Catch up on the latest NOAH projects and accomplishments by reading “noah news.” Current editions are listed below; click on any edition. You can subscribe to our newsletter below.
Leaders Join Together to Tackle Oregon’s Affordable Housing Crisis
On October 4th, NOAH was pleased to partner with State Representative Pam Marsh (D-District 5) to host the Southern Oregon Manufactured Housing Conference in Ashland Oregon. Policy makers were joined by residents and advocates to understand the state of the manufactured housing industry and increase regional capacity.
Representative Marsh opened the conference saying: “Today’s Southern Oregon Manufactured Housing Conference is an opportunity for tenants, park owners, housing professionals and advocates to come together to understand the state of the industry. We’ll be looking for ways to increase our region’s capacity to support residents, to identify and adopt innovative approaches to park ownership and home upgrades, and to implement best practices for park management and dispute resolution.
What we know before we even start talking, is how important these parks are to our housing supply. With 104 manufactured home parks, Jackson County hosts about 10% of the state’s total inventory of 1,100 parks. Those numbers translate to thousands of homes for individuals and families across the state.
Quite honestly, we haven’t always appreciated the importance of our manufactured home parks. Because these parks are often tucked away in the corners of our communities they have frequently been overlooked or underestimated by planners. But the severe deficit of housing units across the state has shined new light on the contribution of parks. We now clearly understand what residents have known for a long time: Our manufactured home parks provide not only shelter, but also community and connection, often at a fraction of the price required in other kinds of neighborhoods”.
Increasingly, manufactured housing is being recognized as a critical source of affordable, unsubsidized housing that provides homes to tens of thousands of Oregon households and to more than 18 million across the nation. More than 150 people registered for the conference including several elected officials. Oregon Housing and Community Services Director Margaret Salazar was the luncheon keynote speaker, and Oregon Governor Kate Brown made a surprise appearance addressing conference attendees about the critical need for more of affordable housing in our state, and about the important role manufactured housing plays in providing affordable rental and homeownership options.
As Oregon faces skyrocketing home prices and rents, manufactured housing provides an important pathway for homeownership by low-income households and has remained affordable for many with lower incomes. Legislators and policy makers have recognized this by taking steps to promote manufactured housing including passing new laws to help preserve manufactured home parks at risk of closure. These new laws, combined with funding through Oregon Housing and Community Services (OHCS), have helped 3 Oregon non-profits preserve 21 communities since 2008, through sales to resident cooperatives and mission-focused non-profit housing organizations.
This source of housing is increasingly threatened by pressures from the private market, ranging from park closure and redevelopment, to owners seeking to achieve the greatest possible return on their investment by substantially increasing rents. We heard repeatedly during the conference about the many benefits provided by manufactured housing, including lower home costs, but perhaps most importantly, we heard how manufactured home parks offer residents a stable home and a strong sense of community. Download conference materials here.
NOAH Partners with Elevate Energy and New Ecology
Elevate Energy, New Ecology, Inc., and NOAH are partnering to help Oregon’s affordable multifamily housing community reduce operating costs through energy and water efficiency measures. As mission-driven organizations, Elevate Energy, New Ecology, Inc., and NOAH are committed to working with organizations seeking to create and preserve Oregon’s affordable multifamily housing stock with a focus on reducing energy use and improving the health, comfort, and resiliency of the homes. Elevate Energy has opened a Portland office and is stepping into the space MPower occupied previously and will be significantly expanding their offerings to make this work possible. For a limited time, Elevate is offering a suite of predevelopment products at no cost to help find ways to make a new construction or rehab project more efficient and cost-effective.
James Donnelly is Elevate’s Senior Project Manager for the Pacific Northwest and is located in their new Portland office. James is available to discuss possible projects and can be reached at (971)279-8453 or .(JavaScript must be enabled to view this email address). Click Elevate Energy to learn more.
Online Loan Information System Now Available!
NOAH is pleased to announce our new web-based loan servicing portal is available. Borrowers and property managers now have the opportunity to access current and previous billing statements, future escrow changes, loan balances, current breakdown of payment information and loan history.
To request access to the portal, please send an email to .(JavaScript must be enabled to view this email address), with the following information:
- Name of user
- Email address
- Loan name(s)
Once the request is received, the site information agreement will be sent and the user ID and temporary password will be created.
We are very excited to offer this tool that will provide more information on your loan at your fingertips. Please feel free to contact us if you would like additional information.
NOAH Receives National Award to Support Affordable Housing Efforts Across the State
NOAH is pleased to announce an award of $875,000 from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). For FY 2018 CDFI Program round, the CDFI Fund awarded $165 million in financial and technical assistance to 264 organizations in 45 states, the District of Columbia, and Puerto Rico. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services.
NOAH will use the award to increase the volume of its financing products and services throughout Oregon to aid affordable housing developers. Specifically, funds will be used to leverage higher cost bank capital and to attract other low-cost capital to be used for acquisition financing opportunities. Additionally, NOAH will increase its technical assistance offerings. These CDFI funds will enable NOAH to expand its offerings of low-cost, flexible loan products and enable developers to make strategic acquisitions as well as position themselves to access new housing subsidies from state and local governments. Oregon has an unprecedented amount of new public resources allocated to affordable housing, with two new potential bonds on the ballot this fall which could make possible funding to build, renovate and/or preserve homes for up to 12,000 people if both bonds pass. Full details can be found here.
