Through a significant rehabilitation, averaging $36,000 per unit, the economic useful life of these multifamily apartment complexes is extended at least 30 years. Project costs totaled $72 million, supported by $41 million of permanent financing and $21.2 million from investors’ contributions. Northwest reinvests its capital into the properties and uses preservation grants to make up the difference in financing. Our investment represents the best form of green building – recycling a valuable resource at a cost far less than a new building project. Also, important to Northwest is localized job creation, which can best be represented by construction costs of $27.9 million to date.
Preservation of these properties provides important rent subsidies that enable our low-income Oregon and Idaho residents to live in safe and decent housing. During the rehabilitation process residents are temporarily dislocated and compensated with a living and meal allowance, as well as funds to off-set incidental costs as set out by our Temporary Dislocation Plan.
Northwest’s development activities are proven and acknowledged by honors such as its 2008 Excellence in Affordable Housing Preservation awarded by Oregon Housing and Community Services.
The preservation of affordable housing is fundamental to fulfilling our mission as an organization. In furtherance of our mission, Northwest is always seeking affordable housing properties for preservation. For inquiries, please contact Jess Giuffré, Vice President, Development.