The developer is BRIDGE Housing, a nationally recognized nonprofit that creates, owns and manages affordable housing.
RiverPlace Parcel 3 will bring 203 affordable apartments to southwest Portland’s RiverPlace neighborhood. Ninety apartments will be reserved for households earning 0% to 30% of the Median Family Income (currently up to $17,940 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 $44,820 for a family of four.
Property amenities include a playground and landscaped courtyard, two laundry rooms, a community room with kitchen and community spaces, resident services office with adjacent program space, a conference room and a community classroom.
RiverPlace Parcel 3 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 on the corner of SW River Parkway and Moody Avenue. BRIDGE was selected to develop the site in 2015.
“We’re proud to be part of a transformative, transit-oriented development that will enhance the neighborhood,” said Cynthia Parker, President and CEO of BRIDGE Housing. “With a deep range of affordability and high-quality services, this place will have the power to change people’s lives.”
“Home Forward is excited to invest 80 of our community’s vouchers in RiverPlace Parcel 3 Apartments,” said Michael Buonocore, Executive Director, Home Forward. “These vouchers, valued at over $11 million, will ensure that families and veterans living with really low incomes will now be able to call this amazing building and this opportunity-rich neighborhood home. This building represents real progress in addressing our housing crisis and we’re honored to be a part of this collaboration.”
“KeyBank is proud to partner with BRIDGE Housing to bring this new development to life,” said KeyBank Vice President Fred Dockweiler. “KeyBank is focused on its mission of helping communities thrive, and one way we do that is by helping local residents with safe, attainable housing, as one of the top five affordable housing lenders in the nation. This project is an example of our commitment to serve the areas where we live and work, as well as a model of our desire to collaborate with other like-minded entities such as BRIDGE Housing, OHCS, HomeForward and the City of Portland.”
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, Inc. and the general contractor is Hoffman Construction.
Among the expected speakers at the groundbreaking: Portland Mayor Ted Wheeler; Margaret Salazar, Oregon Housing and Community Services; Shannon Callahan, Portland Housing Bureau; Kimberly Branam, Prosper Portland; Michael Buonocore, Home Forward; Todd Fabian, National Equity Fund; Fred Dockweiler, KeyBank; Andy Nelson, Impact NW; and Cynthia Parker, BRIDGE Housing.
For more information about BRIDGE Housing, visit bridgehousing.com.
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