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In November 2006, Oregon Housing and Community Services and The City of Salem, Urban Development Department, awarded funding to develop 31units of affordable housing. This funding included Low-Income Housing Tax Credits (LIHTC), Oregon Affordable Tax Credits (OAHTC), HOME loans and HOME and TRUST grants for the renovation of 19 existing units of housing and construction of an additional apartment building offering 12 units. In order to continue our neighborhood revitalization work, we are bringing an innovative, integrated housing model to northeast Salem. This housing development reintegrates highly functioning persons with developmental disabilities (DD) into the larger community by integrating DD units into a development with general population units. Mill Creek Meadows will accomplish this goal through both acquisition/rehabilitation of 19 units and new construction of 12 units. The Mill Creek Meadows project is estimated to cost $4.7 million. In addition to the $3.7 million in investor equity from the LIHTC, the interest reduction of the OAHTC, and private financing, the City of Salem, Urban Development loaned $360,000 and granted $130,000 from an allocation of HOME Investment Partnership Program funds for the property acquisition and rehabilitation activities. Mill Creek Meadows is located at 218-256 25th St. Construction will begin September 2007 with an expected completion date of August 2008. Much appreciation to our Community and Regional Funders: Oregon Housing and Community Services City of Salem, Urban Development West Coast Bank National Equity Fund Network for Oregon Affordable Housing The Collins Foundation Our Mill Creek Meadows Development Team: Sponsor - Salem-Keizer Community Development Corporation Development Consultants - Geller Silvis and Associates, David Crawford Architect- Arbuckle Costic Architects Inc, Richard Rothweiler General Contractor - Meili Construction Property Management- Cascade Management Inc. Tax Credit Syndicator - National Equity Fund Construction Lender - West Coast Bank Permanent Lender - Network for Oregon Affordable Housing Mill Creek Meadows will include: 15 one bedroom units/one bathroom for $400 4 two bedrooms units/one bathroom for $460 - $476 10 one bedroom units of DD housing for $468 2 two bedroom units of DD housing for $558 For more rental information, please call Kari Fuege, Cascade Management Inc. at 971.224.1413 For more project information, please call Charlene Lawry, Project Manager with Salem-Keizer CDC at 503.856.7077. |