New Bond Fund Available
NOAH is very excited to announce the launch of a new $30MM long-term tax-exempt bond fund. Thanks to investments from Banner Bank, Chase Bank, Columbia Bank, Key Bank, US Bank, and Wells Fargo, NOAH is now able to offer its customers another source of permanent lending. This new product will allow borrowers to work with NOAH on 4% tax credit transactions, including the use of Oregon Affordable Housing Tax Credits. We are thankful for the ability to continue to expand our work and impact in the development and preservation of affordable housing in Oregon. Please visit the financing section of our website for a term sheet with more detailed information.
NOAH Welcomes Cyndi Barber as Director of Finance and Administration
NOAH is pleased to announce the addition of Cyndi Barber as NOAH’s new Director of Finance and Administration. The Director of Finance and Administration position is new at NOAH, and is responsible for the oversight of finance, accounting, information technology and human resources. In this role, Cyndi is responsible for enhancing and developing financial systems to address current and future needs of the organization, monitoring business plan results, and assuring financial and reporting compliance to public, philanthropic and private partners. She will work closely with the Executive Director and Director of Lending to execute NOAH’s strategic plan and manage general operations.
Cyndi is a licensed CPA in the State of Oregon and holds a Human Resources certificate from Portland State University’s Professional Development Department. Previously she has worked in public accounting, and for both non-profit and for-profit organizations. Most recently, Cyndi spent her time in wine country as Chief Financial Officer at two vineyards. During her free time, she enjoys spending time with her husband, two adult children and her dog, as well as participating in half-marathons and volunteering at her church. Welcome Cyndi!
Catholic Charities Adds More Housing in Molalla
Like a cat, Molalla Gardens has had multiple “lives.” And NOAH has a long history with this project. Originally built in 1973, the building offered 30 units for families. In 1999, NOAH financed the acquisition and limited rehabilitation of the complex. In 2017, Catholic Charities sponsored a full rehabilitation of the project. After significant rehab and new construction, 20 of the old units were completely refreshed, while another ten were demolished to make room for 27 brand new apartments, bringing the total from 30 to 47 homes. One of the old buildings was demolished, two existing buildings were fully rehabbed, and four new buildings constructed. The project involved relocation for the residents as they had to temporarily move off-site while construction was underway. Luckily, nearby apartments could accommodate the residents. NOAH provided permanent financing for the entire project.
The property is located just blocks from the local senior center and has a set-aside of 10 ground floor units for seniors. Four of the units offer preference for families referred by Catholic Charities’ Project UNICA, which provides support services to women and children who are survivors of domestic violence. We’re very excited the project has had new life breathed into it. Download the Project Profile here.
Redmond Welcomes Homes and Medical Services for Seniors
The Central Oregon Regional Housing Authority, or Housing Works, is proud to bring Cook Crossing online, two projects located in Redmond. Brentwood Manor is a rehabilitated one-story garden style apartment complex with full project-based HUD Section 8 contracts for eight one bedroom/one bath units for seniors and people experiencing disabilities. Two of the units are fully accessible and the remaining units are adaptable. Cook Crossing is a new, two-unit condominium, with Mosaic Medical Clinic located in the commercial condo on the ground floor, and 48 apartments for seniors on the three residential floors above. NOAH provided financing for the residential condo. Cook Crossing has six project-based HUD Section 8 voucher units. The properties are located one block from each another, close to retail, transit and the local senior center. Download the Project Profile here.
New Transit Oriented Development Coming to Portland
REACH CDC has purchased land from TriMet, Portland’s regional transit authority, to build 175 units of affordable housing in outer southeast Portland. NOAH provided low-cost acquisition funding through our Oregon Housing Acquisition Fund (OHAF). This was NOAH’s fourth project using an OHAF investment from the Portland Housing Bureau, which provides funding for low cost acquisition loans.
124TH & Ash will provide 175 apartments to working adults and families emphasizing transit-oriented design. Located in East Portland’s Hazelwood neighborhood, the site is also serving as a pilot for Cost-Efficient Design and Construction with funding provided by Meyer Memorial Trust. The goal of this resource is to create more units and reduce public subsidy required to deliver affordable housing.
REACH CDC has developed ongoing service partnerships as well as a relevant marketing and outreach plan designed to engage communities of color prevalent in the neighborhood while at the same time affirmatively furthering fair housing. Through a robust array of partnerships with culturally-specific providers, REACH will provide on-site services to the tenants. Service partners include El Programa Hispano Catόlico, Asian Health & Service Center and the Worksystems Aligned Partner Network. All of these programs provide strong services navigation and workforce development support features. Each organization has well well‐established community resources to adapt the engagement, education and support processes to the culture of the resident population being served. These service elements are central to drawing in residents whose language and customs are strongly grounded in their country of origin or identified population. The project is expected to break ground in fall 2018. Download the Project Profile here.
Investment from OCF
NOAH is pleased to be the recipient of a $2 million investment from the Oregon Community Foundation through the Oregon Impact Fund. The goal of the Fund is to address job creation in under-serviced communities across Oregon, as well as affordable housing, education, access to health care and natural resources management.
NOAH will use the investment in our Oregon Housing Acquisition Loan Fund Program (OHAF). This investment will also aid NOAH in leveraging private bank capital. The OHAF provides rapid response short term financing for the acquisition of affordable multifamily housing projects, including:
- Multifamily rental housing with expiring federal rental subsidies (HUD or RD) or public subsidies approaching the end of the contract compliance period;
- Market rate projects for conversion to affordable housing;
- Land that will be developed with affordable housing; and
- Manufactured home parks.
NOAH Proud to Join Next Step Network
NOAH is proud to announce we’ve joined the Next Step Network as part of our initiative to support our borrower’s efforts to preserve and improve manufactured home communities.
