April 24, 2017
April 2017- NDC Corporate Equity Fund XIII announced a LIHTC closing for the $20.8 million acquisition and rehabilitation of two existing affordable projects comprised of 101-units located in Portland, Oregon. The Square Manor financing was completed in partnership with Home Forward.
Home Forward’s (formerly known as the Housing Authority of Portland) goal is to renovate and preserve 101 units of affordable housing at Multnomah Manor and Gladstone Square. Both properties are located in neighborhoods with the highest vulnerability to gentrification and displacement, as identified by the Portland Bureau of Planning and Sustainability.
The properties are 4 miles apart from one another in East Portland. The properties will be operated as one Project, financed using Private Placement Tax Exempt Bonds issued by Home Forward, 4% LIHTC, local public funding commitments, and General Partner and Seller financing.
Square Manor will continue to target single persons and families. There will be 19 units at 60% AMI, 58 units at 50% AMI, and 24 units at 30% AMI. 54 units will be covered by Project Based Rental Assistance Section 8 Contract. The Section 8 Rental 2 Assistance requires that tenants only pay up to 30% of their adjusted income and the rest is paid by HUD.