Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Northwest Housing Alternatives nears financing for 40-unit affordable project in Sisters
Summary
City staff said Northwest Housing Alternatives expects to close financing on a roughly $20.5 million, 40-unit affordable housing project on Nov. 25, backed by a $7.5 million tax-exempt bond and $500,000 in ARPA funding from city and county.
Jordan updated the council and commissioners on several housing projects, saying Northwest Housing Alternatives is finalizing financing for a 40-unit affordable housing project and expects to close on Nov. 25. "They are closing on their financing on the 25th... It's a nearly a $20,500,000 project, to deliver these 40 units," Jordan said, and described the capital stack as including a tax-exempt bond and grant funding.
Jordan said the project has required permits and land-use approvals and that the city and county contributed roughly $500,000 in ARPA funds to support closing. He also highlighted local nonprofit projects: Sisters Habitat is building 10 units in the Woodlands subdivision and pursuing a 19-unit cottage-style development, using SDC deferrals and local workforce-housing grants, and the city will support those through urban-renewal and affordable-housing grants.
Councilors and commissioners discussed construction costs and occupancy trends. One commissioner noted costs have risen from roughly $14 million five years ago to about $20.5 million today, and several speakers emphasized the projects remain targeted to households at or below 80% area median income under their funding restrictions.