“Next Step is thrilled to have NOAH join our network of organizations and advocates dedicated to expanding factory-built housing solutions,” said Stacey Epperson, president & founder of Next Step Network. “NOAH has already taken strides to preserve manufactured housing in Oregon, and we look forward to bolstering their efforts to preserve this critical source of affordable housing.”
NOAH Is Ready!
Are you ready for the National Housing Week of Action starting today May 1? NOAH is!
The National Housing Week of Action is an opportunity to come together, with our allies in other states, and share our vision for what our communities can do together to end housing instability. NOAH is a proud member of the Oregon Housing Alliance, who has partnered with the Our Homes, Our Voices campaign to take action to ensure that everyone has a safe place to call home. They’ve developed a robust action plan with simple steps everyone can take to engage our communities and elected officials around meeting the housing needs in Oregon.
Please visit the Oregon Housing Alliance website to view all of the ways YOU can make a difference!
Station 162 Provides Affordable Living to Elders and Persons Living with Disabilities
Station 162 is 44-unit apartment community located on the border of Portland and Gresham. Developed by Quadriplegics United Against Dependency, Inc. (QUAD Inc.), this project has 25 one-bedroom units designed to maximize the independence of residents who use wheelchairs. Nineteen apartments are targeted for elders and are adaptable to help residents age in place. All units are targeted for households with incomes below 60% of the area median. The property is located less than a block from a MAX light rail station and an accessible Tri-met bus stop.
QUAD Inc. will provide round-the-clock personal care attendant services to eligible residents including help with medication, grooming and meal preparation. These services allow residents, many of whom are eligible for nursing-care levels of services, to prolong their independence. QUAD Inc. raised $435,000 for accessibility upgrades from private foundations including the M.J. Murdock Charitable Trust, Meyer Memorial Trust, Collins Foundation and others.
NOAH provided a permanent loan of $1,123,205. Additional funding came from: US Bancorp CDC, Oregon Housing and Community Services, City of Gresham HOME program and the FHLB Affordable Housing Program.
Cambrian Apartments Purchased for Affordable Housing
With the cost of new construction sky high, affordable housing developers are taking new approaches to creating affordable housing. In October, Innovative Housing, Inc. (IHI) purchased the Cambrian Apartments, a market-rate rental building located in downtown Portland, with plans to lower the rents so that they are affordable to residents with incomes below 60% of area median income. In addition to IHI’s equity contribution, the acquisition was financed with a $2,538,576 “market rate conversion” acquisition loan from NOAH. Over the next two years, IHI will assemble permanent financing and make needed upgrades on the building.
Upgrades Extend Property’s Life
Capitol Plaza is a 36-unit HUD subsidized affordable housing project serving seniors and persons living with disabilities. Located in Salem, Oregon, the property was built in 1951. RPH Investment Group purchased the property and obtained Low Income Housing Tax Credits and other funds to allow for the building to be substantially rehabilitated. The improvements, which will extend the life of the building for another 60 years, included major system replacements, a new sprinkler system and the installation of a second elevator. The project has 36 one-bedroom units, a community room and rooftop deck. NOAH provided a $1,200,000 permanent loan. Additional financial support came from Oregon Housing and Community Services and US Bancorp CDC, as well as a grant from from MPower for energy upgrades. Photo credit: Ankrom Moisan Architects.
Capital Campaign Exceeds Goal
Thanks to Bank of the Pacific’s recent investment of $790,000, we have surpassed our capital campaign goal, bringing the total new capital raised for our permanent loan pools to $25,005,400. To date, 13 banks have invested in NOAH’s campaign. The additional capital will allow NOAH to make more long-term, fixed-rate loans to developers of affordable housing in Oregon. For a full list of banks participating in the campaign, go here.
We are also excited to announce three new investors in our acquisition fund.The Oregon Community Foundation recently made a $2 million award to NOAH from their newly formed Oregon Impact Fund. In October, Religious Communities Investment Fund (RCIF), committed $250,000 to NOAH and in November we received a commitment of $250,000 from the Sisters of the Holy Names of Jesus and Mary. This low-cost capital will provide short-term loans for the acquisition and development of affordable housing.
Manufactured Housing Convening a Success
On August 9th, 125 people came together to discuss manufactured housing and the role it plays in providing affordable housing in Oregon. The meeting, “Manufactured Housing in Oregon: Policy and Best Practices”, was hosted by NOAH and co-sponsored by Prosperity Now and Oregon Housing and Community Services. Local and national speakers addressed the current work, recent accomplishments and new innovations underway to enhance manufactured housing.
Oregon is leading the country through the work of a statewide steering committee focused on creating policies, regulations and resources to support manufactured housing as a viable affordable housing option. The meeting also showcased the projects taken on by the peer learning collaborative, which include replacement of old homes, home upgrades and weatherization, and new park development. NOAH is proud to facilitate both of these efforts through the generous support of Meyer Memorial Trust and Oregon Housing and Community Services. For more insight on the convening, you can see the presentations here.
In Case You Missed It
NOAH’s FY 2017 Annual Report is released. Click here to view it.
Dr. Chris Herbert of Harvard’s Joint Center for Housing Studies headlines NOAH’s Annual Meeting. Click here to view his presentation.
October 2017 News Flash
NOAH’s Annual Report is Released
NOAH made great progress in advancing the goals of its strategic plan in FY 2017. Click here to learn about the impact of our work.
Herbert Headlines Annual Meeting
On October 27th, NOAH held its annual meeting for investors and partners. The meeting featured a presentation by Dr. Chris Herbert, Managing Director of Harvard’s Joint Center for Housing Studies, and a presentation of NOAH’s accomplishments by Executive Director Bill Van Vliet. You can view Dr. Herbert’s presentation here. NOAH’s presentation can be found here.
