TO: Chair and Housing Authority Commissioners
THROUGH: Krishna Namburi, Executive Director
FROM: Nicole Utz, Director of Housing
SUBJECT:
title
Grant Agreements for Permanent Supportive Housing Risk Mitigation Pool for Sequoia Crossing and Yaquina Southfair properties
Ward(s): All Wards
Commissioners(s): All Commissioners
Neighborhood(s): All Neighborhoods
Result Area(s): Safe and Healthy Community; Welcome and Livable Neighborhood
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SUMMARY:
summary
The State of Oregon Permanent Supportive Housing (PSH) Risk Mitigation Pool (RMP) was created for the purpose of reimbursing current PSH property owners for operational costs. Grants issued by the RMP are part of a reimbursement-based program designed to cover extraordinary costs associated with the property’s physical and operational losses connected to the operation of Permanent Supportive Housing. Authorization of the grants will result in an award of $840,000 to Sequoia Crossings and $714,000 to Yaquina Hall.
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ISSUE:
Shall Salem Housing Authority authorize the Director of Housing to enter into two Grant Agreements with the State of Oregon through its Housing and Community Services Department on behalf of Sequoia Crossings Limited Partnership and with Yaquina Southfair Housing Limited Partnership.
RECOMMENDATION:
recommendation
Authorize the Director of Housing to enter into two Grant Agreements with the State of Oregon through its Housing and Community Services Department on behalf of Sequoia Crossings Limited Partnership and with Yaquina Southfair Housing Limited Partnership.
body
FACTS AND FINDINGS:
These grants will be effective and have a start date of January 1, 2024, and, unless extended or terminated earlier, will expire on December 31, 2033. Funds are intended to provide increased financial stability for PSH partners and to limit property exposure to unanticipated financial risks.
Grant No. 9074
Sequoia Crossing
Total Maximum Funding $840,000
Grant No. 9070
Yaquina Hall
Total Maximum Funding $714,000
BACKGROUND:
Permanent Supportive Housing is a national model that effectively serves individuals and families experiencing long-term homelessness by providing on-site, individualized services. The PSH Risk Mitigation Pool was created in 2023 by the Oregon State Legislature to reimburse current PSH property owners for operational costs. The goal of the RMP is to decrease insurance claims, provide stability to Oregon Housing and Community Services’ PSH portfolio, and limit PSH properties’ vulnerability to unanticipated operational costs.
Nicole Utz
Director of Housing
Attachments:
1. Grant 9074 - Sequoia Crossing RMP
2. Grant 9070 - Yaquina Southfair RMP