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Consolidated Summer NOFA

Consolidated Summer NOFA. Large Scale New Development Small Scale Development Veterans Gap Set Aside. 6/7/2019 Housing Stability Council Presentation. Consolidated 2019 Summer NOFA. Presentation Agenda. High Level review of the NOFA framework in the Council materials packet (page 65)

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Consolidated Summer NOFA

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  1. Consolidated Summer NOFA • Large Scale New Development • Small Scale Development • Veterans Gap Set Aside 6/7/2019 Housing Stability Council Presentation Consolidated 2019 Summer NOFA

  2. Presentation Agenda • High Level review of the NOFA framework in the Council materials packet (page 65) • Review of policy questions posed to the council • Next steps Consolidated 2019 Summer NOFA

  3. Overview: Funding • Resources: • Large Scale New Development with 4% LIHTC Leverage • $5 million Gap • $10 million OAHTCs • Small Projects; $10 million • $7 million Gap – Rural • $3 million Gap – Urban • $5 million OAHTCs • Veterans Funds; $4 million Gap • To be determined based on Housing Stability Council feedback Consolidated 2019 Summer NOFA

  4. Council Question: • Should we prioritize putting resources to develop units set-aside for Veterans into all projects, or should we restrict those resources to just the small project offering? • Context: The large scale new development gap offering, which is intended to be paired with 4% LIHTC, emphasizes low subsidy and economies of scale in order deliver a large number of units to serve low income Oregonians. The Veterans Gap resources could be used to set-aside units within these larger projects to serve Veterans. However, given the production model, these projects are far less likely to have supportive resources for a more vulnerable portion of the Veteran population. On the other hand, the small project offering may be a mechanism for creating specifically dedicated Veteran housing with a sense of community. Consolidated 2019 Summer NOFA

  5. Membership and Mission Overview: Criteria Membership and Mission Large Scale New Development Small Project Development • At least 80 units in urban areas and at least 60 units in rural areas • Must leverage 4% LIHTC • New Construction only • At least 5 and at most 35 units • Unit Limits (below) are based historic total development costs • New Construction or Aq/Rehab (pending HSC feedback; lower caps for Acq/Rehab) • Veterans subsidy boost incentivizes unit set-asides for Veterans populations; additionally, our point incentives for small projects prioritizing serving homeless veterans where there is reduced ability to take on debt. Consolidated 2019 Summer NOFA

  6. Membership and Mission Council Question: Membership and Mission • Should we allow preservation / rehabilitation • projects to apply for the Small Project offering? • Context: To-date our preservation / rehab offerings have not been designed to work well for smaller affordable housing projects in need of rehabilitation; allowing such projects to compete for resources in the small project offering would provide an opportunity to preserve these vulnerable housing resources. The downside to such an allowance would be that the resources would limit the number of new units produced. Historically, small project NOFAs have been used for preservation / construction defect repair; group homes, and new construction – not always during the same NOFA cycle. Consolidated 2019 Summer NOFA

  7. Overview: Scoring Highlights Membership and Mission * Same Criteria on Small Projects Consolidated 2019 Summer NOFA

  8. Overview: Scoring Highlights Membership and Mission Consolidated 2019 Summer NOFA

  9. Council Question: Membership and Mission • Our current framework includes preference points for projects connected to several state agency capacity building efforts; do we want to expand this point incentive to projects participating in other, unrelated, capacity building efforts? • Context: In order to build upon OHCS related investments in capacity building, we have proposed preference points for those projects that have ties to specific capacity efforts including: Veterans “Operation Welcome Home” initiative, Rural Peer Network, Rent Burdened Community technical assistance investments made through 2018 Legislative efforts (HB 4006), and previous OHCS and Meyer Memorial Trust capacity building investments. The intention of the proposed preference points is to leverage these capacity investments that further Statewide Housing Plan goals. Should HSC agree this is an appropriate concept to preference in these offerings, we would also ask whether this preference should be expanded to include other capacity investments that we are not aware of and are not directly connected to these efforts? Consolidated 2019 Summer NOFA

  10. Next Steps Return to July HSC with updates and a request to motion for NOFA framework approval. • Application Timing: • July/August 2019 – Streamline Application formal announcement • October2019 – Application Due • December 2019 – Housing Stability Council Presentation Consolidated 2019 Summer NOFA

  11. Thank You Consolidated 2019 Summer NOFA

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