Allen Fremont Plaza Provides Affordable Housing in a Gentrifying Community
When GBC Inc. decided to sell the Allen Fremont Plaza Apartments, an attractive 64-unit affordable housing development in Northeast Portland, they looked for a purchaser who they could count on to keep the rents affordable for the seniors who resided in the building. GBC selected REACH Community Development, Inc. as the future owner. REACH is a large nonprofit affordable housing developer and owner in the Portland metro area, with a strong track record of providing quality housing and services to residents.
In 2015, NOAH provided an acquisition loan to REACH to purchase the building. REACH made property upgrades, enhanced operations, and obtained rental assistance for 30 of the units. Once the building was stabilized, they approached NOAH for the permanent financing. In July 2017 NOAH provided a permanent loan in the amount of $2.4 million to REACH.
Offering one-bedroom apartments, this building is conveniently located near shopping and transit and services. There is an outdoor patio on the south side of the building and a parking lot with 27 spaces. A tenant storage room is located on each floor, with a total of 82 small storage lockers. The Allen Fremont Plaza is a valuable resource in this community providing affordable homes to long-time residents of the area.
A Team Effort Preserves Two Rivers Homeowners Cooperative
With 142 spaces for manufactured homes, and an ideal location in Gladstone, Oregon, the Two Rivers Homeowners Cooperative (formerly known as the Gladstone Mobile Home Park) is an oasis of affordability in a sea of escalating home prices. Built in 1962 on 12 acres, the park provides affordable home ownership to residents age 55 and older. Amenities include a recreation building, laundry facility and two community gardens.
When the park owner received an unsolicited bid to buy the park from an out-of-state entity at a price that would have likely resulted in pad rent increases, residents, who were notified under Opportunity to Purchase legislation, reached out to CASA of Oregon for assistance. CASA is a ROC USA certified technical assistance provider. They specialize in providing financial and technical assistance to residents of parks, and help organize resident cooperatives that take on park ownership.
CASA helped the cooperative identify and assemble the necessary financing for the acquisition. NOAH provided a $2 million gap loan and a $6 million acquisition loan. RCAC, a national organization dedicated to creating vibrant, healthy and enduring communities, participated in the acquisition loan with $3 million of capital. CASA provided a $1.5 million loan to complete the financing package. With the acquisition in hand, the cooperative will now work with CASA to secure permanent financing for the park.
Shoreview Meadows Homeowners Secure Their Future
Oregon’s red hot real estate market can make manufactured home parks vulnerable to sales that result in either redevelopment or sharp increases in pad rent. When the owner of the Shoreview Meadows Cooperative (formerly Dorena Lake Mobile Home Park) decided to sell, he approached residents and CASA of Oregon to see if resident ownership would be a viable option. CASA worked with the residents to form a cooperative and with NOAH to obtain financing.
The 23 space, all-age park, was secured by the cooperative with a $947,000 permanent loan from NOAH and $805,000 from Oregon Housing and Community Services. The park was built in 1973 on 6.2 acres in a lovely setting near Dorena Lake in Cottage Grove.
Capital Campaign a Success
Many thanks to the 12 banks who stepped up to invest in NOAH’s $25 million capital campaign. To date, $24.2 million in new bank capital has been committed to financing the acquisition, preservation and development of housing for families with low and moderate incomes. NOAH launched a capital campaign last summer to grow its impact and produce more affordable housing units.
Current members of NOAH’s banking consortium that participated in the campaign are: Banner Bank ($818,000), Bank of the Cascades ($470,000), Columbia Bank ($2,000,000), Heritage Bank ($400,000), Pacific Continental Bank ($1,500,000), Riverview Community Bank ($277,000), The Commerce Bank ($750,000), Umpqua Bank ($5,000,000), US Bank ($3,000,000), and Wells Fargo Bank ($3,000,000). Two new banks joined NOAH’s consortium: Beneficial State Bank ($5,000,000) and Northwest Bank ($2,000,000).
In addition to raising bank capital, NOAH is also working to increase lower-cost, non-bank capital that will leverage bank dollars. To date NOAH has raised another $650,000 with $500,000 coming from The Collins Foundation and $150,000 from The Seton Enablement Fund ($150,000). These funds are targeted to our manufactured home park financing.
NOAH is grateful for this support at a time when our work is needed more than ever to address the housing crisis in Oregon.
Manufactured Housing Work Advances
NOAH’s work to advance manufactured housing as a viable affordable housing resource for Oregonians is hitting its stride. Beginning last April, 13 individuals from 12 Oregon nonprofit and public agencies have been engaged in a peer learning program with a goal of raising the bar of professional practice in this area. Working with consultants Charlie Baum of Starting Point and Stan Biles of Management Solutions, participants are tackling a range of issues including financing park acquisitions, developing new parks, improving energy efficiency and infrastructure and addressing regulatory and land use issues.
NOAH is also hosting a convening on Manufactured Housing Best Practices and Policy on August 9th. The convening is co-sponsored by Oregon Housing and Community Services and Prosperity Now, a national organization dedicated to helping people achieve financial security and stability. For more information about the meeting, click here.
NOAH Provides Important Testimony
For the past several months, NOAH’s staff has worked closely with the Oregon Housing Alliance to provide testimony at the Oregon legislature regarding housing needs and solutions. The end of the session brought good news for several proposed housing bills:
- The Oregon Affordable Housing Tax Credit, a tool that NOAH uses extensively to fund the development and preservation of affordable housing, was extended to 2026 and increased to $25 million.
