REACH CDC Receives $18 Million for New Affordable Housing in Portland, Hillsboro
Thursday, November 13, 2014
Bronaugh Apartments in downtown Portland
The two locations are in the middle of a critical shortage for affordable housing, according to Laura J. Recko, Director of Fundraising & Public Relations at REACH CDC.
"REACH is taking a regional approach to addressing the critical shortage of affordable housing in our state," Dan Valliere, CEO of REACH CDC, said. "This important award of federal tax credits and grants will create opportunities for low-income individuals and families to thrive and will improve lives for many years to come."
The funds come from Oregon Affordable Housing Tax Credits and grants from Oregon's Housing and Community Services.
The Hillsboro project is a 58 unit development at The Orchards at Orenco. The new units are the second phase of the first affordable housing development in Orenco. Rent will be affordable for residents earning $15,000 to $30,000 a year for a single-person household.
The project will begin in June 2015, and is estimated to cost $13.6 million.
The downtown Portland project is the renovation of the Bronaugh Apartments, a three story 50-unit historic apartment building last renovated in 1982. Bronaugh is home to elderly and disabled citizens living on fixed incomes, and was labeled at-risk for loosing its Section 8 housing until REACH CDC purchased the building last year
They will use the new funds to completely renovate the entire building, including a seismic upgrade, new interiors, community facilities, and an upgrade of the community courtyard.
The 13.6 million project will start in May 2015.
REACH CDC has already added 1,892 affordable housing units to the Portland metropolitan area during their 32 years of business.