$20 Mil Made Available for Affordable Housing

SALEM, OR-The State Housing Council this week approved the eventual sale of just over $20 million in General Obligation bonds to fund affordable housing projects in the Portland area.

Oregon Housing and Community Services Director Bob Repine says his department will provide $20,045,000 million to provide 298 affordable housing units for Oregonians with special needs. Repine’s department has selected two projects that will receive funds:

–A loan in the amount of $5.52 million will be made to Chestnut Lane Limited Partnership for the construction of an assisted living facility in Gresham. It will be the first of its kind in the Pacific Northwest targeting the housing and service needs of the elderly deaf and deaf/blind community.

–A loan up to $14.52 million has been awarded to Troutdale Terrace Apartments Oregon LP, for the new construction of the 228-unit garden style apartments on 14 acres that will be made available to low-income residents. The development received a previous reservation of four percent Low Income Housing Tax Credits in an approximate amount of $608,362 annually for 10 years.

Oregon Housing and Community Services is the state housing finance agency, providing financial and program support to create and preserve opportunities for quality, affordable housing for lower income Oregonians. The Department also administers federal and state anti-poverty, homeless and energy assistance community services programs.