HDC Community Fund Loans

The Knoll
 

About our loan recipient: Community Partners for Affordable Housing (CPAH) provides safe and healthy affordable housing, along with support services and skill-building activities, for individuals and families with the greatest need who live or work in the Tigard-Tualatin area and in Southwest Portland. CPAH owns seven apartment complexes that provide homes to more than 325 low-income families and seniors.

About this project: Anchoring a new urban renewal area in the growing suburban community of Tigard, The Knoll provides 48 units of affordable housing for low-income seniors and formerly homeless veterans. The four-story complex includes advanced green features, such as a 15,000 rainwater-harvesting tank, a permeably paved plaza/fire lane, and a vertical planting structure that shades the front lobby in summer.

Why we're invested: CPAH had assembled a complete funding package to build the Knoll—$10.8 million from 15 separate sources. But in 2009, the real-estate crisis caused the project’s lender and investor to increase their liquidity thresholds. A short-term loan from HDC Community Fund, secured against CPAH’s future developer fee and cash-flow from the Knoll, helped CPAH meet the higher thresholds. This gave CPAH the leverage it needed to access construction financing and move forward with the project.

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