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OHCS says Article 11Q financing can preserve affordable housing but often requires refinancing and state control
Summary
Oregon Housing and Community Services told a Ways and Means subcommittee that Article 11Q general obligation bond loans can support acquisition and rehabilitation to preserve affordable housing, but eligibility usually requires refinancing or state ownership controls rather than small, subordinate repairs.
Natasha Detwiler Davie, director of the affordable rental housing division at Oregon Housing and Community Services, told the Joint Ways and Means Transportation and Economic Development Subcommittee on Feb. 12 that Article 11Q general obligation bond financing can be an important tool to preserve existing affordable rental housing across the state.
Detwiler Davie said the tool works best when the state’s loan is in first position or is part of a negotiated shared first-position structure with private lenders, because those arrangements let the state record and enforce affordability controls if a property faces distress. “For Article 11Q coupons, they are in the first position. We…
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