Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Housing Authority approves $48 million tax‑exempt bonds and $90 million renovation plan for WoodSpring Apartments
Summary
The Housing Authority approved issuance of up to $48 million in revenue bonds and related actions to resyndicate and renovate the 172‑unit WoodSpring Apartments in Tigard; the $90 million project includes layered financing, tenant relocation planning and long‑term affordability covenants.
The Housing Authority of Washington County voted Sept. 2 to authorize issuance of tax‑exempt revenue bonds of up to $48 million and approved related transaction documents to resyndicate and renovate WoodSpring Apartments, a 172‑unit property largely serving seniors in Tigard.
Staff described a $90 million acquisition and rehabilitation project that will preserve long‑term affordability and upgrade building systems and interiors. “We are looking at a project start on construction in 2025 for $90,000,000,” Deputy Director Jill Chen said during the presentation, describing planned exterior and interior work, new air conditioning in every unit, accessibility improvements and site upgrades.
Why it matters: staff said the renovation will preserve 172 affordable units that were built using low‑income housing tax credits and would otherwise face an affordability expiration. The Housing Authority purchased the property in July 2023 to keep it…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
