BRIDGE Housing Celebrates Groundbreaking of One of Portland’s Largest Affordable Housing Communities

January 17, 2025

224-unit HollywoodHUB will provide affordable housing at the Hollywood Transit Center in the heart of an amenity-rich Portland neighborhood

PORTLAND, Ore. (Jan. 17, 2025) – BRIDGE Housing, the leading nonprofit affordable housing developer on the West Coast, joined Portland Mayor Keith Wilson and other dignitaries today to celebrate the groundbreaking of one of the largest affordable housing communities in Portland.

HollywoodHUB will offer 222 affordable apartments along with two manager’s apartments in a 12-story building at the Hollywood Transit Center, developed by BRIDGE Housing on the Hollywood Transit Center site, owned by the Tri-County Metropolitan Transit District (TriMet). TriMet is modernizing the site to improve service, safety, and access for residents and commuters. The transit-oriented community will provide direct access to three MAX light rail lines and three bus lines, along with major employment centers, walkable grocery stores, health care facilities and high-performing schools.

“We are thrilled to be breaking ground on this landmark new community that will provide much-needed affordable housing for residents in this vibrant neighborhood of Portland,” said BRIDGE Housing President and CEO Ken Lombard. “We are grateful for the many partnerships at the local, state and federal levels, as well as with our financing partners, that have made this ambitious project possible.”

“Housing is a human right, and affordable housing is essential to making that right a reality for Oregonians,” U.S. Senator Ron Wyden said. “This project next to light rail in the heart of the Hollywood neighborhood will truly be a bridge to a better life for hundreds of people, and I’m glad to have worked with the appropriate agencies to maximize the number of units this vital project can provide in Northeast Portland.”

“Today’s HollywoodHUB groundbreaking is an important moment as we address two crises in Portland: affordable housing and climate change,” said Donnie Oliveira, Portland’s Deputy City Administrator for Community and Economic Development. “Not only are we breaking literal ground, but this project in itself is groundbreaking work. Utilizing funding from the voter-approved Portland Housing Bond and Metro Housing Bond, as well as the Portland Clean Energy Community Benefits Fund, BRIDGE Housing is reimagining the former Hollywood Transit Center as an innovative, affordable and energy-efficient community.”

HollywoodHUB will range from studios to 3-bedroom apartments that are affordable to households earning 60% of the Area Median Income (AMI), with 71 apartments affordable to households earning 30% or less of AMI. Fifty-five units will accept project based Section 8 vouchers. Services for residents will be provided by Impact NW, a nonprofit that has served the Greater Portland area since 1966.

Financing for HollywoodHUB has been provided by a range of sources, including the Portland Housing Bureau and KeyBank. In an unprecedented move, BRIDGE Housing is financing the project in part through publicly offered tax-exempt bonds, becoming the first nonprofit housing provider to do so.

Underwritten and marketed by KeyBanc Capital Markets, the offering raised $71.5 million for the project and was made by possible by BRIDGE Housing’s AA- credit rating from S&P Global Ratings – the highest among nonprofit developers. The offering was four times oversubscribed, reflecting strong investor confidence in BRIDGE.

“KeyBank has had a steadfast commitment helping the clients and communities we serve thrive,” said Brett Sheehan, KeyBank Community Development Lending and Investment relationship manager. “We are proud to partner with BRIDGE Housing to create much needed quality affordable housing in Portland.”

Amenities at HollywoodHUB will include a two-story play area, a teen lounge, community rooms, and an indoor maker space. The surrounding amenity-rich community includes three major grocery stores within a quarter-mile and a nearby hospital, gym, library, post office, public park, and three high-performing neighborhood schools.

HollywoodHUB will expand BRIDGE Housing’s substantial presence in the Portland area. Following the project’s completion, expected in 2027, BRIDGE will have more than 1,150 apartments in the City of Portland and more than 2,100 in the metropolitan region. Overall, BRIDGE’s $4 billion portfolio includes more than 14,000 apartments in California, Oregon and Washington with another 10,000 additional units in the development and acquisition pipelines.

Since 1983, BRIDGE Housing has been an innovative leader in affordable housing on the West Coast. With a focus on community development and comprehensive support services, BRIDGE Housing creates strong communities, improves lives, and delivers positive social impact for its more than 30,000 residents.

About BRIDGE Housing
BRIDGE Housing Corporation is a leading nonprofit developer, owner, and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE Housing has participated in the creation of more than 22,000 affordable homes in California, Oregon and Washington, with a total development cost of $5.8 billion. Its current portfolio totals more than 14,000 apartments that are home to more than 30,000 residents, with more than 10,000 additional units in the development and acquisition pipelines. For more information, visit www.bridgehousing.com.

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