Properties in the Pipeline
REACH’s Works in Progress
Walnut Park
Walnut Park is a three-story 38 unit apartment building in Portland’s King neighborhood, at NE Sixth and Emerson. The residents are all elderly or disabled. Because it is in danger of losing the rent subsidies that make it affordable for the tenants, REACH plans to preserve Walnut Park as affordable housing. We anticipate purchasing it in March of 2009. At that time our property management staff will take over management of the building. In 2010, we plan to renew the expiring rent subsidies and renovate the building to assure that it continues to provide good quality housing in the future. REACH is working with the Network for Affordable Housing (NOAH) and Bureau of Housing and Community Development (BHCD) to secure acquisition financing for the project.
Admiral Apartments
The Admiral is an historic, 37-unit apartment building on SW Park and Taylor in downtown Portland. It is occupied by low-income seniors and disabled residents. The Admiral’s Section 8 rent subsidy contract was set to expire at the end of 2010 but the owner wished to maintain the affordability by selling the building to an experienced non-profit housing provider with the resources to extend the subsidy and upgrade the building. REACH purchased the building in November 2008 and plans a major renovation and renewal of the Section 8 contract in 2009-2010. The Portland Development Commission and Oregon Housing and Community Services are providing renovation and permanent financing for the project.
Seven Corners Condominiums
On the long-vacant site of an old gas station on the corner of SE 20th and Division, the “Seven Corners” condominium development will offer twenty seven units of housing for home buyers. Some of the condos will be more affordable and sold to households earning less than 80% of the Portland-area median family income. The “profit” from the market rate units will be used to subsidize the affordable units, allowing REACH to sell them below cost. Additionally, the development will include ground floor retail space along Division Street.
Due to a slump in Portland’s condominium market, REACH plans to put our Seven Corners project on hold until the market turns around. External factors have influenced the delay but not our intention to develop Seven Corners as proposed. Currently it is more difficult for first-time home buyers to qualify for mortgages, due to the national credit crunch. The Historic Landmarks Commission approved our design in November 2007, which allows us until November 2010 to start construction. Seven Corners will be complete 14-16 months after we resume development.
