Oregon Housing Stability Council approves LIHTC funding for six HDC-assisted projects.
Tuesday, April 25, 2017

Congratulations to Farmworker Housing Development Corporation, Evergreen Union Retirement Association, REACH Community Development, ROSE Community Development, Human Solutions and Northwest Oregon Housing Authority! All six HDC clients are sponsors of affordable housing projects that received low-income housing tax credit (LIHTC) awards in two application cycles that ended this month.

The six projects will develop and preserve more than 480 rental housing units throughout the state of Oregon, including 441 permanent affordable homes for low-income households earning between 0% and 60% of area median income. Seniors, farmworkers and families with children are among the populations the projects will serve.

Following the recommendation of Oregon Housing and Community Services (OHCS), the Oregon Housing Stability Council approved tax credit awards for the six projects, along with $5.56 million in Oregon affordable housing tax credits (OAHTCs) and $2.45 million in other state-awarded grants and loans. The credits are worth up to $6.27 million per year, over 10 years, to commercial investors that will ultimately receive the credits in exchange for investing tens of millions of dollars in up-front development equity. Learn more about LIHTCs.

On April 7 the council approved awards to Farmworker Housing Development Corporation’s Park Avenue and Esperanza Court and Evergreen Union Retirement Association’s Ya-Po-Ah Terrace. Previous 2016 awards went to REACH Community Development’s Orchards at Orenco, Phase III; ROSE Community Development’s The Jade; Human Solutions’ Fairview Arms and Northwest Oregon Housing Authority’s Alder Court/Canim/Wapiti Bundle.

More about these projects:

Park Avenue and Esperanza Court: New construction and rehab of 56 units of affordable housing targeting low-income workers in agricultural and other sectors in Woodburn.

Ya-Po-Ah Terrace: Preservation of an aging 18-story apartment building in Eugene that provides 222 units of affordable and market-rate senior housing, including 210 Section 8 units serving very-low-income seniors.

Orchards at Orenco, Phase III: New construction of 52 units of energy-efficient, transit-oriented affordable family and workforce housing in Hillsboro.

Alder Court/Canim/Wapiti Bundle: Preservation of three apartment properties that provide affordable homes for 52 low-income families, seniors and people living with disabilities. These apartments represent nearly half (49%) of coastal Warrenton’s existing affordable housing supply.

The Jade: New construction of 48 units of mixed-income housing, including 44 units targeting low-income families earning less than 50% of area median income, in East Portland’s Jade District. The Jade will include a 5,000-square-foot ground-floor space that the Asian Pacific American Network of Oregon (APANO) will purchase for offices and community gathering space.

Fairview Arms: Preservation of an aging 45-unit affordable housing complex in Fairview, including a major renovation and the extension of site-based federal rent subsidies serving very-low-income residents.

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