Dollars flow to low-income housing
State OK's $40 million to develop low-income housing and funding includes renovation of the Estacada Village
The Oregon State Housing Council has approved $40 million in grants, loans and tax credits to housing developers throughout the state to help fund 810 units of affordable housing, including some right here in Estacada.
Among the units chosen were residences in the Estacada Village complex, at 855 N.E. Hill Way, which will be taken over by Chrisman Development and Management under the supervision of Vice President Tony Chrisman.
'This complex was nearing the end of its term as low-income housing, so the apartments would have had the option to make the units available at market rate, so we bought them to renovate them and to make sure they remain as low-income housing,' Chrisman said.
Under the agreement, Chrisman Development received $820,000 in low-income housing tax credits, $1,935,000 in Oregon Affordable Housing tax credits, and $200,000 in GHAP funding. GHAP funding is a loan from Oregon Housing that ensures a lower interest rate to the developer by giving the lending bank a tax credit.
In Estacada, the funding will directly benefit 72 units of low-income housing.
Chrisman Development and Management specializes in utilizing these types of products in a practice they call 'acquisition rehab' as well as the management of the properties.
This project is being combined with a similar project in Sandy involving the Timber Grove Apartments.
'There are a lot of resources being spent in Estacada and Sandy and people may not even realize it,' Chrisman said.