PORTLAND, OR, February 5, 2019—At a construction milestone celebration today, BRIDGE Housing announced the permanent name for what has been known as “RiverPlace Parcel 3,” an affordable housing development under construction at 2095 SW River Parkway.
The new building has been named the “Vera” in honor of the late Vera Katz, the first woman to serve as Speaker of the Oregon House of Representatives and a three-term Mayor of Portland. “Vera was an inspirational leader whose commitment to public service and vibrant cities improved the lives of many,” said BRIDGE Housing President and CEO Cynthia Parker, who worked for Ms. Katz in the state legislature. “It is our intention that the new building will similarly inspire and strengthen the community.”
“The Vera will soon stand as a symbol for equity, affordability and livability. It will provide much-needed housing opportunities for underserved communities, especially members of our most vulnerable population, said Mayor Ted Wheeler. “Public-private collaborations such as this are critical in addressing the housing needs of Portlanders at a time where there’s a shortage of affordable housing options.”
Today’s topping out ceremony marked the completion of the topmost structure of the 13-story building, which is expected to be completed this summer. Of the Vera’s 203 affordable apartments, 90 will be reserved for households earning 0% to 30% of the Median Family Income (currently up to $19,560 for a family of two), including 70 with Project-based Section 8 vouchers and 10 dedicated to homeless veterans utilizing the Veteran Affairs Supportive Housing (VASH) program. The balance of apartments will serve households earning up to 60% of MFI, or $48,840 for a family of four. Among the amenities are a playground and landscaped courtyard, two laundry rooms, a community room with kitchen, and resident services and community learning spaces.
“This project provides a range of much-needed housing options for families and veterans, and offers deep affordability in a close-in, amenity-rich neighborhood. I’m very excited for the families who will have a place to call home here very soon, close to transit, work, school and opportunities,” said Portland Housing Bureau Director Shannon Callahan.
The Vera is the result of a joint effort between the Portland Housing Bureau and Prosper Portland to develop an 88,000-square foot parcel owned by Prosper Portland. BRIDGE was selected to develop the site in 2015.
Financing for the $83.9 million project is being provided by the Portland Housing Bureau, Oregon Housing and Community Services, Prosper Portland, Home Forward, U.S. Department of Housing and Urban Development, National Equity Fund, Inc., KeyBank Community Development Lending and Barings Multifamily Capital. The architect is Ankrom Moisan Architects and the general contractor is Hoffman Construction.
For more information about BRIDGE, visit www.bridgehousing.com.
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