State shells out $40M for affordable housing projects

By: Peter Beland//August 23, 2011//

State shells out $40M for affordable housing projects

Peter Beland//August 23, 2011//

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The Oregon State Housing Council approved last Friday $40 million in tax credits, grants and loans to be shelled out to 24 projects throughout the state.

The funds will go toward 810 low-income housing units, 166 of them in Portland.

The $40 million number is nice, but really, it’s a rounded number made up of a bewildering combination of funding sources.

The lion’s share of that comes from federal and state affordable housing tax credit programs.

Broken down, $17.27 million comes from grants and other direct sources of money, and $22.51 million is in the form of tax credits.

The 810 units will be a mixture of rehabilitated, reclaimed property and new construction and will run the gamut of affordable hosing options: from Section 8 housing, to housing specifically for seniors and housing for the homeless.

Check out this of the funding sources and the of projects.

Photo by via Flickr

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