PacificSource Community Solutions Extends $4 Million Loan to Lane County’s Homes For Good to Support Preconstruction of Affordable Housing
(Springfield, Ore.) April 25, 2024— PacificSource Community Solutions, part of the PacificSource family of companies that provides Medicaid services, has provided a $4 million low-interest loan to help Homes for Good Housing Agency increase the production of affordable housing across Lane County. The funding, sourced from PacificSource’s Lane County Coordinated Care Organization’s reserves, will support a wide array of pre-construction actions, including land acquisition, design services, cost estimating, and environmental reviews.
The loan terms include a low interest rate of 0.33%, to be repaid annually. This loan coupled with other Homes for Good funds that are dedicated to housing production will increase Homes for Good's capacity to deliver affordable housing production to address the housing crisis in Lane County.
“This transformational loan is the result of a dynamic partnership between Homes for Good and PacificSource Community Solutions to address health disparities experienced by low-income Lane County residents by building more affordable housing. Access to flexible pre-development funding is crucial to increasing housing production in our community,” said Homes for Good Executive Director Jacob Fox.
PacificSource Community Solutions has been working closely with the Oregon Health Authority (OHA) over the past several years on a plan to allow Coordinated Care Organizations to utilize cash reserves and execute a loan with a local housing entity to support housing efforts.
“OHA is proud to be part of this first-of-its-kind local partnership utilizing Medicaid reserves to support more affordable housing to people in Lane County and lift up the work that Homes for Good is doing,” said Dave Baden, Deputy Director for Programs and Policy. “Looking for ways to support local efforts through flexible policy and investing in health-related social needs like housing is vital to improving health outcomes in Oregon.”
“We extend our gratitude to the OHA for their instrumental role in facilitating this loan program, a pivotal initiative aligning with our overarching mission to enhance the well-being of our communities. Housing stands as a cornerstone of this endeavor, and their support underscores its critical importance in fostering thriving, resilient communities,” said Erin Fair Taylor PacificSource’s Vice President of Medicaid Plans. “Most importantly, these funds will help address social determinants of health needs for the community, provide housing security for low-income residents, and target housing development in areas with access to jobs, schools, health care, and transportation.”
About PacificSource Community Solutions:
PacificSource Community Solutions is part of the PacificSource family of companies that provides Medicaid services to Central Oregon and the Columbia Gorge, as well as Lane, Marion, and Polk Counties.
Founded in 1933, PacificSource Health Plans is an independent, not-for-profit community health plan serving the Northwest. PacificSource has staff that live and work locally to serve our members throughout Idaho, Oregon, Montana, and Washington. The PacificSource family of companies employs more than 1,900 people and serves over 600,000 individuals throughout the Greater Northwest.
About Homes for Good:
Homes for Good is Lane County’s housing agency and our primary work is to help low-income residents with the logistics of affordable housing. At a higher level, we are neighbors united to get every Lane County resident who needs help, into a home. For more information visit HomesforGood.org.