Land Acquisition Program (LAP) funding now available 

Oregon Housing and Community Services is pleased to share that an additional $10 million in acquisition program resources has been added to the Affordable Housing Land Acquisition Program (LAP). The funds are now available as of April 17, 2024, and on a first-ready, first-reviewed basis. Please note this is not a one-time funding offering. Additional funding will be recycled into the program as current LAP loans make repayment.

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 Tribal Nations 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.

Office: 725 Summer Street NE, Suite B, Salem, OR 97301
Phone: (503) 986-2000