Oregon Takes Steps to Address Housing Crisis with $100 Million Investment

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More than $100 million has been approved by the Oregon Housing Stability Council to construct close to 650 affordable houses in both urban and rural areas of the state.

In order to give priority to proposals from towns that lost houses in the 2020 wildfires, the council authorized financing requests for 10 affordable housing schemes during its meeting on Friday. Less than half of the $103.5 million requested by developers across the state was authorized.

The awards, according to Oregon Housing and Community Services director Andrea Bell, are an essential step in tackling Oregon’s housing issue. According to a report from 2021, Oregon would need to construct more than 580,000 homes by the year 2040, and nearly half of those homes must be within the reach of those making less than the median wage.

Bell said in a statement that “lack of affordable housing is a top concern for many people across the state, and we must continue to pursue measurable progress.” “These investments will help thousands of Oregonians in rural and urban areas of the state improve their futures and quality of life.”

The projects, which include apartment complexes and townhouses, are dispersed throughout the state, from southern Oregon to Portland and from central Oregon to the coast. Two of the authorized projects are in Phoenix, a tiny city in Jackson County that was completely destroyed by the wildfires on Labor Day in 2020.

A 72-unit apartment building geared for families, Pacific Flats, will receive $13.5 million. According to current income restrictions established by the federal Department of Housing and Urban Development, the new complex will contain a mixture of two- and three-bedroom units affordable for families earning between 30% and 60% of the area’s median income, or as much as around $48,500 for a family of four. The building process will begin in February.

With $15.3 million, the other Phoenix venture, Phoenix Corner, will construct 88 apartments over 4 acres of land. Construction on it will start in April, and it will have a variety of one-, two-, and three-bedroom apartments that are affordable for persons making up to 60% of the median salary.

The tweet below confirms the news:

$17.9 Million Awarded for Affordable Housing Development in Salem

The Gussie Belle Brown Apartments in northeast Salem will receive the largest award, totaling $17.9 million, and will use it to construct 120 units. It will comprise 24 one-bedroom apartments priced at $17,000 for a single person and $20,000 for a couple, which is 30% or less of the median income.

For families making up to 60% of the median income, or slightly over $50,000 for a family of four, the majority of the remaining units will be two- or three-bedroom flats. The developer wants to begin construction in June 2024 and add a childcare facility on-site in a subsequent phase.

On a 7-acre site in Hood River, Rand Road Affordable Housing will get $15.1 million to construct townhomes and apartments. In addition to two three-story apartment buildings featuring studios, one, two, and three-bedroom apartments, a four-story apartment building with an elevator, and 22 three-bedroom rental townhomes are all part of the development.

Up to 60% of the median income, which in Hood River County translates to slightly over $37,000 for an individual and $53,000 for a family of four, will be the upper maximum for which all apartments will be affordable. The building process will start in November.

To expand an apartment complex that won financing last year, Estacada, a rural community in Clackamas County, will receive $11.9 million. Homes there were destroyed by wildfires in 2020. The second phase will add 48 flats to the initial development’s 36. For people making up to 60% of the regional median income, or roughly $68,000 for a family of four, there will be a mix of two- and three-bedroom homes available.

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Affordable Housing Gains Momentum in Oregon

With the help of $11.3 million, Eugene’s Ollie Court Apartments will be able to construct 81 affordable homes as well as an early learning center on the ground floor of one of two four-story structures. In July 2024, construction will get going.

The apartments, which come in a variety of one-, two-, and three-bedroom layouts, will be within the price range of those making up to 60% of the median income, which in Eugene translates to upper-income ceilings of about $35,500 for an individual and $50,500 for a family of four.

For College View Apartments, a pair of brand-new apartment buildings located across the street from the campus of Oregon State University-Cascades, Bend will get $8.3 million.

There will be 59 units in all, with one, two, or three bedrooms. Up to 60% of the median income, or $40,000 for a single individual or $57,000 for a family of four, will be required to qualify for any of the benefits. Next July, construction will start.

$5.6 million will be given to Rivergreen Apartments in Corvallis to expand an existing apartment complex and add 24 new apartments. These additional flats will be available to residents earning up to 60% of the median income, or roughly $41,000 for an individual and just under $59,000 for a family of four, and will be available to them.

The two smallest grants, each for $2.3 million, are for modest construction projects in Portland and Depoe Bay. Six duplexes totaling 12 apartments will make up the Depoe Bay Townhomes, which will house those who lost their houses to wildfires in 2020. The building process will start in March.

The Unicorn Bed development in Portland will consist of 13 two-bedroom units in two buildings on a one-tenth-acre property in the Alphabet District of northwest Portland. In September, construction will get going.

We’ll update you if this news changes. Visit our website Focushillsboro for the latest news on this issue.

Louis
Louis Ebert

Louis Ebert is a talented content writer with a passion for creating compelling stories and informative articles. With years of experience in writing, Louis has honed their skills in crafting engaging content that resonates with readers.As a content writer for Focushillsboro.com, Louis explores the many facets of life in Hillsboro and the surrounding areas. From delving into the latest trends in local business to highlighting community events and leaders, their writing offers a unique perspective that captures the essence of the area.

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