Grace Peck Terrace Renovation Project

This project preserves 95 units of affordable housing in Portland’s Irvington Neighborhood.

Grace Peck Terrace was built in 1980. In recent years, its exterior envelope exhibited moisture penetration issues. A project to address these issues started, then expanded to address building system and interior needs. Work began in May 2023. Zones of residents are relocating as the work progresses around the building. Work is scheduled for completion in July of 2024. Apartments will remain affordable to households earning less than 60% of Area Media Income (AMI).

Homes

Grace Peck Terrace consists of 95 one-bedroom units receiving project-based rent assistance from the U.S. Department of Housing and Urban Development for households with incomes less than 60% AMI.

Partners

Financial Partners:

Oregon Housing and Community Services
Key Bank

Design and Construction Partners:

Walsh Construction Company
Holst Architecture
Studio Petretti Architecture

Operations and Services Partners:

Key Property Services, Inc.
Epic Land Solutions, Inc.

Highlights

Financing includes:

Tax-exempt bonds
Oregon Affordable Housing Tax Credits
4% Low-Income Housing Tax Credits
General partner and seller financing

The renovation project scope of work includes:

Site:

Re-pave parking lot
Add patio adjacent to community room
Renovate main entry
Building Exterior
Replace roof
Replace siding
New generator and screen

Common Areas/Systems:

Ground floor renovations
New water heaters
Hot-water line insulation
New corridor and stair lighting
Corridor temperature controls
New common area finishes

Units:

Extend fire sprinklers into units
Replace electrical panels
Make units portable AC ready
Replace bath fans
Replace baseboard heaters
Add GFCI outlets at kitchen
Partial refinish of unit baths
Refinish unit kitchens