July 7, 2010
Next Thursday, July 8, Nick will join community partners in downtown's Director Park to celebrate the grand re-opening of the Admiral Apartments at 9th and Park.
The Admiral is one of 11 projects identified by the Portland Housing Bureau (PHB) as part of its Preservation Strategy. These 11 buildings have federal Section 8 rent subsidies which allow them to remain affordable but are expiring or in danger of expiring. PHB is committed to working with local partners to purchase these properties and renew their subsidies, keeping them affordable for the next 20 years.
The Admiral's federal subsidy was set to expire at the end of this year, but the building's owner was committed to keeping it affordable by selling it to a non-profit with the expertise and resources to upgrade the building and extend the subsidy.
REACH CDC, one of PHB's valued non-profit partners, purchased the Admiral in 2008 and carefully renovated the building with modern comforts while preserving its historic character.
The Admiral will provide 37 affordable units for elderly and disabled residents in the heart of downtown. As Commissioner-in-Charge of Portland Parks & Recreation, Nick is committed to providing every Portlander with access to high-quality natural space. Tenants at the Admiral will be able to walk out of their door and into Director Park, a community gathering space just across the street. Our downtown is a thriving and vibrant community - this project will make sure seniors and other low-income folks can stay in their neighborhood.
A number of partners came together to make this project successful. PHB and the Portland Development Commission provided $3.7 million in tax increment financing to help REACH purchase the building. Oregon Housing and Community Services, US Bancorp Community Development Corporation, Wells Fargo, Network for Oregon Affordable Housing, and the US Department of Housing and Urban Development also helped make this effort a success.
Join us next Thursday at 4:00 in Director Park to celebrate this important and exciting achievement!