Station 162 Provides Affordable Living to Elders and Persons Living with Disabilities

Station 162 is 44-unit apartment community located on the border of Portland and Gresham.  Developed by Quadriplegics United Against Dependency, Inc. (QUAD Inc.), this project has 25 one-bedroom units designed to maximize the independence of residents who use wheelchairs. Nineteen apartments are targeted for elders and are adaptable to help residents age in place. All units are targeted for households with incomes below 60% of the area median. The property is located less than a block from a MAX light rail station and an accessible Tri-met bus stop.

QUAD Inc. will provide round-the-clock personal care attendant services to eligible residents including help with medication, grooming and meal preparation. These services allow residents, many of whom are eligible for nursing-care levels of services, to prolong their independence. QUAD Inc. raised $435,000 for accessibility upgrades from private foundations including the M.J. Murdock Charitable Trust, Meyer Memorial Trust, Collins Foundation and others.
NOAH provided a permanent loan of $1,123,205. Additional funding came from: US Bancorp CDC, Oregon Housing and Community Services, City of Gresham HOME program and the FHLB Affordable Housing Program.

Cambrian Apartments Purchased for Affordable Housing

With the cost of new construction sky high, affordable housing developers are taking new approaches to creating affordable housing. In October, Innovative Housing, Inc. (IHI) purchased the Cambrian Apartments, a market-rate rental building located in downtown Portland, with plans to lower the rents so that they are affordable to residents with incomes below 60% of area median income. In addition to IHI’s equity contribution, the acquisition was financed with a $2,538,576 “market rate conversion” acquisition loan from NOAH.  Over the next two years, IHI will assemble permanent financing and make needed upgrades on the building. 

Upgrades Extend Property’s Life

Capitol Plaza is a 36-unit HUD subsidized affordable housing project serving seniors and persons living with disabilities. Located in Salem, Oregon, the property was built in 1951. RPH Investment Group purchased the property and obtained Low Income Housing Tax Credits and other funds to allow for the building to be substantially rehabilitated. The improvements, which will extend the life of the building for another 60 years, included major system replacements, a new sprinkler system and the installation of a second elevator.  The project has 36 one-bedroom units, a community room and rooftop deck. NOAH provided a $1,200,000 permanent loan. Additional financial support came from Oregon Housing and Community Services and US Bancorp CDC, as well as a grant from from MPower for energy upgrades. Photo credit: Ankrom Moisan Architects.

Capital Campaign Exceeds Goal

Thanks to Bank of the Pacific’s recent investment of $790,000, we have surpassed our capital campaign goal, bringing the total new capital raised for our permanent loan pools to $25,005,400.  To date, 13 banks have invested in NOAH’s campaign. The additional capital will allow NOAH to make more long-term, fixed-rate loans to developers of affordable housing in Oregon. For a full list of banks participating in the campaign, go here.

We are also excited to announce three new investors in our acquisition fund.The Oregon Community Foundation recently made a $2 million award to NOAH from their newly formed Oregon Impact Fund. In October, Religious Communities Investment Fund (RCIF), committed $250,000 to NOAH and in November we received a commitment of $250,000 from the Sisters of the Holy Names of Jesus and Mary. This low-cost capital will provide short-term loans for the acquisition and development of affordable housing.

Manufactured Housing Convening a Success

On August 9th, 125 people came together to discuss manufactured housing and the role it plays in providing affordable housing in Oregon. The meeting, “Manufactured Housing in Oregon: Policy and Best Practices”, was hosted by NOAH and co-sponsored by Prosperity Now and Oregon Housing and Community Services. Local and national speakers addressed the current work, recent accomplishments and new innovations underway to enhance manufactured housing. 

Oregon is leading the country through the work of a statewide steering committee focused on creating policies, regulations and resources to support manufactured housing as a viable affordable housing option. The meeting also showcased the projects taken on by the peer learning collaborative, which include replacement of old homes, home upgrades and weatherization, and new park development. NOAH is proud to facilitate both of these efforts through the generous support of Meyer Memorial Trust and Oregon Housing and Community Services. For more insight on the convening, you can see the presentations here.

In Case You Missed It

NOAH’s FY 2017 Annual Report is released. Click here to view it.
Dr. Chris Herbert of Harvard’s Joint Center for Housing Studies headlines NOAH’s Annual Meeting. Click here to view his presentation.