Rio Bella and Rio Bella Heights provide 54 units of much-needed affordable housing to low-income residents of Hood River, Oregon. But the two apartment complexes faced an uncertain future in 2009, when original owner/developer HOPE CDC closed its doors. With Housing Development Center’s assistance, Columbia Cascade Housing Corporation (CCHC), the affordable housing ownership arm of the Mid-Columbia Housing Authority, stepped in to acquire and preserve the properties. We helped CCHC assess project feasibility; complete a complex portfolio transfer and financial restructure that included Low-Income Housing Tax Credit (LIHTC) Year 15 exits; and overhaul asset and property management systems to get the properties operating in the black. With funding and acquisition complete, HDC managed a thorough physical renovation of both structures, which involved replacing the entire envelopes of both buildings to address extensive moisture damage. The Rio Bella properties re-opened in June 2012, financially and physically restored and repaired, ready to serve Hood River’s low-income residents for another 50 years.
- Client Columbia Cascade Housing Corporation
- Location Hood River, Oregon
- Size 54 units; 48,369 square feet
- Development team William Wilson Architects, LMC Construction
- Completion date June 2012
- HDC role Financial restructuring; construction management; tenant relocation