Editorial: Affordable housing project in Prineville needs help
Published 9:15 pm Tuesday, February 2, 2021
- A bag with money and wooden houses. Selling a house. Apartment purchase. Real estate market. Rental housing for rent. Home prices. Mortgage interest. Purchase demand. Property valuation. Insurance
Too many Oregonians don’t have an affordable place to call home. Across the state communities are tackling the tricky issue of creating more affordable housing.
If you thought buying a home was complicated, try financing affordable housing. A mortgage is usually just one piece. There are tax credits, bonds and grants. Each can have different requirements. Each may come with different timing that may not match up. And because there is only so much money going around, many are competitive. Some projects win and some projects lose.
Oregon’s Housing Stability Council makes a lot of decisions about which projects get what. Later this week it is scheduled to make a decision about a project in Prineville — Barnes Butte Vista.
The council is considering approval of passing through federal money of up to $6.5 million to help the project move ahead. Housing Works, the local housing authority in Central Oregon, is doing the project. There is also a partnership with Saving Grace to use some of the housing to help people who are survivors of family violence.
The project is a 44-unit complex of town homes on about 4 acres of a 10-acre site. The rest of the land will be used for a park. There will be a community room as well as a fitness room. Every unit in the project is restricted to people making at or below 60% average median income and can serve people with disabilities. The project has already been the recipient of a $4.7 million state grant. Total construction costs are about $13 million.
The proposed motion is for the Housing Stability Council to approve the additional funding to make the project happen. Let’s hope construction can be completed as planned by May 2022.