Community Partners for Affordable Housing (CPAH) has signed a loan and development assistance agreement with Tigard that will enable the agency to purchase property for affordable housing.
The agency, which is a non-profit and developer of affordable housing based in Tigard, is looking to purchase close to 1.5 acres off Highway 99W north of the Fred Meyer store in Tigard. The loan would be in the amount of $500,000 and would be a forgivable loan.
The redevelopment project manager for the city, Sean Farrelly, said that 42 affordable apartments would be built and they would serve families that earn between 35% and 60% of the median income in the area. The apartments would have between two and four bedrooms. There would be several amenities provided, including an outdoor play area, a community room, and resident services offered by CPAH. Such services and amenities can be further outlined using brochure printing.
The cost of the project is estimated to be $26 million. Funding for the project would come from Oregon Housing and Community Services, funds from Metro bonds, low-income housing tax credits, and traditional debt.
This would be the seventh project in the city for the CPAH. Its most recent project is Red Rock Creek Commons, which is on SW 68th Parkway in the Tigard Triangle and is a four-story building.
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7555 SW Hermoso Way
Tigard, OR 97223
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