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OHCS outlines preservation strategy: $50 million in current biennium funding and prioritization criteria
Summary
Oregon Housing and Community Services briefed the committee on its affordable housing preservation framework, the categories of preservation risk, and the agency's current biennium allocation of $50 million for preservation projects.
Michael Parkhurst, policy and initiatives manager in the Affordable Rental Housing Division at Oregon Housing and Community Services (OHCS), briefed the Senate Committee on Housing and Development on Jan. 27, 2025, about the agency's preservation framework and current funding priorities.
Parkhurst described preservation as a distinct policy focus to prevent net loss of affordable units. He identified four preservation categories: (1) federally project-based rent assistance contracts at risk, (2) properties with expiring rent‑restriction periods, (3) properties needing significant rehabilitation or financial restructuring, and (4) manufactured home parks. He said preservation often costs less than new construction and is a key homelessness‑prevention strategy.
Parkhurst told the committee that OHCS received $50 million in the last legislative session for preservation and divided that funding as follows: $10 million for project‑based rent assistance properties, $30 million for physical/financial rehab, and $10 million for a portfolio stabilization program to provide emergency or last‑resort assistance. He said the agency expects to commit those funds by mid‑spring and will open a preservation category for expiring rent‑restricted properties tied to the upcoming low‑income housing tax credit round.
Parkhurst emphasized the state's limited visibility into every publicly assisted property and said OHCS is improving data transparency with intermediaries. The agency will prioritize preservation funding based on tenant impact, imminence of loss, and severe local shortages, with particular attention to rural communities and racial equity in outcomes.
Parkhurst also discussed non‑funding priorities such as tenant notification, right‑of‑first‑refusal measures, asset management technical assistance, and green building considerations. The presentation was informational; no committee vote was recorded.
