Announcements
NOAH Launches New $30MM Long-Term Tax-Exempt Bond Fund
10.9.18
NOAH is very excited to announce the launch of a new $30MM long-term tax-exempt bond fund. Thank you to the investment 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 see the financing section of our website for a term sheet with more detailed information.
NOAH Receives National Award to Support Affordable Housing Efforts Across the State
9.20.18
Portland, Oregon – Today, 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.
NOAH will target funds to:
- Multifamily rental housing with expiring federal rental subsidies (HUD or RD) or Section 42 tax credits approaching the end of the contract compliance period.
- Acquisition of manufactured home parks; market rate property (unrestricted by regulatory agreements, with the intent to transition to affordable housing); land for affordable housing development; and unregulated affordable housing (also known as naturally occurring affordable housing).
Full details can be found here.
Online Loan Information System Now Available!
9.19.18
NOAH is pleased to announce our new web based loan servicing portal is now 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 the .(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 Welcomes Cyndi Barber as Director of Finance and Administration
6.1.18
NOAH is pleased to announce the addition of Cyndi Barber as Director of Finance and Administration.
The Director of Finance & 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 she has 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!
Network for Oregon Affordable Housing Joins Next Step
3.20.18
Louisville KY – Today, Next Step Network is announcing that Network for Oregon Affordable Housing (NOAH), a mission-driven lender working to solve Oregon’s housing affordability crisis, is joining Next Step’s efforts to promote the use of affordable, energy-efficient factory-built homes. Since 1990, NOAH has funded more than $316 million in loans for over 260 properties and more than 9,800 units, leveraging more than $1.28 billion in total project capital. Read More
Capital Campaign Goal Surpassed
11.15.2017
We did it! Thanks to Bank of the Pacific and their recent commitment of $790,000, NOAH has surpassed its $25 million capital campaign goal. Many thanks to the 13 banks that made this possible: Bank of the Cascades, Bank of the Pacific, Banner Bank, Beneficial State Bank, Columbia Bank, Heritage Bank, Northwest Bank, Pacific Continental Bank, Riverview Community Bank, The Commerce Bank, Umpqua Bank, US Bank and Wells Fargo. The capital raised in the campaign will be used to support NOAH’s permanent loan pool, providing long-term, fixed-rate loans for new and preserved affordable housing projects in Oregon.
NOAH Holds Annual Meeting
10.27.2017
On October 27th, 2017, NOAH held its Annual Meeting for investors, partners and borrowers. Seventy-five people filled the room at the Ecotrust Natural Capital Center, to hear a presentation by Dr. Chris Herbert, Managing Director of the Joint Center for Housing Studies at Harvard. Dr. Herbert shared a PowerPoint presentation highlighting changes in the Portland and U.S. housing markets. His presentation was followed by a re-cap of NOAH’s FY 2017 accomplishments by Executive Director Bill Van Vliet. The meeting coincides with the release of NOAH’s annual report which can be found here.
NOAH welcomes Alma Flores to the Board of Directors
6.30.2017
The NOAH Board of Directors recently elected Alma Flores to the Board. Alma is the Community and Economic Development Director for the City of Milwaukie, Oregon. In her current position, Alma oversees a staff of 15 and manages the economic development, planning, engineering and building divisions. Alma has a Masters in Urban Planning from MIT, as well as extensive volunteer experience, including board service with Portland State University’s Institute for Metropolitan Studies and Catholic Charities Portland. Welcome Alma!
Three More Banks Step Forward to Increase Funding for Affordable Housing
3.10.2017
Three more banks have increased their financial commitment to NOAH as part of NOAH’s capital campaign to raise $25 million of financing for affordable housing development and preservation. Thanks to Heritage Bank, Umpqua Bank and Columbia Bank for making it possible to finance more affordable housing in Oregon. Heritage Bank increased their commitment by $400,000, Umpqua increased their commitment by $5,000,000 and Columbia Bank increased their commitment by $2,000,000. To date, NOAH has signed commitments for over $10 million, with additional commitments in process.
To learn more contact .(JavaScript must be enabled to view this email address).