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OHCS Affordable Rental Housing: New Funding and Policy Updates
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PAB 25% Test, Preservation, ORCA Capacity Building
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Dear Partners,
We’re pleased to share several important updates to Oregon Housing and Community Services’ (OHCS) Affordable Rental Housing programs. These updates include new funding opportunities and policy updates. You can find full details on the OHCS website using the links provided below.
4% Low-Income Housing Tax Credit (LIHTC) Private Activity Bond (PAB) Financing Update
This summer, Congress passed H.R.1, which lowers the 50% financed-by test to 25% of the aggregate basis for:
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- Any transaction with a bond issuance on or after January 1, 2026, or
- Transactions with a bond issuance in 2025 if at least 5% of aggregate basis is issued in 2026.
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Affordable Rental Housing Preservation Updates
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1. Property Stabilization Investments (PSI) and Oregon Affordable Housing Tax Credit (OAHTC)
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PSI funding is designed to stabilize affordable multifamily rental housing in financial distress and prevent the loss of deeply needed affordable homes across Oregon. Properties at risk of loss in the 2025-27 biennium will be prioritized.
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$38 million in PSI funding will be available through the Oregon Centralized Application (ORCA).
- Applications open Wednesday, October 8 via the ORCA Intake Form.
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Additionally, OHCS has updated the OAHTC to allow an exemption to the pass-through requirement when a property is in financial distress. This change is part of the PSI toolkit.
Access the PSI Instruction Guide and OAHTC Program Manual for full details.
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2. Publicly Supported Housing Contract Preservation (PuSH-CP)
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OHCS has published updated guidance to help owners comply with new PuSH-CP regulations effective January 1, 2026. These updates:
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Clarify compliance expectations for affordable housing owners under recent legislation (SB 973, SB 32).
- Enhance tenant awareness of affordability restrictions and timelines.
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ORCA Capacity Building Grant
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We’re also launching the ORCA Capacity Building (CB) Grant, with $2 million in available resources.
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Thank you for your continued partnership in expanding and preserving affordable housing across Oregon.
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Affordable Rental Housing Quick Links
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OHCS is committed to providing meaningful access. For additional accommodations, including translation, interpretation, or information in an alternative format, please contact us at 800-453-5511 or email housinginfo@oregon.gov.
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