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!