Aldercrest Apartments in Gresham, Oregon

Three recent financial closings will preserve 60 affordable homes in Gresham, Oregon, and build 191 new affordable homes in Hillsboro and Portland, Oregon.

Aldercrest Apartments

Congratulations to Human Solutions, Inc. and Greenlight Development on the recent financial closing of Aldercrest Apartments. This investment will renovate and preserve 68 homes for families in Gresham, Oregon.

Human Solutions' internal service staff will provide the residents with an array of supportive services focused primarily on household financial and housing stability including financial literacy to employment readiness and career enhancement. The development is located one mile north of Gresham’s city center and near the local elementary school, with access to public transportation, employment centers and two area hospitals.

Financing for this project included a $17.7 million construction loan which converts to $7.5 million in permanent debt. Enterprise Housing Credit Investments provided $15 million in Low-Income Housing Tax Credit (LIHTC) equity. 

Nueva Esperanza

The Housing Development Center has closed financing for Nueva Esperanza in Hillsboro, Oregon, which will provide150 homes for families. 
Bienestar is a nonprofit BIPOC Community Development Corporation based in Washington County, with a focus on providing culturally specific, bilingual services for Latinx, farmworker, immigrant and other households in its affordable properties. 
Residents will be able to enjoy easy access to the adjacent Hidden Creek Community Center. Community amenities also include a playground, picnic area, community room and community garden. 

Financing for this project consisted of a $28 million construction loan and $12.2 million in permanent loan funding. Enterprise Housing Credit Investments provided $23.3 million in LIHTC equity.

Harvey Rice Heritage 

Congratulations to Sabin Community Development Corporation on the financial closing of Harvey Rice Heritage. The completion of this project will provide 41 new affordable homes for families and individuals in two buildings three miles apart located in two of Portland’s most diverse neighborhoods. 
The two buildings will carry the namesakes of Isaka Shamsud-Din and Charlotte Lewis, honoring two of Portland’s Black artists and recognizing their impact on the community. 

Financing for this project consisted of a $13.4 million construction loan, a $4.3 million permanent loan, $2.1 million in public soft debt and $1.3 million in seller carryback financing from Sabin. Enterprise Housing Credit Investments proudly provided $11.2 million in equity to fund this project.

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