Apr 24Mercy Community Capital Provides Financing to Wishcamper Development Partners for Land to Finance 621 Affordable Rental Homes in Oregon
For Immediate Release: April 24, 2020
Three loans, totaling $9,232,000, will provide land to develop homes with services for communities living with lower incomes.
DENVER—Wishcamper Development Partners (WDP) and Mercy Community Capital (MCC) partnered on three pivotal land acquisition loans to develop greatly needed affordable housing and resident services for people living with lower incomes in the Oregon towns of Woodburn, Roseburg, and Beaverton. MCC has a long-standing relationship with WDP. The two organizations share a dedication to serving people in need with stable housing, and both MCC and WDP emphasize the importance of Resident Services onsite at communities.
Oregon is experiencing a historic need for affordable housing as 77% of the state’s renter households with extremely low incomes are severely cost burden, according to the National Low Income Housing Coalition. Currently, there are only 25 available, affordable rental homes for every 100 renters with extremely low incomes.
All three developments, Hermanson Apartments, Sunshine Apartments, and Blackbird & Main, have already been awarded 4% Low Income Housing Tax Credits (LIHTC). These communities will offer one-, two-, and three-bedroom affordable homes for people in need serving both seniors and families:
Hermanson Apartments– WDP is acquired 22 acres in Woodburn, OR, to develop 168 units of affordable housing for families living with low incomes. This community will offer assistance especially for victims and survivors of domestic violence and individuals referred by the Marion County Law Enforcement Diversion Program. Eugene-based Cornerstone Community Housing will provide tailored resident services and programming driven by resident input.
Sunshine Apartments- This 144-unit affordable housing community for families will be built on 9.09 acres in Roseburg, OR. These homes are meant to support the Latinx community and other communities that have been marginalized by the lack of affordable rental housing in western Oregon. The development has strong support from Roseburg Department of Community Development as part of the Diamond Lake Urban Renewal Plan, which looks to increase economic development, housing development, transportation, and beautification for the City of Roseburg. Cornerstone Community Housing will provide resident-centered services and programming.
Blackbird & Main- These 309 units of affordable housing will serve seniors and families in Beaverton, OR. Eighty of these homes are specifically designed for seniors and are supported by the City of Beaverton as part of the South Cooper Mountain Community Plan—an effort by The City of Beaverton focused on equitable outcomes for residents, including historically underserved and underrepresented communities. Blackbird & Main will include a space dedicated to the success of essential resident services.
Contact: Kate Peterson | 303.830.3443 | firstname.lastname@example.org
About Mercy Community Capital: For more than three decades, MCC, a leading Community Development Financial Institution (CDFI), has provided financing to support affordable housing and community development across the nation. MCC has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially responsible developers, MCC has helped finance the development of single and multifamily homes for rental and homeownership. These developments help underserved communities, including people with low incomes, veterans, seniors, farmworkers, people who have experienced homelessness, and people with disabilities. MCC is a subsidiary of the affordable housing nonprofit Mercy Housing, Inc. (MHI), headquartered in Denver, CO. For more information, please visit mercycommunitycapital.org.
About Wishcamper Development Partners: Wishcamper Development Partner’s principals have over 80 years of combined experience across 23 states; having developed or redeveloped over 15,000 units of affordable apartment housing since the early 1970’s. Today, WDP’s development footprint resides in the Pacific Northwest and Northern Rocky Mountain Region, with offices in their home states of Portland, Oregon and Missoula, Montana.
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