Housing Works announced Friday the funding of a second phase of Eastlake Village, meaning 40 more units of affordable housing will be coming in about a year to the complex near NE 27th Street and Highway 20.
The development will take place on a 2.64-acre parcel to the east (across Belleuvue Drive) from Phase 1, located near the Forum Shopping Center.
With vacancy rates below 1 percent and rents rising, the need for affordable housing is greater than ever.
“We have people in our community calling every day, asking for help in finding a place to live,” said Tom Kemper, Housing Works’ executive director.
“Housing Works has been working to get this project funded for the past three years, and we are ecstatic to be able to respond to the needs of our community,” Kemper added.
Eastlake Village II will provide a home where individuals and families with low incomes can thrive, the agency said.
The design for Eastlake Village II mirrors the highly desirable and award-winning design of Phase I and will offer one-, two- and three bedroom unit configurations.
Residents will enjoy expansive decks, private entries, windows that provide exceptional natural light and desirable interior amenities. As an affordable property, income restrictions will apply, and rents will be well below market rates.
Construction is expected to begin by the end of the year, bringing over $6 million into the community and numerous job opportunities, Housing Works said.
Build time is expected to be 9-10 months, which means pre-leasing will begin in about a year.
Keith Wooden, real estate and facilities director for Housing Works, said the development was awarded an allocation of low-income housing tax credits from Oregon Housing and Community Services.
"The tax credits and a bank loan will be the primary source of funds for the project," Wooden said, with a "total project cost expected to be slightly over $7 million."
Housing Works is the largest affordable housing provider in Central Oregon. It provides people with quality, safe and affordable homes; and through a number of collaborations, it provides the resources to help people stabilize their lives.
Housing Works obtains public funding from federal, state and local governments and leverages these funds with private capital from local financial institutions and foundations to provide quality housing that meets communities’ needs.
Housing Works developments in Bend, Redmond, Prineville, Madras and Sisters have won awards for innovation, economic impact, design, beautification, and historic preservation and enhancement. For more information, visit www.housing-works.org.