- A bill to fund the preservation of affordable housing, another priority of NOAH’s, appropriated $25 million in lottery-backed bonds for that purpose.
Additional legislative successes can be found on the Alliance website. The passage of these bills results in more resources to meet the housing needs in the state. Many thanks to the advocates and the legislators who supported this legislation.
Colorado Lake Cooperative Obtains Permanent Loan
The Colorado Lake Cooperative is a 45-space manufactured home community nestled against the Colorado Lake east of Corvallis. Residents initially formed a not-for-profit entity and purchased the community, originally known as Lakeshore Estates, from the previous owner in 2007, using a combination of traditional mortgage debt and $13,100 in membership loans. The new permanent financing from NOAH in the amount of $1.9 million enabled the resident-owned cooperative to refinance the maturing mortgage debt, pay off the individual membership loans, and preserve the community as affordable housing for the long term. NOAH worked closely with the residents and with partner CASA of Oregon on the transaction. CASA provided additional financing and technical assistance to the cooperative. CASA is a leader in Oregon in preserving manufactured home parks through the organization of resident cooperatives and a valued partner of NOAH.
Beautiful New Housing Comes to Downtown Medford
With a rental housing vacancy rate of just 2% in Jackson County, the fifty-units of new affordable housing in The Concord are a welcome addition to the community. Developed by the Housing Authority of Jackson County, The Concord features 1 and 2 bedroom units with large windows, balconies and energy efficient systems and appliances. Twelve of the apartments have rental subsidies and are prioritized for persons living with disabilities. Services to those with disabilities will be provided by Pathway Enterprises. La Clinica will provide residents with periodic on-site medical and dental health screenings. NOAH will be providing a $1.6 million permanent loan. Additional funding for this development comes from Key Bank, Oregon Housing and Community Services, the City of Medford, and the Housing Authority of Jackson County.
Another Park Acquisition/Transformation Begins
St. Vincent de Paul Society of Lane County (SVDP) is on a mission to transform deteriorated manufactured home parks (MHPs) into safe, livable communities. The Saginaw MHP is SVDP’s sixth park acquisition/transformation effort, and they’ve become an expert on turning these older, under-invested parks around. With 41 mobile homes and RVs on 14 acres, SVDP plans to make significant upgrades to the park infrastructure, as well as replace several of the dilapidated homes. NOAH provided a $1.49 million acquisition loan. Upon the completion of upgrades and stabilization of occupancy, NOAH plans to provide the permanent loan. Additional support secured to date comes from Oregon Housing and Community Services. SVDP will provide intensive social services, which are critical to changing the culture in the MHPs and improving the quality of life for the people who reside there. They will also add a new community room, office space, bathrooms, signage, lighting, and playgrounds.
Manufactured Housing Peer Learning Collaborative Begins
On April 21 & 22, 12 organizations from around the state participated in the launch of the Manufactured Home Park Peer Learning Collaborative. NOAH is facilitating this program, which is designed to build capacity among nonprofit and public sector organizations interested in manufactured housing as a critical component of the affordable housing continuum. Participants will identify a performance challenge from one of these broad areas of the manufactured housing industry: manufactured home park preservation, resident engagement, manufactured home replacement and repair, policy development and access to credit. With curriculum, coaching, and peer group learning, participants will realize substantial performance results with the ultimate goal of increasing the supply, condition and security of manufactured housing for households with low and moderate income. Primary support for this program comes from Meyer Memorial Trust, with additional support from Oregon Housing and Community Services. Program training and coaching is being provided by Charlie Baum of Starting Point, with additional support from Stan Biles of Management Solutions.
Equity Plan Adopted
Earlier this winter, NOAH’s Board of Directors adopted a Social Equity Plan. The plan establishes goals for expanding NOAH’s lending in underrepresented and underserved communities, and creating policies and practices to better support diversity, equity and inclusion. For more information contact .(JavaScript must be enabled to view this email address).
NOAH Hosts Reception for Eugene Partners
NOAH’s Board of Directors and Management Team hosted a reception in Eugene to acknowledge the good work of our local partners and celebrate the 27 affordable housing developments financed by NOAH in the Eugene area. NOAH Board Chair Brian Stewart welcomed guests and shared a slideshow of local housing developments. Many thanks to the banks, housing development organizations and public officials who attended the reception and who work tirelessly in service to their community. Additional thanks to locals John Van Landingham and Stephanie Jennings for their ongoing service to NOAH on the board and loan committee, respectively.
NOAH’s Capital Campaign
Last summer, NOAH launched a campaign to raise $25 million in loan capital to support the ambitious goals set forth in our new strategic plan. We are pleased to announce that we are close to meeting our goal with commitments exceeding $18 million. To date we have signed agreements with: Banner Bank, Bank of the Cascades, Columbia Bank, Heritage Bank, Pacific Continental Bank and Riverview Community Bank. Every new dollar in the loan pool translates into additional affordable housing for our state. Since its inception, NOAH has financed over 9,500 units of affordable housing in 65 Oregon communities. Many thanks to the banks who have stepped up to help us do more.
Land Purchase First Step in Creating More Affordable Housing
In December 2016, NOAH made a $1.968 million acquisition loan to Gateway Affordable, LLC to purchase 1.03 acres of land. Gateway Affordable, LLC, whose members are part of the executive team of Walsh Construction Co. (WCC), have engaged Northwest Housing Alternatives (NHA), a nonprofit, to develop the property. NHA plans to build a four-story affordable apartment complex with studio, one and two bedroom apartments. NOAH’s revolving land acquisition fund was established in 2016 in partnership with the City of Portland to help developers move quickly to purchase land for future affordable housing development.
