Rosewood Station will provide 212 new units of affordable housing in partnership with Pedcor Investments of Carmel, Indiana. This project will consist of (6) 4-story, wood framed structures and will offer (112) 1 bed/1 bath, (92) 2 bed/2 bath and (8) 3 bed/2 bath units all affordable to residents making less than 60% of the Area Median Income (AMI). Buildings will begin opening in the summer of 2020 and continue to open during the following months. This project will also include 20 Project Based Voucher units for residents at 30% of AMI. Completion is scheduled for late summer of 2021.
|Address||8810 SE Otty Road
Happy Valley, OR 97086 map
|Eligibility requirements||Must be income eligible at 60% or less of area median income.|
|Move-in date||April 1, 2019|
|Project financing||1. Rental Income generated during construction $2,143,851
2. Limited Partner Equity (Tax Credits) $22,580,000
3. First Mortgage (Bond Proceeds) $29,150,621
4. HOME Loan $1,050,000
5. Community Development Block Grant (CDBG) Loan $345,000
6. HACC Disposition Fund Loan $1,605,000
7. Deferred Developer Fee $9,251,981
|Contractor||Delv Design Architects, LLC;
General Contractor: Pedcor Construction Management
Project Updates/Next Steps
Groundbreaking occurred on June 13, 2018. First phase will be completed in April of 2019.