Housing Works, Central Oregon’s local housing authority, has been awarded funding from the state to build a 40-unit apartment complex on Bend’s east side.

Alison McIntosh, media contact with the Oregon Housing Community and Services Department, said the exact amount Housing Works will receive has not been determined, but the funding request has been approved.

Plans call for the project, known as Eastlake Village II, to be built at Northeast Forum and Northeast Bellevue drives.

“That hasn’t been finalized yet,” said McIntosh. “The staff is working with them to find out how much they need, and how much money we have available.”

She said approval of the final funding amount will be made in August.

Housing Works has applied in each of the past three years for funding but was unsuccessful. The agency anticipates it will need about $7 million to $8 million to complete the project.

“The first time through we didn’t have enough money to fund this project,” said McIntosh. “This year there was fierce competition for very limited resources, but it’s a great project. We know there is a huge need for affordable housing in Central Oregon.”

Keith Wooden, real estate and facilities director at Housing Works, said, “We’re just happy that it came through, and it’s going to be an awesome asset for Bend.”

He predicted that construction may begin as early as this year, with the possibility of units being available for pre-leasing by fall 2015.

“We’re really excited to have been selected for funding,” Wooden said. “We are going to crank as fast as we can. We might be able to have buildings ready to go probably about September of next year. That would mean starting construction before the end of the year.”

There is a demand in Central Oregon for affordable housing, he said, and Eastlake Village II will help meet it.

The rent for Eastlake Village II is expected to be from $100 to $300 below market value.

“This is so needed in Bend,” Wooden said. “I’ve been here for the past eight years to see the crash in the market. Rent is now higher than it’s been since I’ve lived here, and we have a pulse for what’s going on in the rental market.”

— Reporter:541-383-0325

vsmith@bendbulletin.com