Affordable housing for seniors, families
The affordable housing market in Southeast Portland recently saw the addition of 101 new units with the opening of 72Foster.
The mixed-use building's tenant mix includes families and seniors. Apartment sizes range from studios to three-bedroom units.
The building, developed by REACH Community Development, also contains 8,900 square feet of ground-floor retail space. Pizzeria Otto is slated to open a location in late summer or early fall.
Tenants also will have access to onsite programs and services made available through a partnership with Asian Health and Service Center.
During planning for 72Foster, local groups realized they needed to do a better job reaching out to the Asian community. Forums were held to include the community in the design of the project. Educational sessions about the project as an affordable housing option also were held.
The $24 million project was designed by Holst Architecture. LMC Construction Co. served as the general contractor.
72Foster serves a much-needed housing option in the area's rental market, according to REACH. The population in southeast Portland has grown faster than the area's housing supply has been able to keep up. That's caused an increase in rents, often pushing them out of reach of area residents with low or fixed incomes.
The units at 72Foster are designed to serve people who earn 60% or less than the area's median family income, which is less than $34,200 for a single-person household.
In addition, 20 of the units are reserved for people with extremely low income. Through an arrangement with Home Forward, which provided Project Based Section 8 vouchers, tenants will pay only 30% of their income to rent those units.
The project received funding from KeyBank Community Development Corp. and KeyBank Community Development Lending; Freddie Mac, with KeyBank Real Estate Capital as the seller and servicer; Metro; Portland Housing Bureau; Home Forward; Oregon Housing and Community Services; and REACH Community Development. The project is located in the Lents Town Center Urban Renewal Area.
Home Forward also received a Renewable Development Fund grant from Portland General Electric to add a 106.5-kilowatt solar array on the roof of the project. The array will help offset electricity costs for the common spaces in the building.