Affordable housing project funded

Coming soon... 33 housing units.

A 33-unit affordable housing apartment complex will be built in Sisters. A tax credit grant was awarded October 11 by the Oregon Housing and Community Services Department.

Funding of over $4 million will come from the OHCSD Low-Income Housing Tax Credit Program and a private loan through the Bank of the Cascades.

Rents at "Tamarack Village," located on a 2.1 acre site on Larch Street in Sisters, will range from $235 to $612 per month, based on income and family size.

According to a market study prepared for the project, the apartment houses will consist of 16 two-bedroom and 17 three-bedroom apartments located in eight separate one, two and three story buildings.

Two bedroom units will range from approximately 800 square feet to 1,033 square feet and have one or two bathrooms. The three bedroom, two bath units will range from 1,033 square feet to 1,216 square feet.

The units will be targeted toward low-income families with children. There will be common areas and play areas for residents.

There will be 61 parking spaces, including 41 covered spaces reserved for residents. The units will include full kitchens, air-conditioning, washer/dryer hookups and additional storage space.

Tamarack Village will be professionally managed by the Central Oregon Regional Housing Authority. There will be an on-site manager.

CORHA will also establish an outreach program for residents, according to the application for the tax credit funding.

Once a month a case manager employed by CORHA, "will conduct a follow-up visit to assist families with information, referrals, and/or encouragement."

Each year a survey will be conducted "to ensure that the programs and services are meeting the specific needs of the residents and keeping up with new and changing needs."

The private investor in the project is Lennar Affordable Communities.

According to Bob Gillespie of the Oregon Housing and Community Services Department, his agency awards federal tax credits to local groups such as CORHA. CORHA then sells these credits to investors at about 78¢ for each dollar of tax credit, to fund the project.

Competition is intense for the tax credits, according to Gillespie, with applications for the money two to three times what is available.

A separate state tax credit program allows for lenders such as the Bank of the Cascades to offer low interest rates for the project.

Construction is scheduled to begin in the spring of 2002 with lease-up to begin in the spring of 2003.

There will be an open house October 25 from 3 p.m. to 6 p.m., with architectural renderings and floor plans at the Community Action Team of Sisters' office at 484 W. Washington Ave., Suite C in Sisters.