Creating New Opportunity for Affordable Housing

For Immediate Release: Tuesday, July 14, 2015

Groundbreaking at Sunset View Apartments

The Housing Authority of Washington County (HAWC), working together Pedcor Investments and several partner agencies, broke ground today on a project to significantly increase the availability of affordable housing in Washington County. Officials took part in a brief ceremony to launch construction of the Sunset View Apartments, a 236-unit multifamily rental project on 13 acres formally used as a golf driving range that will now be dedicated to serving those with low-incomes.

Multifamily rental housing is in short supply in Washington County, with an average vacancy rate of less than 2 percent. The 2015-2020 Washington County Consolidated Plan estimates an affordable housing gap of 14,000 to 23,000 units for county residents living at 50 percent of the median family income or roughly $36,750 for a family of four. With one out of four households in Washington County earning less than $35,000 a year, the current supply of regulated affordable housing falls far short of the need.

"This one project –which will be paid for over time with rental payments and important Section 8 vouchers from the federal government –would more than double the supply of affordable housing units that we typically bring to the market in a single year," said Andy Duyck, chair of the Washington County Board of Commissioners. "The quality of development we can expect from Pedcor should continue our reputation of building affordable and public housing that looks and feels like any other housing available in the community at full market rates."

"Given the increasing uncertainty and history of federal funding cuts to core Housing Authority programs, this non-federal funding source will grant greater financial sustainability to the Housing Authority to perform our mission," said Val Valfre, executive director of the Housing Authority of Washington County.

When completed in 2017, Sunset View Apartments will also provide close access to public transit and light rail. Sunset View's proposed rents will be approximately 32 percent less than the market for units of similar quality and style.

All of the units will be reserved for residents at or below 60 percent area median income, which is $44,100 for a family of four in Washington County. The Housing Authority has also awarded the project 24 Project-Based Vouchers to support extremely low-income residents who are at or below 30 percent of area median income.

Additionally, the construction phase is expected to create approximately 240 living-wage jobs over the next two years, and will also generate payment of systems development charges and permitting fees to the City of Beaverton and Washington County.

Over a year ago, HAWC began working with Pedcor Investments, an established private developer of affordable housing based in Indiana, to explore a creative public-private partnership that would expand the county's inventory of regulated affordable housing units. With the approval of the Washington County Board of Commissioners, HAWC used its tax-exempt bonding authority to assist Pedcor in acquiring private activity bonds that will finance construction. Pedcor also received Low Income Housing Tax Credits from the Oregon Housing and Community Services Department.

Media Contact: