Current Size: 100%
Collaborative Development to Receive $6.5 Million from City of Portland
The Portland Housing Bureau announced it will award the St. Francis Park development $6.5 million as a result of the their recent NOFA (Notice of Funding Availability) competititive process. The development is a collaborative effort by Catholic Charities, St. Francis of Assisi Catholic Church, and Home Forward to create an affordable apartment community in Southeast Portland in the open space adjacent to the church.
The $20 million development will result in a community with 102 apartments surrounding an open courtyard and shared garden space. Ten of the homes will be reserved for households earning 30% or Portland's median family income ($14,300 for a single person) with the remainder for households earning up to 60% of the median famly income ($29,160 for one person or $41,640 for a family of four). In addition, 25 of the 102 apartments will be residences for homeless women and victims of domestic violence, who will receive support from Catholic Charities programs.
Home Forward is co-sponsor on the project and a limited partner in the ownership of the apartment community. The agency is contributing $1.1 in million in cash equity.
"We're very pleased to be part of this collaboration. It will bring affordable housing to an area that is adjacent to workforce jobs in the central eastside area but has very limited housing opportunities for those workers," said Mike Andrews, Home Forward's director of development and community revitalization.
Construction is slated to begin in fall 2015.
Click here to read the news release on the award from the Portland Housing Bureau.
updated February 18, 2015