NOAH Teams Up with NeighborWorks Capital
NOAH is supporting Willamette Neighborhood Housing Services (WNHS) with their purchase of two adjacent half-acre parcels in Corvallis on which they plan to build 12-13 rental units of affordable housing. NOAH is partnering on this $446,400 acquisitin loan with NeighborWorks Capital. NeighborWorks Capital is a national community development financial institution that provides financial resources for affordable housing projects developed by affiliates of NeighborWorks America, of which WNHS is one. Their participation will allow NOAH to stretch our acquisition funds further. WNHS has a long history of affordable housing development in the Corvallis area. The land acquisition will help ensure that additional affordable housing will be built to meet the growing need in that community.
Workforce Housing Comes to Junction City
The rural community of Junction City gained 40 units of affordable workforce housing thanks, in part, to a $750,000 loan commitment from NOAH. St. Vincent de Paul Society of Lane County developed the property which includes 1, 2 and 3 bedroom units, a community building with kitchen, play area, and on site laundry. The project is targeted to households earning between 50%-60% of area median income, or about $34,000/year for a family of four. Additional funding for the development came from Oregon Housing and Community Services, Wells Fargo and the Energy Trust of Oregon.
Fifty Units of Affordable Housing Added in Southern Oregon
Grants Pass has the second highest poverty rate in the state, so the community greatly benefited from the construction of 50 units of affordable housing by the Housing Authority of Jackson County (HAJC). When Parkview Terrace opened, KTVL news reported that there were cheers as people turned in applications after waiting in line for days for the opportunity to live in one of the units. NOAH provided $1.15 million in financing for this garden style, low-rise development which has one, two and three bedroom units. Resident support services are provided on site. Additional funding for the project came from Oregon Housing and Community Services and HAJC.
The Collins Foundation Awards Funds
The Trustees of The Collins Foundation recently awarded NOAH a $500,000 Program Related Investment to support NOAH’s Oregon Housing Acquisition Fund. The funds will be lent to mission-focused purchasers of manufactured home parks and federally assisted affordable housing. Formed in 1947, The Collins Foundation invests in Oregon nonprofit organizations that are dedicated to improving quality of life and well-being for the people in their communities. This low-cost financing will help NOAH leverage our bank capital to finance our robust pipeline.
NOAH’s affiliate, MPower Oregon, has a new website. Check it out!
Bascom Village II Opens in Lane County
Congratulations to the Housing and Community Services Agency of Lane County (HACSA) for the November 10th grand opening of Bascom Village Phase II. NOAH has committed $365,000 in financing for this property which includes 48 apartments with one, two and three bedroom units, a playground, community room, community garden and green features. The property is located in north Eugene and includes five units for participants of Vet LIFT, a program for homeless Veterans. The Vet LIFT program, which is operated by St. Vincent de Paul of Lane County, helps Veterans increase their income and job skills, and achieve greater levels of self-determination.
Bascom Village Phase I, developed by St. Vincent de Paul, is adjacent to Phase II and includes 53 units of housing for which NOAH also provided permanent financing. Additional funding for Phase II include Wells Fargo, City of Eugene, Oregon Housing and Community Services and HACSA.
Rosewood Plaza = Housing + Health
NOAH has committed $1,320,110 of financing to Rosewood Plaza Apartments and sponsor nonprofit Human Solutions for a collaborative project that combines community revitalization with new development to bring high quality affordable housing and low-cost medical/dental services to the Rockwood Neighborhood of Gresham, Oregon. The property includes 26 units of existing housing that has been fully rehabilitated, and 19 newly constructed units. Human Solutions will lease commercial space on the property to Wallace Medical Concern, a nonprofit Federally Qualified Health Center that provides affordable primary and urgent medical services. NOAH’s loan will cover the residential portion of the property.
Additional funding for Rosewood Plaza came from Bank of America, Oregon Housing and Community Services, City of Gresham, Housing Development Center, and a capital campaign.
NOAH Finances Land Acquisition in NE Portland
Thanks to a new partnership with the City of Portland, NOAH was able to provide financing to Habitat for Humanity Portland/Metro East to purchase land for affordable home construction for new home buyers. Two loans totaling $900,000 were made to purchase a .77 acre parcel and a .47 acre parcel on which Habitat plans to build up to 30 homes total. The City of Portland Housing Bureau invested $1 million to create a revolving fund administered by NOAH, so that land suitable for affordable housing development could be purchased quickly. NOAH is leveraging the City’s money with funds from other public and private sources. Demand for the fund has been high and NOAH has additional property purchases pending.
Historic Bronaugh Apartments Restored
NOAH helped ensure that the 100 year-old Bronaugh Apartments would be preserved as affordable housing by providing an acquisition loan in 2013 through our Oregon Housing Acquisition Fund (OHAF) and a commitment of permanent financing in the amount of $2,050,000. The Bronaugh contains 50 units of rent-subsidized housing for senior and disabled Oregonians living on fixed incomes. The property was one of 11 federally subsidized apartment buildings that was targeted for preservation by 2013, under the City of Portland’s 11 x 13 Campaign.
NOAH provided early financing that allowed REACH Community Development, Inc. to buy the building from the former owner, as the building had an expiring Section 8 rent subsidy contract and was at risk of being sold and turned into market-rate housing. The Bronaugh underwent substantial renovation, but historic architectural features were retained.
Other funding partners on this important project include: Portland Housing Bureau, Oregon Housing & Community Services, Bank of America Merrill Lynch, National Park Service (historic tax credits), and the U S Dept. of Housing & Urban Development.
