Metro Housing Bonds Notice of Funding Availability (NOFA)

Background

In 2018, regional voters approved a $652.8 million Metro Affordable Housing Bond for the creation of affordable housing within the urban growth boundary. The bond allows our region the opportunity to invest in the development of new housing resources for some of our most vulnerable and historically marginalized residents.

Bond revenues dedicated to Clackamas County are $116,188,094. As a county without entitlement cities (cities with a population of at least 50,000), all bond resources will run through the Housing Authority of Clackamas County (HACC).

Clackamas County production goals for Metro Bond funds are to:

• Develop or acquire approximately 812 new affordable housing units
• Meet the needs of families by making at least 406 of the units two bedrooms or larger
• Meet the needs of the County’s most vulnerable households by making at least 333 of the units affordable to extremely low-income households earning 30% or less of AMI. At least 200 of these units will be supported with rental assistance provided by HACC.
• Create affordable homes for households earning between 61 – 80% of AMI by using up to 10% of the funding. No more than 81 bond financed units will have rents at this level.

Available Resources

• Capital Funding: HACC plans to release $40.67MM or 35% of the total bond resources in this NOFA round.
• Project-based rental assistance: HACC will provide at least 125 project-based Section 8 (PBV) payment vouchers to bond-funded projects that support units serving households with incomes at or below 30% of area median income. HACC anticipates a variety of project-based vouchers types will be available, including PBS8, Mainstream, and Veterans Affairs Supportive Housing (VASH) vouchers. HACC will work with developers to determine the appropriate voucher mix for each project. Please refer to the HACC website for current Fair Market Rents and payment standards.
• HACC Conduit Bonds: HACC may consider issuing conduit bonds for HACC-owned or other projects. These bonds have the advantage of lower fees than offered by other conduit bond issuers.
   

Questions?

If you have questions or comments, please contact:

Housing Authority of Clackamas County
PO Box 1510, Oregon City, OR 97045
503-650-3434
metrobondinfo@clackamas.us