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Federal Preservation Lottery Backed Bonds Presentation

Learn about the $20 million in Lottery Backed Bonds for Preservation, Housing Stability Council's adopted framework, and how resources are allocated for urban, rural, and rental assistance projects. Discover how equity considerations, including MWESB, DEI, and Affirmative Marketing, shape policy outcomes. Explore the outcomes of RAD/Section 18 funding and the challenges faced in funding rural and urban projects. Get insights on the QAP fund reservations and next steps for 4% LIHTC funding.

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Federal Preservation Lottery Backed Bonds Presentation

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  1. Federal Preservation Lottery Backed Bonds • 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) • May 3, 2019 • Housing Stability Council

  2. Presentation Agenda • NOFA Overview • Policy Outcomes • Fund Reservations • QAP

  3. NOFA Overview Membership and Mission • $20 Million in Lottery Backed Bonds for Preservation • Federal Project Based Rent Assistance (HUD, USDA Rural Development and Public Housing Authorities) • Housing Stability Council Adopted Framework in Oct. 2019 • Allocated resources: $8.33 million for each of Urban / Rural / Rental Assistance Demonstration • Included tiered priorities for project selection including elements of risk of loss, impact to tenants, impact to community • Equity considerations: MWESB, DEI, Affirmative Marketing upon unit turnover • QAP

  4. Policy Outcomes Membership and Mission • RAD / Section 18: • Able to fund all four applicants in this set-aside • Leveraged OAHTC • Rural Projects: • Able to fund one application of the two that applied in this set-aside • Not sufficient resources to fund a second • Urban Projects: • Able to fund one application in an urban area; • Used remaining resources as well as additional gap resources to fund an additional urban/rural scattered site • Unintended Consequence: Urban/Rural • Statewide Housing Plan Alignment: Equity and Racial Justice, Production, Rural • QAP

  5. Fund Reservations Membership and Mission • QAP

  6. NEXT STEPS Membership and Mission Membership and Mission • 4% LIHTC funding process: • Pre-application acceptance letter, which includes Lottery Backed Bond fund reservations, that lays out the next step due diligence items which must be completed, generally, within 90 days. • Construction closing within 180 days. All project transactions will return individually to Housing Stability Council along with their 4% LIHTC bond transaction for final approval. • QAP

  7. Questions or Comments? • QAP

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