KeyBank Community Development Lending and Investment announced that is providing $43 million in construction financing to BRIDGE Housing Corp. for the development of 203 affordable housing units in the RiverPlace neighborhood of Portland, Ore.
RiverPlace Parcel 3 is being developed following a competitive request for proposal process initiated by the Portland Housing Bureau and Prosper Portland.
The first of two phases will feature 203 units, comprised of 70 studio, 81 one-bedroom, 47 two-bedroom, and five three-bedroom apartments. The property will set aside 10 unsubsidized units for households earning 30% of the area median income (AMI).
Home Forward has committed 70 project-based Sec. 8 vouchers to the project and 10 vouchers for homeless veterans using the Veteran Affairs Supportive Housing program. All vouchers are targeted to households earning below 30% of the AMI. The remaining 111 units will be reserved for tenants earning 60% of the AMI. There are also two manager’s units.
Additional financing for the $83.9 million project is provided by the Portland Housing Bureau, Oregon Housing and Community Services, Prosper Portland, Home Forward, Department of Housing and Urban Development, National Equity Fund, and Barings Multifamily Capital.
The architect is Ankrom Moisan Architects, and the general contractor is Hoffman Construction.
Headquartered in San Francisco, BRIDGE Housing is a leading nonprofit developer and manager of affordable homes. Since it was founded in 1983, it has participated in the development of over 17,000 units serving more than 40,000 people.
