Commissioner Dan Saltzman, Portland Housing Bureau Director Traci Manning and others from the Bureau and community celebrated the grand opening of Innovative Housing Inc.’s Magnolia Apartments, in the vibrant Eliot neighborhood.
PHB invested $975,000 of HOME funds for financing gap, which provided a 12-1 leverage of directly invested City funds. The City is also providing $531,315 of SDC exemptions. We invest in changing neighborhoods with high opportunity that are at risk of gentrification. That way, residents can continue to live in places with access to vibrant cultural resources, great schools, fresh food, living wage jobs and excellent public transit.
Magnolia offers new, all brick construction of 50 affordable housing units and 1,400 square feet of commercial office space in the close-in Northeast Eliot neighborhood. Rents will be less than half of nearby market rate housing that is quickly becoming inaccessible to lower–income households.
Magnolia puts a focus on affordable, workforce housing. There are 42 one-bedroom units and eight two bedroom/one bathroom apartments. Five units are set aside for people who have experienced homelessness and will be restricted as Permanent Supportive Housing (PSH).
The project is expected to receive Silver LEED certification and will comply with PHB requirements for sustainability and energy efficiency.
Innovative Houing Inc.’s Resident Service Program will provide comprehensive resident services, including new tenant orientations, information and resource referrals, eviction prevention and tenant education with a strong sustainability focus.
The units are completely leased up and tenants will move in this month!