Oregon Housing & Community Services has shared that an additional $10 million in acquisition program resources will be added to the Affordable Housing Land Acquisition Program (LAP). The funds will be available starting April 17, 2024 on a first come, first served basis.

The purpose of LAP is to assist eligible organizations in Oregon to purchase land for affordable housing development. Eligible organizations include:

  • Local governments
  • Local housing authorities
  • Nonprofit community or neighborhood-based organizations
  • Federally recognized Tribes in Oregon
  • Regional or statewide nonprofit housing assistance agencies

All initial LAP investments and repaid LAP funds, are split into two ‘funding use’ set-aside categories for the development of either:

  • Affordable homeownership opportunities (40% of available funds)
  • Affordable rental housing (60% of available funds).

Newly invested LAP funds are then split into location-based set-asides as defined by HUD to better serve all regions of Oregon. The chart below shows how the additional $10 million is distributed according to this approach:

 

Table 1: Funding-Use Set-Aside+

Location-Based Set-Aside* Metro Counties Balance of State (Rural) Total
Homeownership $1,372,000 $2,628,000 $4,000,000
Affordable Rental Housing $2,058,000 $3,942,000 $6,000,000
Total $10,000,000

+Funding-use set-asides are held for 12-months.
*Location-based set-asides are held for 6-months for the Homeowner set-aside fund, and 12-months for Affordable Rental Housing.

Additional information can be found in the LAP Program Manual.Successful loan recipients will demonstrate sound experience and strong development capacity. LAP is a revolving loan program intended to assist with site acquisition for eventual use as affordable housing; LAP is not a short-term acquisition bridge financing program. For more information please visit the LAP webpage.