Close Menu
  • Home
  • Business News
    • Entrepreneurship
  • Investments
  • Markets
  • Opinion
  • Politics
  • Startups
    • Stock Market
  • Trending
    • Technology
  • Online Jobs

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Tech Entrepreneurship: Eliminating waste and eliminating scarcity

July 17, 2024

AI for Entrepreneurs and Small Business Owners

July 17, 2024

Young Entrepreneurs Succeed in Timor-Leste Business Plan Competition

July 17, 2024
Facebook X (Twitter) Instagram
  • Home
  • Business News
    • Entrepreneurship
  • Investments
  • Markets
  • Opinion
  • Politics
  • Startups
    • Stock Market
  • Trending
    • Technology
  • Online Jobs
Facebook X (Twitter) Instagram Pinterest
Prosper planet pulse
  • Home
  • Privacy Policy
  • About us
    • Advertise with Us
  • AFFILIATE DISCLOSURE
  • Contact
  • DMCA Policy
  • Our Authors
  • Terms of Use
  • Shop
Prosper planet pulse
Home»Investments»Oregon’s massive investment in housing exceeds target, report says
Investments

Oregon’s massive investment in housing exceeds target, report says

prosperplanetpulse.comBy prosperplanetpulse.comJune 5, 2024No Comments5 Mins Read0 Views
Share Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


Oregon’s state housing finance agency, Oregon Housing and Community Services (OHCS), released its 2023 annual report, touting that the agency exceeded Gov. Tina Kotek’s housing construction goals set to help Oregonians through the state’s housing crisis.

The agency’s fiscal year 2023 annual report, “Building Oregon’s Future,” provides program and policy updates, as well as information on agency allocations and developments.

OHCS 2023 Report by the Numbers

After many years in roles supporting housing accessibility, Executive Director Andrea Bell has been overseeing OHCS since early 2022. During her time at the helm of the agency, Bell has helped direct the vision and growth of OHCS.

During her presentation on the 2023 annual report, she explained the importance of the document and how it helps hold government agencies accountable to the public.

“Building Oregon’s Future speaks to the progress the Oregon Housing Authority has made against its strategic objectives and the challenges facing our housing system,” Bell said. “The public has placed great trust in the Oregon Housing Authority, and we are living up to that trust with results that aim to improve the daily lives of Oregonians.”

Polk Street Apartments in Eugene receives funding from Oregon Housing and Community Services to help youth transitioning out of the foster care system and those otherwise involved in the system.

The Legislature has invested more than $1 billion in OHCS and allocated hundreds of millions of dollars from the agency to support housing projects across Oregon. Here, we explain where the funds have been spent and how OHCS has stepped up and shared resources with those who need help most.

Funding and Oregon’s Housing Crisis

OHCS has allocated more than $436 million in funding through 2023.

Last year was the largest housing investment ever seen by OHCS from the Legislature to help address the statewide housing crisis. This legislative investment provided $1.14 billion for housing solutions, emergency homeless response, community homeless resources, homeownership resources and language access.

Following Governor Kotek’s housing emergency declaration, OHCS exceeded actionable goals set by the Governor, which were to add 600 low-barrier shelter beds in counties impacted by the emergency declaration, close at least 1,200 shelters, and prevent 8,750 households from losing their homes.

Work done by OHCS and partner agencies throughout 2023 resulted in 1,047 low-barrier shelter beds being created, 1,426 unsheltered households being rehoused, and 9,024 households being prevented from experiencing homelessness.

Guests tour one of the sleeping areas at River Avenue Navigation Center in Eugene during an open house on Aug. 8, 2022. River Avenue Navigation Center is one of Oregon's navigation centers funded in part by the Oregon Housing and Community Services Allocation.

Other uses of funds include investments in energy-efficient upgrades and construction through the Oregon Multifamily Energy Program, whose energy upgrades have saved energy bills for 1,000 existing homes and 2,200 homes constructed; and requests for energy assistance have enabled OHCS to serve 67,121 high-cost households. An additional 18,561 homes received water and sewer utility assistance.

Other ways OHCS has supported Oregonians throughout 2023 include providing permanent supportive housing to 251 homes, replacing 28 manufactured homes, and helping 867 wildfire-impacted households fully recover. Homeownership funds were provided to nearly 1,300 households to prevent foreclosure, with the average assistance funds totaling $26,000. Additionally, 207 households received an average of $36,477 in down payment assistance, and assisted 116 first-time homeowners. More than 60% of all households are people of color.

