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OHCS tells committee Article 11‑Q bonds can fund preservation when paired with acquisition or major refinancing
Summary
OHCS told the House Interim Committee on Housing and Homelessness that Article 11‑Q general obligation bond proceeds can support preservation where acquisition or significant rehabilitation/refinance creates state controls in the financing stack; lighter‑touch debt buydowns generally are ineligible.
Natasha Detwiler Davie, director of affordable rental housing at the Oregon Housing and Community Services agency, told the House Interim Committee on Housing and Homelessness that Article 11‑Q general obligation bond proceeds are usable for preservation when projects involve acquisitions or substantial rehabilitation that permit the state to hold the necessary ownership or operational controls.
"The short story of where... Article 11 Q bonds can be used for preservation is when there is an acquisition engaged and when there is a rehabilitation effort engaged," Detwiler Davie said, explaining that the constitutional language authorizing Article 11‑Q bonds limits how the state can participate in…
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