HDC Community Fund Loans
Isabella Court/62nd Avenue
About our loan recipient: Affordable Community Environments (ACE) is a nonprofit that creates affordable rental housing communities in Southwest Washington, from western Vancouver to eastern Washougal. In 2013, ACE merged with REACH Community Development, a Southeast Portland nonprofit that provides affordable housing and services for low-income people, managing a portfolio of 1,892 affordable housing units across the metropolitan region.
About this project: Currently in predevelopment, this two-phase project will provide approximately 90 units of affordable rental housing for low-income families and seniors earning 30% to 60% of area median income in the underserved Bagley Downs neighborhood of Vancouver, Washington.
Why we're invested: The vacant, transit-oriented 3.4-acre parcel in central Vancouver provided an excellent site for a senior housing development. When the property came on the market, ACE needed immediate funds to secure the site and start predevelopment. A $390,000 loan commitment from the Washington State Housing Finance Commission covered part of the costs, but ACE needed an additional $275,000 to close the gap. Based on HDC's in-depth knowledge of special-needs housing development and our prior experience working with ACE, HDC Community Fund was able to swiftly process and approve ACE’s loan request, enabling the organization to make a timely, successful offer on the property.