HDC Community Fund Loans
Westmoreland's Union Manor
About our loan recipient: Union Labor Retirement Association (ULRA) is a nonprofit organization founded by leaders in Portland's Building Trades Movement in 1962, for the purpose of providing affordable housing and services for seniors. Directly and through related entities, ULRA owns and operates seven senior housing projects, totaling 961 units, in Oregon, Washington and Alaska.
About this project: Westmoreland’s Union Manor is one of the largest affordable senior housing projects in Oregon; it serves 300 low-income senior households, more than half of whom have incomes of less than 30% of area median income. Built in 1966, the seven-story building sits on a 6.6-acre property fronting Crystal Springs Creek and adjacent the new Portland-Milwaukie light rail line, in southeast Portland’s Westmoreland neighborhood.
As Westmoreland’s Union Manor reached 50 years of age, the building was in need of major repairs and upgrades, and the project's Section 8 federal rent subsidies were about to expire. Housing Development Center helped ULRA renew the expiring subsidies, which served 217 very low-income households, and add new rent subsidies through HUD’s newly launched SPRAC program. We also helped ULRA undertake a renovation, now in progress, that will update major building systems to improve energy performance and seismic safety, increase resident comfort and extend the life of the building for another 50 years.
Why we're invested: Along with $500,000 of ULRA’s own organizational funds, HDC Community Fund’s $500,000 loan helped ULRA complete roughly $1 million in predevelopment work, including architectural design, engineering and permitting. Providing early dollars at a below-market interest rate, we helped ULRA leverage $44 million in permanent funding and move the project forward to construction.