State Helps Keep over 2,200 Homes Affordable to Oregonians

SALEM, Ore. – Oregon Housing and Community Services (OHCS) has approved more than $167 million of investments since the beginning of 2023 to keep 2,283 homes affordable for 60 more years rather than risk rents increasing to market rate. These homes mainly consist of apartment units and manufactured houses.

“Preserving existing affordable housing is an exercise of sustainability. Affordable housing preservation is a critical supplement to Oregon’s affordable housing production needs, to which local partners are vital in successful preservation efforts. These strategies must be flexible in evolving to be reflective of community needs,” says OHCS Director Andrea Bell.

Preserving affordable housing refers to the efforts at maintaining housing that is affordable for individuals and families with lower incomes. When affordable housing is built, the state and owner enter into a regulatory agreement that establishes how long that housing is to remain affordable. This initial period of affordability, where rents are lower than in the open market, is ordinarily 30-60 years in Oregon.

As affordable housing complexes start to reach the end of their required regulatory affordability period, OHCS and its partners work to retain the affordable restrictions for these homes. Addressing this issue is important as affordable housing plays a critical role in promoting social and economic stability within communities and for each property resident.

These awards are administered through several preservation funding programs leveraging state and federal funds. As detailed in the list below, preservation funding is needed throughout the state, from big cities to small towns and rural communities.

As OHCS looks toward this work in the future, the agency has published a new Preservation Framework report. Informed by partners throughout the state, this framework outlines the agency’s preservation strategy, priorities, and goals.