Rosewood Terrace 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). 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.