Officials celebrated the opening of a 169-unit affordable housing community in east Portland, Oregon.
The Canopy Apartments at Powell is the result of a public-private partnership involving USA Properties Fund, Northwest Housing Alternatives, and Oregon Housing and Community Services (OHCS).
The $63 million development is the first of two apartments in the state by USA Properties Fund, a leading affordable housing developer in the West.
“The Canopy Apartments at Powell is an excellent project to enter the Portland market and introduce our company to Oregon,” said USA Properties president Geoff Brown, who knows the region well, earning a bachelor’s degree in economics from Willamette University in Salem. “We greatly appreciate the relationships we have developed and enjoy working with Northwest Housing and OHCS. They are partners who understand affordable housing and the importance of providing housing for lower-income residents.”
USA Properties Fund and Northwest Housing Alternatives are also partners on Terracina Vista, an affordable apartment community under construction in nearby Gresham.
“Canopy Apartments offers wonderful affordable housing opportunities,” said Trell Anderson, executive director of Northwest Housing Alternatives. “We are grateful for the partnership with USA Properties Fund and OHCS. We know stable affordable housing like this gives kids who live here a better opportunity to succeed in education, and we look forward to supporting them and their families with an after-school program.”
Financing includes $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) Housing Program.
“This investment aims to create more affordable housing while also fostering connections within communities,” said OHCS director Andrea Bell. “The truth is clear: When people have access to opportunities, it leads to greater social and economic mobility and prosperity. Today, we are taking actions toward that goal. This city has seen powerful examples of why this is so important, and The Canopy at Powell Apartments once again highlights the strong link between housing and justice.”
The Portland Housing Bureau also had a leading role in making Canopy Apartments possible, waiving millions of dollars in development fees.
WNC and JPMorgan Chase are financial partners on the low-income housing tax credit project. Walsh Construction Co. was the general contractor.
“WNC is proud to serve as a financial partner for The Canopy Apartments at Powell,” said Anil Advani, executive vice president, originations and finance, at WNC. “The Portland market is long overdue for an increase in affordable housing investment. We are pleased to continue expanding our footprint in Oregon and providing affordable housing for many years to come.”
The recently opened apartment community is for residents earning less than 60% of the area median income. Rents range from about $1,224 for a one-bedroom apartment to $1,680 for a three-bedroom unit. Those rents are significantly less than nearby market-rate apartments in the Portland region, according to multiple rental sites.
