AUGUST 2004

Genesis approves new loans for three major Portland projects to create significant new affordable housing units

Genesis approves $686,000 in new loans to Avesta Housing, The Iris Network and Shalom House for new affordable rental units and market-rate condominiums in Portland.

Avesta Housing Development Corporation borrowed $200,000 from Genesis to assist with the acquisition of a 1.7-acre parcel of land in the Bayside neighborhood of Portland. Avesta plans to build 100 subsidized apartments and market-rate condominiums in this up-and-coming neighborhood, making it the city's largest housing project in nearly 15 years.

Click here to read an August 31, 2004, article from the Portland Press Herald about the project.

Shalom House, Inc., borrowed $323,000 toward the acquisition costs of a 1.32-acre multi-use site in Portland that will ultimately include 11,000 square feet of office space for Shalom House and another nonprofit organization, a community art studio for the Shalom House Art Program, up to 32 units of affordable housing, and a six-unit group home for persons with mental illness.

The Iris Network borrowed $163,000 to help cover predevelopment costs for a project that will create 30 apartments specifically designed for visually impaired residents. The Iris Network will provide free services to maximize the independence of residents.

 

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