Closing Announcement: Timber Ridge (La Grande, OR)
June 9, 2022
We are excited to announce the closing of Timber Ridge in La Grande, OR.
Timber Ridge serves to provide much needed affordable housing for the residents of Union County and the City of La Grande. The project is a collaboration between CDP and the Northeast Oregon Housing Authority (NEOHA). CDP is the developer, while NEOHA is the GP, Owner, and Property Manager.
The community will provide 82 units of affordable housing for households earning 30%-60% of the area median income. Timber Ridge has been intentionally designed as an intergenerational community with special attention to trauma-informed and universal design principles, with the ultimate goal to extend housing access to seniors and individuals with mobility or physical disabilities.
Central to the site is a 7,000-sf community building designed as a hub where families and seniors can come together. The community building includes a full kitchen, a classroom, study space, and early childhood education center, where Eastern Oregon University will operate a Head Start program available to families at no cost to them. Outdoor amenities include outdoor gathering and play areas, basketball and pickleball courts, a community garden space, walking paths along the existing wetlands, and a dog park. EngAGE NW will lead the resident services programming with additional services provided by NEOHA.
Sustainability is a key aspect of the design/build of Timber Ridge. The project is targeting Earth Advantage Platinum Certification and Net-Zero Certification and will include a large photovoltaic array that is projected to exceed the electrical demand for the project by 10%. Information on energy consumption.
The project is made possible by a 4% Low Income Housing Tax Credit (LIHTC) allocation with equity investment by Hunt Capital, LIFT funds and GHAP funds from Oregon Housing and Community Services (OHCS), tax-exempt bonds through Oregon Housing and Stability Council, a Section 8 contract for 35 project-based vouchers administered by NEOHA, and preference for ten Housing Opportunities for Persons With Aids (HOPWA) voucher holders made possible by the State of Oregon’s Oregon Housing Opportunities in Partnership Program (OHOP). The project also received a grant from the Eastern Oregon Coordinated Care Organization (EOCCO), energy incentives from Oregon Trail Electric Cooperative (OTEC), and Federal Solar Investment Tax Credits administered by the U.S. Department of Energy. Construction financing is being provided by Washington Federal Bank and permanent financing is being provide by Citi.