Dashboard

In 2023, OHCS created seven new dashboards – digital data visualizations of program and agency outcomes – to increase transparency and make information more accessible across a range of data sets, such as the number of people OHCS served last year. These dashboards include:

  • The Homeownership Dashboard highlights 1,993 people who received homeownership counseling and education.
  • The Affordable Rental Housing Dashboard tracks how more than $405 million in funding has helped build or preserve 3,892 homes for 1,137 households earning 5 percent or less of the area median income.
  • The Farmworker Housing Survey found that one in four farmworkers would like to own their own home, but there are barriers to doing so.
  • The County Profile Dashboard found that 44% of Oregon homeowners are Hispanic or Latino, while 66% of white Oregon homeowners are Hispanic or Latino.
  • The Affordable Rental Housing Preservation Dashboard highlights the need to preserve housing affordability for the 4,700 homes predicted to become unaffordable to rent over the next five years due to conversion to market rate.
  • The Minority and Women-Owned Emerging Small Business Dashboard (MWESB) recognizes investments in these businesses, which is up $48 million compared to 2022.
  • The OHCS Emergency Homeless Response Dashboard highlighted that the agency exceeded all three housing goals set by the Governor for emergency shelter, rehousing unsheltered households, and homelessness prevention.

Impact on the region

OHCS works across the state to provide resources and support for housing access and stability.

In Eugene, DevNW’s affordable housing project, Polk 2.0, has received nearly $2 million in funding from OHCS through Housing Development Grants and Market Cost Offset Funds in 2022. The project will provide six permanent supportive housing units for youth transitioning out of the foster care system and experiencing or at risk of homelessness.

Peace Village Co-op in SquareOne Villages was awarded $4.8 million in Local Innovation and Fast Track (LIFT) homeownership funding from OHCS in 2022. The project will develop 70 permanently affordable homeownership units for low-income households, making it the state’s largest housing cooperative.

Visitors tour the Peace Village Corp. 70-unit project during an open house on Nov. 30, 2023. Peace Village is receiving funding from Oregon Housing and Community Services, part of a larger investment in housing that has exceeded initial goals, according to a new report.

OHCS has also provided funding for eight navigation centers across the state, including the River Avenue Navigation Center at 100 River Road in Eugene. These service hubs offer a wide range of supportive resources, including veterans benefits, health services and job skills development. They also provide hygiene products and laundry facilities, and most of the centers host mobile vaccine clinics, provide meals and maintain meeting space for case management.

As spring continues, a number of OHCS-supported housing projects are set to break ground around Eugene during the warmer months of the year. Projects such as Homes For Good’s Bridges on Broadway and Ollie Court are set to begin construction this summer with funding assistance from OHCS.

Housing takes time to develop, and OHCS is working diligently to allocate funding to provide partner agencies and households with the resources they need with an equity perspective to support all Oregonians.

Hannah-Rose McGuinness is the Register-Guard’s growth and development reporter. Reach her at 541-844-9859 oremail address



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
prosperplanetpulse.com
  • Website

Related Posts

Investments

Mirae Asset Global Investments Co., Ltd. sells 18,000 shares of Global Super Dividend US ETF (NYSEARCA:DIV)

July 14, 2024
Investments

6 investments that will plummet in value by the end of 2024

July 14, 2024
Investments

Investment in the county’s agriculture sector will yield bountiful harvests. [column] | Local Voices

July 14, 2024
Investments

Mirae Asset Global Investments Co. Ltd. Increases Stake in Stride, Inc. (NYSE:LRN)

July 14, 2024
Investments

Allspring Global Investments Holdings LLC invests in WPP plc (NYSE:WPP)

July 14, 2024
Investments

How much should I invest to retire at 30?

July 14, 2024
Add A Comment
Leave A Reply Cancel Reply

Subscribe to News

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Editor's Picks

The rule of law is more important than feelings about Trump | Opinion

July 15, 2024

OPINION | Biden needs to follow through on promise to help Tulsa victims

July 15, 2024

Opinion | Why China is off-limits to me now

July 15, 2024

Opinion | Fast food chains’ value menu wars benefit consumers

July 15, 2024
Latest Posts

ATLANTIC-ACM Announces 2024 U.S. Business Connectivity Service Provider Excellence Awards

July 10, 2024

Costco’s hourly workers will get a pay raise. Read the CEO memo.

July 10, 2024

Why a Rockland restaurant closed after 48 years

July 10, 2024

Stay Connected

Twitter Linkedin-in Instagram Facebook-f Youtube

Subscribe