240-unit low-income housing complex planned.Byline: DEVELOPMENT REPORT By Joe Harwood The Register-Guard Construction on one of Eugene's largest affordable-housing projects in years is expected to begin next month along 10 acres on Kinsrow Avenue near Autzen Stadium The stadium is tucked between the Willamette River and Coburg Hills. The uniquely shaped bowl blends in with the wooded Eugene landscape. The shape also allows for unique acoustics, making it one of the loudest stadiums in NCAA Football for its capacity. . Portland-based Public Private Partnerships Inc. - also known as P3 - last fall won approval to build a 240-unit low-income apartment complex between Commons Drive and Garden Way. The real estate development firm specializes in building affordable housing in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. and Washington. Rob Tucker, a principal at P3, said the plan is to build six 40-unit apartment buildings that will offer a mix of one-, two- and three-bedroom dwellings. The Willamette Gardens complex will be open to people whose household incomes are 60 percent or less than Lane County's median income, Tucker said. Tenants will probably be from among the "working poor" - many of whom are employed in low-wage service-sector jobs, he said, adding that Willamette Gardens will not be a subsidized housing Subsidized housing (aka social housing) is government supported accommodation for people with low to moderate incomes. To meet these goals many governments promote the construction of affordable housing. project that accepts Section 8 vouchers issued by the federal Department of Housing and Urban Development. HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. defines the median household income The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more. for Lane County as $54,300.
To qualify for the rent-restricted program at Willamette Gardens, a
family could not earn more than $32,580.
P3 finances the projects largely through federal low-income housing tax credits The Low Income Housing Tax Credit (LIHTC; often pronounced "lye-tech") is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. . The federal government allocates a certain number of such tax credits to each state. The states then disburse dis·burse tr.v. dis·bursed, dis·burs·ing, dis·burs·es To pay out, as from a fund; expend. See Synonyms at spend. [Obsolete French desbourser, from Old French desborser those credits to affordable housing developers such as P3. The developers raise money by selling the tax credits to corporations, who use them to reduce tax liability, Tucker said. "When we sell the credits, that money then becomes equity in the project," he said. Tucker said the $25 million project will include extending Kinsrow, which now dead-ends at Commons Drive, east to Garden Way. The project will add another high-density development to the apartment-heavy Chase Gardens area. Tucker said some apartments will be ready for occupancy in November and the entire complex should be complete in February 2006. |
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