BRIDGE Opens Portland-Area Affordable Housing
The property serves households earning between 30 and 60 percent of AMI.
Nonprofit developer BRIDGE Housing has opened Cedar Rising, an 82-unit fully affordable housing community in Aloha, Ore., near Portland. Scott | Edwards Architects provided designs and LMC Construction was the general contractor.
According to Yardi Matrix data, financing for the $34 million project featured:
- $16.7 in bonds million from U.S. Bank, originated by Oregon Housing and Community Services Department
- $10.2 million from Washington County (OR)
- $2.9 million form the Oregon Housing and Community Services Department
- $1.1 million self-funded loan by BRIDGE Housing
Additional funds included $15.5 million from UnitedHealth Group through the National Affordable Housing Trust/SAHF Affordable Housing Communities Fund 2019, as well as financing from the Energy Trust of Oregon.
READ ALSO: Serving the Underserved: An Affordable Housing Provider’s Take
Rising four stories, the property comprises studio, one-, two- and three-bedroom floorplans ranging from 375 to 1,078 square feet. All residences cater to households earning between 30 and 60 percent of the area median income. Certain units also include supportive features for residents with mobility, visibility and hearing impairments as well as other disabilities.
Common-area amenities include a community room with a kitchen, bike storage, a playground, a barbecue and picnic area and laundry facilities. Additionally, nonprofit Hacienda Community Development Corp. will provide resident services.
Located at 3575 SW 174th Ave., at the intersection with Alexander Street, Cedar Rising is close to Tualatin Valley Highway and roughly 12 miles west of downtown Portland. It is also less than a mile from Aloha Mall and within walking distance of other retail and dining options.
BRIDGE Housing’s expanding portfolio
BRIDGE Housing’s current portfolio comprises more than 13,000 apartments serving more than 30,000 residents. The company also currently has some 8,000 additional units in its development pipeline.
Recently, BRIDGE opened Wellspring, an 88-unit fully affordable community in Long Beach, Calif. Developed in conjunction with TCC Family Health, the $57.7 million project serves families and formerly homeless seniors.
