Parkway Village and Robert Lindsey Tower
Parkway Village and Robert Lindsey Tower provide critical affordable housing for 186 low-income households, including 62 very-low-income seniors, in Oregon’s third-largest city. As these properties aged, they faced mounting capital needs that couldn’t be addressed with available funding resources. Housing Development Center worked with owner Salem Housing Authority (SHA) to create an innovative financing solution, raising $26.9 million to preserve long-term affordability and address needed repairs, systems upgrades and safety and accessibility improvements. The financing solution involved assembling units from both properties into two new ownership structures to make the best use of available 9% and 4% low-income housing tax credit equity and tax-exempt bonds, and using HUD’s then-new Rental Assistance Demonstration program to convert public housing rent subsidies to more flexible project-based Section 8 subsidies. Click on the burgundy button (below, right) to learn more.
- Client Salem Housing Authority
- Location Salem, Oregon
- Size 186 units; 142,000 square feet
- Development team Carleton Hart Architecture, LMC Construction
- Completion date Spring 2015
- HDC role Financial restructuring, construction management, tenant relocation assistance