Affordable Housing Bond Notice of Funding Application (NOFA)

Description

On November 6, 2018, voters approved a $652.8 million Metro Affordable Housing Bond to address the shortage of affordable housing within Metro’s service district. The bond gives the tri-county region the opportunity to invest in the development of new housing resources for some of our most vulnerable and historically marginalized residents.The Metro Affordable Housing Bond allocated $188 million for the development of 1,316 affordable homes within Washington County. Washington County is responsible for implementing the Metro Affordable Housing Bond in areas of the county that are inside the Metro service district and outside the cities of Beaverton and Hillsboro. See Appendix B for a map of the bond implementation area. Of the above mentioned $188 million of bond revenue dedicated to the development of regulated affordable housing in Washington County, $116,465,532 is being administered by Washington County. The remaining amount of bond funding are administered by the cities of Beaverton and Hillsboro. The overall goal is to develop at least 814 units of affordable housing in Washington County’s implementation area. These 814 housing units are anticipated to house 2,505 low-income people. The Metro bond funds may be used to build new housing units or to preserve and rehabilitate existing units that are at risk of becoming unaffordable due to rapidly rising rents.Metro established a framework for unit production goals, as identified in the Metro Work Plan approved by Metro Council in January 2019 (Appendix A).Washington County has funded ten projects to-date. With these projects, Washington County is very close to meeting the unit production goals in the Metro Work Plan. Washington County has a balance of $13.5 million in funds available for a competitive solicitation to support the development of new housing units or the preservation and rehabilitation of existing units that are at risk of becoming unaffordable due to rapidly rising re