Rosewood Terrace Apartments

Project Overview

In 2015, PEDCOR Inc. a housing developer out of Carmel, Indiana, approached the Housing Authority of Clackamas County (HACC) to request a partnership in the development of Rosewood Terrace Apartments, a 212 unit multi-family affordable rental housing project.

Housing Units

This project would create 212 new units of housing. The development includes:

112 One-bedroom/one-bath units
92 Two-bedroom/two-bath units
8 Three-bedroom/two-bath units

Affordable Housing

This project would provide housing that is affordable to families earning up to 60 percent of Area Median Income (AMI). The income limits and the rents are noted in the tables below.

Number of bedrooms Maximum income limits at 60% of area median income
1 $30,840
2 35,220
3 39,600
4 43,980

 

Number of bedrooms Current market rent Project rent with utilities
1 $1,063 $760
2 1,242 909
3 1,371 1,044

Rosewood Terrace Location

Rosewood Terrace will be located at 8810 and 8850 Otty Road in Happy Valley. The project will consist of six four-story, wood framed structures with elevator service in each building. It is centrally located with easy access to services and a short walk to the MAX Green Line as well as several TriMet bus stops.

Financing and Long-Term Affordability

The Housing Authority of Clackamas County is assisting Pedcor in accessing state bonding authority.

HOME funds are coming from HUD and are awarded for the construction of affordable housing.

Ultimately, the county's financial investment is $1.1 million in disposition funds. These funds will be paid back upon refinancing of the project or at the end of their term.

The county is considering foregoing property tax in order to subsidize this needed housing. Current property tax revenue for the two sites are:

  • 8810 Otty Road - $16,767
  • 8850 Otty Road - $5,364

Learn more about the financing and long-term affordability of this project.

Schedule and key dates (future key dates may be scheduled at various points in the project)

All future dates are subject to change based on the progress of the project.