Tigard to provide $500,000 loan for affordable housing
Tigard has approved plans to sign a development assistance and loan agreement with Community Partners for Affordable Housing, a nonprofit, affordable housing developer. The agreement will allow the agency to purchase property off of Highway 99W for affordable housing.
In April, the Tigard City Council, acting in its capacity as the Town Center Development Agency, approved a resolution that would provide $500,000 in assistance in the form of a forgivable loan to purchase almost 1.5 acres of property north of the Tigard Fred Meyer store.
"The agreement would result in the construction of 42 affordable apartments, serving families making between 35% and 60% of area median income and would include much-needed ... two-, three- and four-bedroom units," said Sean Farrelly, the city's redevelopment project manager. "The building would also have a community room and other amenities, outdoor play area, and CPAH would provide resident services for the building."
The property is part of an unused parcel of land at an RV storage business. Total cost of the project is estimated at $26 million with funding coming from a variety of sources including low-income housing tax credits, the Oregon Housing and Community Services, Metro bond funds, and traditional debt.
In addition, the project meets the city's goal of siting more affordable housing throughout Tigard and the Tigard Triangle, according to city staff.
This isn't the first project in the city for Community Partners for Affordable Housing, a Tigard-based nonprofit founded in 1993.
The group recently opened Red Rock Creek Commons, a four-story building located at 11090 S.W. 68th Parkway in the Tigard Triangle. The complex features 48 one-bedroom affordable housing apartments.
This will be the affordable housing agency's seventh project in the city.
The city is also moving forward with an affordable housing project for senior citizens, a 58-unit complex slated for city-owned property adjacent to the Tigard Senior Center.
(This version of the story corrects the amount of the total cost of the housing project.)
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