ALBANY AND CORVALLIS, OREGON
Goal: Rehabilitate three properties and expand amenities and programming to foster a sense of community and pride of place for residents.
The Kaiser project entails the acquisition and rehabilitation of an existing HUD-assisted portfolio of three properties located in Albany and Corvallis, Oregon. The apartments, currently known as Hillhouse, Santiam Terrace, and Walnut Court, were built between 1970-1973 as HUD projects and comprise a total of 120 units in 27 buildings on a combined 5.44 acres.
The rehab will improve energy efficiency and address major capital items in order to preserve this important housing asset for its remaining life under the HUD assisted housing program. The landscaping will be partially replaced with native plants that attract pollinators as well as perennial edible fruit bushes and trees. Common area amenities and programming will be expanded to promote community and a high quality of life for residents.
The project financing includes tax exempt bonds issued by the Oregon Housing and Community Services Department (OHCS) and equity from the sale of non-competitive 4% Low Income Housing Tax Credits. The project will also entail Low Income Weatherization funds.
- Number of units: 120
- Lot size: 5.44 acres
- Unit size: Studio, 1BD, 2BD, 3BD, 4BD, 5 BD
- Unit mix: 40 studios, 48 1-bed, 8 2-bed, 16 3-bed, 5 4-bed, 3 5-bed
- Parking Spaces: 142
- Affordability: 60% AMI
- Architect: Waechter Architecture
- Contractor: LMC Construction
- Property Management: Cascade
- Partner: AOF, Pacific Affordable Housing Corporation
CDP is proud to partner with these organizations, dedicated to bettering the lives not only of Kaiser Trio’s residents, but of those lower-income residents in surrounding communities.
AOF/Pacific Affordable Housing Corporation
AOF/Pacific Affordable Housing Corp. was incorporated in 1997 as a nonprofit affordable housing organization and is a subordinate of The American Opportunity Foundation, Inc. With offices located in California and Washington, we are able to participate in a wide range of affordable housing communities with diverse geographic locations including California, Washington, Oregon, Illinois, and Arizona.
The organization’s mission is to create, preserve, and operate quality affordable housing for low-to-moderate income individuals, seniors and families, which is accomplished by collaborating with their developer partners and through their ownership and operation of affordable housing communities throughout the U.S. To learn more, please visit: http://aofpacific.com/