National Equity Fund and Pacific Crest Affordable Housing Partner to Create 96 Much-needed Affordable Housing Units in High-Rent Bend, Ore., Using Housing Tax Credits for Low-Income People

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Phase two of the development of Canal Commons is underway to provide new affordable housing options for the workforce and families for those priced out of the expensive resort town.

Posted: October 26, 2021 at 4:23 p.m. EDT|Update: 5 hours ago

BEND, Ore., October 26, 2021 / PRNewswire / – Pacific Crest Affordable Housing (PCAH) and nonprofit tax credit syndicator, National Equity Fund (NEF), recently launched the second phase of Canal Commons, a new development that will provide 96 Affordable housing units for workforce families and households located near Pine Nursery Park in Bend, Oregon Once finished.

Canal Commons Phase 1, 48 affordable housing units in Bend, Oregon, developed in partnership with National Equity Fund, Pacific Crest Affordable Housing and First Interstate Bank through investments backed by federal housing tax credits at low income. Phase 2 with 48 additional units to be completed in 2022.

The first phase of the Canal Commons project ended in December 2019 with 48 units and was fully leased by February 2021 with a waiting list of more than 200 households, showing the high demand for more affordable housing in the expensive Bend, Oregon Marlet. The second phase is expected to be completed in October 2022 providing the 48 additional units.

The 96-unit apartment community is made up of one, two and three bedroom apartments with rents set at 30 to 53% of the region’s median income for 60 years. This translates into estimated monthly rents ranging from $ 431$ 1,089 (based on HUD numbers which change slightly from year to year), with all utilities included. Other facilities include a community building, fitness room, laundry facilities, playground and community garden.

As the population of Bend Continuing to increase from 76,000 in 2010 to 111,000 in 2020, affordable housing has become more difficult to find for working families. In addition to all of the standard construction complexities, the development of Canal Commons required the completion of two roads, including parts of Thornhill Lane and Empire Avenue as a condition of the development agreement.

“At PCAH, we are committed to creating solutions that allow residents to stay in their communities with family and friends and close to their long-term jobs,” said Rob Roy, co-owner of PCAH. “This is our seventh partnership with NEF and their expertise in using tax credit incentives to finance development has helped us provide over 300 affordable local housing units in our hometown of Bend. “

The NEF funded both phases of Canal Commons through investments backed by federal low-income housing tax credits that subsidize the acquisition, construction and rehabilitation of affordable rental housing for low-income tenants and moderate. Oregon Housing And Community Services, City of Bend and First Interstate Bank are investors.

“At National Equity Fund, our vision is that all individuals and families across the country have access to stable, safe and affordable housing that provides them with a foundation to reach their full potential. Partners like Pacific Crest Affordable Housing and First Interstate Bank are helping make this vision a reality for more communities in need, ”said Lisa Decker, Head of Investor Relations for the Western Region at NEF.

About NEF
National Equity Fund, Inc., based in Chicago, Illinois is a non-profit investor in affordable housing and one of the largest federal low-income housing tax credit trustees in the country. Since 1987, NEF has invested more than $ 18 billion in over 2,900 developments, supporting 200,500 affordable housing units. NEF is a subsidiary of the non-profit Local Initiatives Support Corporation (LISC) and has completed over $ 196 million in grants to support LISC’s large-scale community investment efforts across the country. For more information visit www.nefinc.org Where https://www.nationalequityfund.org/AnnualReport2020/index.html.

About Pacific Crest Affordable Housing
Pacific Crest Affordable Housing, LLC is an award winning developer of high quality housing for low income renters in Central Oregon. These projects are public-private partnerships, funded by various combinations of public funds, private investments, grants, loans and in-kind contributions. Five of the seven projects are for seniors (aged 55 and over), and all are income-limited to serve households earning 60% of the region’s median income or less. Pacific Crest aims to locate its projects in some of the most desirable neighborhoods in the communities where they are located in order to foster a seamless mix of low-rental housing with the rest of the community.

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National Equity Fund logo

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SOURCE National Equity Fund

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