Meyer Awards NOAH Funds For Manufactured Housing Effort
NOAH was recently awarded $123,532 from Meyer Memorial Trust to advance manufactured housing as a viable affordable home ownership and rental option in Oregon. NOAH has proposed a two-part approach intended to accelerate production and preservation, stimulate innovation and improve coordination and collaboration of the work being done across the state.
Manufactured housing represents the largest inventory of affordable unsubsidized single-family housing available for low income Oregonians. This housing is increasingly threatened by pressures from the private market ranging from park redevelopment to owners seeking to yield the greatest possible return on their investment by increasing pad rents. There are over 65,000 manufactured homes in Oregon and over the past decade more than 2,700 families have been displaced due to manufactured home park closures.
Under the terms of the grant, NOAH will convene a statewide steering committee that will help inform policy and practice with regard to manufactured home purchase and replacement, and manufactured home park acquisition, preservation and rejuvenation. The steering committee will be comprised of leaders from public and private organizations working on various aspects of this issue. NOAH will also facilitate a peer learning collaborative made up of practitioners who are tackling this issue. The peers will each establish a performance challenge and then meet with coaches over a 12-16 month period to address the challenge.
NOAH is modeling this work after the very successful Oregon Housing Preservation Program where we facilitate a multi-sector collaborative to address the preservation of federally assisted housing. NOAH is creating a special fund to provide needed capital for park acquisition. We are thrilled that Meyer Memorial Trust is supporting this work.
NOAH’s Annual Meeting Highlights Impact and Need
On Monday, October 17th, NOAH held its annual meeting for our member banks. Highlights of the meeting included an overview of NOAH’s accomplishments for the fiscal year ending June 30, 2016 and a presentation on housing challenges in rural Oregon. NOAH ended the year very strong with a gain of nearly $14 million in total assets and total loan capital of $198 million. Twelve permanent loans for affordable housing were closed totaling $21 million. More detail on the accomplishments of NOAH and our affiliate MPower can be found in the Annual Meeting PowerPoint presentation located on our website.
NOAH’s work across Oregon provides us with a unique opportunity to see how housing markets are functioning in both urban and rural areas. To help our member banks better understand these dynamics, we invited Heidi Khokhar, Executive Director for Rural Development Initiatives (RDI) and Jim Tierney, Executive Director for Community Action Team (CAT) in St. Helens, to share their observations about the current housing conditions and needs throughout rural Oregon. Heidi and Jim relayed that in many parts of the state there is a lack of housing of all kinds – market-rate, workforce, and housing for those with very low incomes. In rural communities, homelessness is on the rise and vacancy rates are extremely low. The existing housing that is affordable is often substandard. In tourist communities, second homes have taken over much of the housing stock, leaving fewer options for permanent residents. Jim pointed out that since 2010, 1,800 homes in Tillamook became vacation rentals, while only 46 new homes were built, resulting in a loss of over 1,750 units. Heidi explained that vacation home owners have an impact on these communities. Generally, they don’t put their kids in the schools, they volunteer less, and they don’t support local businesses on a regular basis. Employers in these places find that their employees are having extreme difficulty in locating homes to rent or buy, which makes it difficult from them to adequately staff their businesses. Heidi and Jim also discussed the lack of development capacity in many rural places, which makes getting projects implemented difficult. Land use and zoning is also an issue, because many places lack enough suitably zoned land to build housing. The speakers provided several ideas on how NOAH could develop financial products tailored to these markets. Working in rural Oregon aligns well with NOAH’s new strategic plan and our commitment to finance more housing in underserved areas. We are grateful for partners such as RDI and CAT who can provide both insights and resources that help NOAH have the greatest impact.
MPower Oregon Receives Grant for Multifamily Solar
Thanks to a new partnership with the Bonneville Environmental Foundation, NOAH’s affiliate MPower was recently awarded a grant from Meyer Memorial Trust to demonstrate models for increasing solar opportunity in multifamily affordable housing. This opportunity aligns perfectly with MPower’s activities at the intersection of good, affordable housing and the smart use of natural resources. This demonstration proposes an inclusive alternative, one that advances energy equity and environmental justice, while addressing our most pressing global problem – climate change. Jill Fuglister, Meyer’s Healthy Environment portfolio director, called the demonstration project “a timely opportunity to inform and transform the renewable energy marketplace in Oregon for the specific benefit of low-income residents of affordable housing.” We are honored by the opportunity to increase access to renewable energy for low-income Oregonians.
NOAH Finances Oakridge Mobile Home Park Renewal
In April of this year, NOAH closed a $550,000 permanent loan with St. Vincent de Paul of Lane County (SVDP) for the Oakridge Mobile Home Park. The park provides 56 homes, with space available to add seven more.
The park is located in Oakridge, a rural community of 3,210 residents that is 45 miles east of Eugene, along the Middle Fork of the Willamette River. The park has been in existence since the 1950, and was in very poor condition when SVDP acquired it. Prior to SVDP’s purchase, the park had high crime rates and poor livability. SVDP worked closely with the residents, the local business community and volunteers to make improvements to the overall condition of the park. The park now has new amenities including a playground, gazebo, benches and a picnic-barbecue area.
Unlike other manufactured home parks financed by NOAH, this park will not be resident-owned but rather will be owned by SVDP, who will rent spaces to residents. SVDP owns more than 1,300 affordable housing units, has acquired five mobile home parks in recent years and is working to acquire additional facilities in the future. According to SVDP Executive Director Terry McDonald, “It’s critically important that we maintain and improve what historically has been a vital source of affordable housing.”
Prior to funding the permanent loan, NOAH provided SVDP a pre-development loan to assist with the purchase. Other financial partners for this property are Oregon Housing and Community Services and the Federal Home Loan Bank.
