Closing Announcement: 5020 N. Interstate (Portland, OR)

July 29, 2022

We are very excited to announce the closing of 5020 N. Interstate in Portland, OR!

Located in a historically affluent African American neighborhood, the goal of 5020 N. Interstate is to provide culturally specific affordable housing while offering previously displaced residents the opportunity to return to the area. The project furthers the goals of Portland Housing Bureau’s North/Northeast Preference Policy.

When complete, the project will provide 63 one-, two-, and three-bedroom apartment homes, and is specifically designed for families, with 75% of the units being two or more bedrooms. The ground floor of the development includes 2,500 square feet of commercial space, bike and car parking, and a communal outdoor area.

CDP and Self Enhancement, Inc. (SEI), Oregon’s largest African American-led nonprofit multi-service organization, are co-owners/developers of the project. SEI will provide responsive on-site services, such as adult programming in parenting, financial management/budgeting, matched savings, credit repair, and home ownership, as well as offer connections to SEI’s many school and after-school programs at their Center for Self Enhancement, less than a mile from the site.

5020 N. Interstate is being developed under CDP & SEI’s Alberta Alive umbrella, which includes two additional projects currently under construction on Alberta Street, and a programming connection to the Historic Alberta Abbey. Located about a mile from 5020 N. Interstate, The Abbey will operate as a community space for residents to congregate, connect, and network by participating in activities and workshops with residents from the other two properties.

5020 N. Interstate was awarded to CDP and SEI in 2021 as part of the Portland Housing Bureau’s 2021 Metro Bond Offering, which included $9M of Metro Housing Bonds. Additional funding sources include a 4% Low Income Housing Tax Credits (LIHTC) allocation with equity investment by R4 Capital and a Transit Orientated Development (TOD) Grant from METRO. Construction financing is being provided by KeyBank and permanent financing is being provided by Citibank. 5020 N. Interstate was designed by Carleton Hart Architecture and is being built by LMC Construction.