Oregon Housing and Community Services helps create and preserve more than 500 affordable homes in Marion and Multnomah counties

Oregon Housing and Community Services (OHCS) helps to significantly increase the supply of affordable homes by funding the creation and preservation of more than 500 homes in three affordable housing developments. The Barbur Apartments and Peaceful Villa in Portland and Orchard Park Apartments in Salem are set to receive more than $141.3 million in bond funding after the Housing Stability Council approved the financing last week.

The approval of this bond financing leverages more than $48.7 million of state resources, and $30 million of Oregon Affordable Housing Tax Credits. All three projects combined will bring in more than $10.6 million in annual federal tax credit equity investment.

“No matter where they live, all people of Oregon deserve to have a housing system that works for them. We must dedicate ourselves to making concrete housing progress that actually makes life better,” said OHCS Executive Director Andrea Bell.

Innovative Housing, Inc., is developing Barbur Apartments in Portland’s Hillsdale neighborhood. It will become a family-focused community with 149 affordable homes for people with incomes below 60% Area Median Income (AMI). Residents will have access to essential wraparound services tailored to meet the needs of immigrant and refugee families.

Peaceful Villa in PortlandOHCS is also investing in innovative ways to transform existing affordable housing in response to Portland’s housing crisis. Home Forward’s Peaceful Villa is set to preserve its existing 70 homes and add 96 more homes, converting it into a new family community. The current residents will temporarily be relocated using the US Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. Once they move back, they’ll have options to rent one-, two-, three-, and four-bedroom homes with services that include a food pantry, indoor and outdoor play areas, club house spaces, and a computer lab.

In Salem, Aberdeen Capital received $23 million to prevent the conversion of Orchard Park Apartment’s 224 homes to market rate rents after its affordability expired in 2021. This funding, which includes $3 million for immediate repairs, will ensure that rent remains affordable for people with incomes below 60% AMI. This investment is crucial to ensure housing stability for the current residents amid rising rents in the area.

Find more information about each affordable housing development in the Housing Stability Council meeting packet here.

Image caption: Barbur Apartments will bring 150 affordable units to the Hillsdale neighborhood in Portland.