At its February, 2013 Board meeting, the Community Housing Fund authorized pre-development loans for 4 projects in Washington County, totaling $650,000 in new commitments, three in Hillsboro and the other in Cornelius. One project involves rehabilitation of an existing building, and the other three are new development initiatives.
REACH Community Development received a $400,000 loan commitment to acquire a 1.7 acre parcel at the Orenco Max Station in Hillsboro, where they hope to construct 57 units of workforce housing, in part as a response to the expected growth in the local job market driven by Intel’s announced growth plans. The Housing Authority of Washington County received a $30,000 loan commitment to make necessary improvements on a duplex in Hillsboro acquired from Washington County as the result of a tax-foreclosure. Bienestar, Inc. obtained a $121,000 loan commitment for preliminary work on a senior housing community in downtown Hillsboro, at the site of a vacant funeral home acquired with the help of the CHF last year. And finally, an exciting mixed-use project involving a new library for the City of Cornelius, with two stories of senior housing built on top, received a $100,000 loan for its project sponsor, Bienestar, Inc., to continue its pre-development work supported last year with a small CHF loan.
These commitments represent the largest total investment to date from the Community Housing Fund and reflect the increased development activity in Washington County, where the Community Housing Fund seeks to expand housing choices for working families and those living on fixed incomes who find themselves priced out of the market.