August 29, 2018

Celebrating the Equity Closing of Colonia Unidad Esperanza

Colonia Unidad and Esperanza Court in Woodburn, Oregon

Congratulations to Farmworker Housing Development Corporation on the closing of Colonia Unidad & Esperanza Court in Woodburn, Oregon! The two-site mixed-construction project will preserve 12 homes at Esperanza Court and create 44 homes at Colonia Unidad. All 56 homes will be made affordable to families, including 34 set aside specifically for farmworker families.

The sponsor will provide a variety of services to all residents, including job training, employment referrals, English classes, childcare & after-school programs, nutrition and health education, and financial literacy training. Local service partners will provide visiting health care, parenting training, Girl Scout leadership training and community engagement activities. The sites are located within one mile of each other and are both within walking distance of groceries, transportation and health care.

Financing

Umpqua Bank provided $13.5 million of construction financing. Permanent Financing included $2 million from Network for Oregon Affordable Housing, $1 million in HOME and Weatherization funding from Oregon Housing and Community Services, $1.5 million in proceeds from State Farmworker Tax Credits and $140,000 in sponsor contributions.