PORTLAND, OR, May 1, 2023—Nonprofit BRIDGE Housing and public- and private-sector partners today celebrated the ribbon-cutting of Waterleaf: 178 new, affordable apartments in Portland’s amenity-rich South Waterfront area.
Consisting of studio, one-, two-, and three-bedroom apartments, Waterleaf serves family households earning between 30-60% of Area Median Income (AMI), currently $31,950 to $63,900 for a household of four. Twenty of Waterleaf’s 178 apartment homes are set aside for veterans under the Veteran Affairs Supportive Housing (VASH) program.
Property amenities include a large community room with kitchen, resident services office, free community room Wi‐Fi, landscaped courtyard, playground, laundry facilities, bike parking and over 3,600 square feet of ground-floor commercial space. Residents enjoy convenient access to a variety of public transit options including Portland Streetcar, MAX Light Rail and TriMet Bus Service, as well as various retail and health services within walking distance. Waterleaf is the second and final phase of BRIDGE’s River Place Parcel 3 development.
“Portland is on track to meet and exceed its goals for all our voter-approved housing bonds, so we are delivering on our commitments to voters,” said Portland Commissioner Carmen Rubio. “This project embodies what community transformation can and should look like with the right alignment of resources and partnerships — and it does that in a neighborhood that offers amenities and opportunities that should be available to Portlanders of all income levels.”
“Today’s celebration shows the power of our collective will to address the housing crisis,” said Ken Lombard, President and CEO of BRIDGE Housing. “With the completion of Waterleaf, the second phase of River Place Parcel 3, we and our partners are excited to have delivered a total of 381 high-quality, affordable homes to the neighborhood.”
“One of the most challenging barriers to Portland’s economic recovery is the availability of affordable housing that meets the needs of our lower income workforce and some of our more vulnerable community members,” said Roger Hinshaw, Bank of America Oregon and Southwest Washington president. “Bank of America is proud to be the financing partner for Waterleaf and bringing 178 housing units to our community where it is desperately needed within walking distance to downtown Portland and critical proximity to jobs, services, healthcare and transit options.”
Financial partners for Waterleaf include the Portland Housing Bureau; Oregon Housing and Community Services; Prosper Portland; Metro TOD Program; Barings Multifamily Capital; Bank of America; Home Forward; the U.S. Department of Housing and Urban Development; and the Veterans Administration. The project architect is Ankrom Moisan Architects and the general contractor is Walsh Construction Co.
For more information about BRIDGE, visit www.bridgehousing.com.
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Photo of Waterleaf available for download, credit: Ankrom Moisan Architects