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Financing Affordable Housing within impending Private Activity Bond Volume Cap Constraints

September 28 @ 1:15 pm - 2:45 pm UTC+7

Session Description: Record levels of affordable housing projects have been financed in Oregon in recent years.  In addition to critical gap-funding such as the State LIFT Program and the City of Portland and Metro GO Housing Bond programs, these projects have utilized, as primary funding sources, private activity bonds (PABs) and Low-Income Housing Tax Credits (LIHTC).   The amount of PABs that can be issued (and the accompanying 4% LIHTCs generated) is limited by the amount of Private Activity Bond volume cap available to the State of Oregon on an annual basis.   The amount of volume cap is determined by the Internal Revenue Code based on population. While volume cap has historically been underutilized in Oregon, with the dramatic increase in affordable housing production, this at is no longer the case.   In late 2022 Oregon is projected to have a volume cap shortfall — for the first time since volume cap limitations were imposed with tax reform in 1986.   This session will provide participants with an overview of how volume cap works, how it is currently allocated and how it may be allocated in 2023 and thereafter.  This overview will include a discussion of how volume cap has been and can be stretched for maximum benefit, as well as alternative financing tools to generate tax-exempt interest on long-term debt to finance housing projects, including projects owned by 501(c)(3) organizations and governmental entities.


Michael Schrader, Orrick

Guests from OHCS & KeyBank


September 28
1:15 pm - 2:45 pm UTC+7
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Housing Oregon works to ensure all Oregonians have a healthy and stable place to live. Housing Oregon is a 501(c)(3) nonprofit organization.

Mailing Address

P.O. Box 8427Portland, OR 97207


Brian HoopAssociation Directorbrian@housingoregon.org503-475-6056

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