Manufactured home parks are at risk of being lost for redevelopment or reuse all around the state. NOAH is committed to helping residents, nonprofits and public housing authorities purchase parks and keep them affordable to residents.
The Barcelona Opens in Downtown Beaverton
NOAH closed a permanent loan of $1.1 million in August 2016 for The Barcelona Apartments, the newest property from Community Partners for Affordable Housing (CPAH). The Barcelona is a 47-unit affordable apartment complex, in a 4-story mid-rise elevator-served building, in the heart of Beaverton. It was built on land owned by the City of Beaverton, which was one of CPAH’s six funding partners for this project. Other funders included: JP Morgan Chase, the National Equity Fund, Oregon Housing and Community Services, Washington County Office of Community Development, the US Dept. of Housing and Urban Development and the Community Housing Fund.
The building contains three studios, 41 one-bedroom/one bath units and three 2-bedroom/one bath units and will primarily house seniors and people with disabilities. The building has many amenities including a community room with computer access, an outdoor patio and a solarium on the top floor. The property was constructed according to Enterprise Green Community Standards.
The building is part of a larger development which includes a mixed-use, market-rate apartment building, La Scala, that is being developed by RKM Development. Together these new properties will enhance the activity and pedestrian experience, breathing new life into the center of Old Town Beaverton. CPAH is a private, nonprofit community development corporation that has developed eight affordable apartment complexes containing 372 units.
Ridings Terrace I and II Acquisition in Molalla
NOAH’s Oregon Housing Acquisition Fund (OHAF) is an important resource for mission-focused developers to acquire and preserve housing that is nearing the end of its federal use restrictions and/or at risk of being sold or converted to market-rate housing. In July of this year, NOAH financed the acquisition of Ridings Terrace I and II in Molalla, Oregon with a $1,267,500 OHAF loan and $509,000 Gap loan. The borrower, Molalla Affordable Housing LLC, purchased the two adjacent Section 8 family properties with plans to preserve them for the next 60 years. Four-year terms provide the owner time to assemble permanent sources needed to finance property renovations and repay the OHAF and Gap loans. The properties have 19 two-bedroom and 15 three-bedroom units in seven buildings. Molalla Affordable Housing LLC is controlled by Chrisman Development. Since their inception in 1989, Chrisman Development has developed or rehabilitated 41 affordable housing properties with 1,352 units.
The OHAF fund, which is made possible with substantial assistance from the Meyer Memorial Trust and The MacArthur Foundation, has provided 25 acquisition loans totaling $40.6 million helping to preserve or create 998 units of affordable housing across Oregon.
Second Phase of Orchards at Orenco Opens
A large crowd gathered August 10th, 2016 to celebrate the Grand Opening of Orchards at Orenco Phase II, 58 units of affordable workforce development housing located at the Orenco Station in Hillsboro.
NOAH provided permanent financing for Phase I and has committed $2.7 million in permanent financing for Phase II. Developed by REACH CDC, Orchards at Orenco is a three-phase development built to Passive House standards, creating an extremely energy efficient building. These construction techniques reduce heating and cooling requirements, while simultaneously creating excellent indoor air quality. Other features include an outstanding transit-oriented location on the MAX light rail line. (photos courtesy of REACH CDC/Ankrom Moisan Architects)
NOAH Board of Directors Adopts New strategic Plan
After more than 30 interviews with industry stakeholders, borrowers and supporters, and a strategic planning retreat, the NOAH Board of Directors adopted a new strategic plan this summer to guide the organization over the next five years. The plan builds on NOAH’s 26 years of experience in affordable housing finance, policy and program development and implementation.
Through the strategic diversification of NOAH’s lending products and programs, NOAH will aggregate and deploy capital for a broad range of housing solutions. NOAH also plans to retain an active role in shaping and guiding policies and programs that support the creation and preservation of affordable housing in Oregon.
NOAH will pursue four main avenues for greater impact:
1. Scale up lending operations by expanding the amount of capital available for permanent loans and bonds.
2. Take a leadership role in addressing major issues related to the housing affordability crisis, income inequality and under-invested communities. Create and test new loan products to address current and emergent needs.
3. Advance an equity agenda. Expand our lending in under-represented and under-served communities and improve NOAH’s corporate practices for supporting diversity in our internal operations.
4. Invest in internal capacity to enhance NOAH’s effectiveness and efficiency resulting in the ability to impact policy, effectively deploy new products, enter new markets, and increase earned revenue to support key staff positions.
As part of the plan, NOAH has begun a capital campaign to increase its lending capacity and to support operational growth. NOAH hopes to expand funding from current bank investors as well as attract new banks to invest in its loan pools. NOAH will also seek non-bank capital and philanthropic sources to grow its flexible funding. These new capital resources are needed to respond to the housing crisis, and will support NOAH’s ambitious and laudable plans for increasing the supply of affordable housing in Oregon.
View the plan here or download a .pdf here.
NOAH Has a New Look!
Over the past few months NOAH has updated its brand with a new logo and website. We also have a social media presence. You can find us Twitter and LinkedIn where we’re sharing up to the minute information about our most recent projects. And check out our new website!
NOAH recently achieved high honors from Oregon Business magazine’s 100 Best Nonprofits To Work For in Oregon. On September 29th, NOAH was ranked the sixth best small nonprofit in Oregon. The award is presented as part of Oregon Business’ 100 Best Companies project. This was NOAH’s first time competing for the award.
Congrats to MPower
Congratulations to NOAH’s affiliate MPower for receiving the Bank of America sponsored Oregon Opportunity Network Innovation Award. Check out this short video highlighting their good work.