for family-sized units and the higher subsidies that support larger unit sizes • Point structure that allows rural projects to request the highest per unit subsidy without being penalized • Further work to define urban / rural scattered site scoring and funding path; is this incentive still needed given increase to rural development applications? • FALL 2018 LIFT RECOMMENDATIONS

  30. LIFT Rental Next Steps • Housing Stability Council votes on motion for approval of recommendations • Await outcome of LIFT funding in legislative session • Working with Legislative Liaison to time the bond sale for January 2020 NOFA release date • FALL 2018 LIFT RECOMMENDATIONS

  31. LIFT Rental Next Steps Motion: Approve the funding recommendations for the following projects. Funding will include LIFT and may include other OHCS gap resources: • 124th & Ash in Portland, $7,875,000 • Holden Creek Village in Tillamook, $5,999,940 • Merwyn Hotel in Astoria, $2,879,964 • Red Canyon in Madras and Redmond, $6,610,358 • Sunrise Vista in Klamath Falls, $7,225,702 • FALL 2018 LIFT RECOMMENDATIONS

  32. LIFT Rental QUESTIONS? • FALL 2018 LIFT RECOMMENDATIONS

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