Launch of Construction Loan Guarantee Program
Oregon Housing and Community Services (OHCS) and the Network for Oregon Affordable Housing (NOAH) are excited to announce the launch of the Construction Loan Guarantee (CLG) Program.
The CLG Program decreases risk to lenders, making it easier for developers to access construction loans to build affordable homes for people with low to moderate incomes, serving households up to 120% of area median income. Eligible projects may include:
- Single-family homes
- Manufactured home communities
- Multifamily rentals
By providing lenders with extra financial security up front, CLG decreases their risk of loss and increases their ability to make loans to projects. These loans make developing affordable housing easier, creating more certainty for lenders in the face of unpredictable factors like interest rates, material costs, or supply chain issues.
Visit the NOAH CLG webpage for more program details and how to apply.
Background
In 2023, the Oregon Legislature allocated $20 million to OHCS to establish a construction loan guarantee fund and program. Following a request for proposals (RFP) process, OHCS awarded the funding to NOAH to administer the program.
Questions? Contact Ann Remmers, NOAH Deputy Director, Director of Lending at annr@noah-housing.org
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Acccomodations:
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