Housing Authority approves $48 million tax‑exempt bonds and $90 million renovation plan for WoodSpring Apartments

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 affordable.

Financing and partners: staff described layered financing that includes tax credit equity from an investor arranged by RBC (with Fannie Mae participation), tax‑exempt construction lending from Banner Bank (which provided bridge financing at acquisition), and Oregon Housing and Community Services (OHCS) programs. The Housing Authority will contribute approximately $12 million (combining acquisition/renovation funds and a HOME loan) and will assume existing financing and Section 18 proceeds. Walsh Construction and MWA were selected as the design‑builder; Bronner was retained on the resyndication work; DDV Consulting will administer relocation.

Relocation and resident impacts: staff said the units are currently occupied. Renovation is designed to minimize displacement, but some temporary relocation is required. DDV’s relocation budget for on‑site temporary moves is about $1,200,000. Staff said 32 households will require temporary relocation within the property for short periods (hotel or empty unit placement) while certain work is done; 10 households currently over income will be required to move and will receive relocation assistance. Staff said relocation assistance will conform with federal Uniform Relocation Act requirements and noted relocation payments, first/last month’s rent and security deposit assistance are part of the relocation navigation services; staff cited an approximate figure of $9,700 per household for relocation assistance.

Regulatory and timeline notes: staff said permits are ready to be issued and the team is finalizing construction financing with a scheduled close at the end of the month and construction start in October. The Housing Authority plans to transfer ownership to a limited partnership that will admit a tax credit investor for the 15‑year credit compliance period; after the investor exits the partnership the Housing Authority will retain ownership and regulatory covenants will keep the property affordable for 60 years.

Formal board actions: the board approved two related resolutions. First, directors approved the revenue bond resolution authorizing issuance of tax‑exempt revenue bonds (up to $48,000,000). Director Snyder moved the revenue bond motion; Director Roper seconded. The vote was recorded as unanimous. Second, the board approved an omnibus resolution and order authorizing conveyance to the Hawk WoodSpring Limited Partnership, transfer of select loans to the partnership, approvals for financing documents and other transaction steps; that motion was moved by Director Roper and seconded by Director Harrington and passed unanimously.

Ending: staff said the project is intended to preserve long‑term affordability and minimize displacement of senior residents; they will return with implementation updates and relocation details as construction proceeds.