In 2015, PEDCOR Inc. a housing developer out of Carmel, Indiana, approached the Housing Authority of Clackamas County (HACC) to request a partnership in the development of Rosewood Terrace Apartments, a 212 unit multi-family affordable rental housing project.
This project would create 212 new units of housing. The development includes:
This project would provide housing that is affordable to families earning up to 60 percent of Area Median Income (AMI). The income limits and the rents are noted in the tables below.
|Number of bedrooms||Maximum income limits at 60% of area median income|
|Number of bedrooms||Current market rent||Project rent with utilities|
Rosewood Terrace Location
Rosewood Terrace will be located at 8810 and 8850 Otty Road in Happy Valley. The project will consist of six four-story, wood framed structures with elevator service in each building. It is centrally located with easy access to services and a short walk to the MAX Green Line as well as several TriMet bus stops.
Financing and Long-Term Affordability
The Housing Authority of Clackamas County is assisting Pedcor in accessing state bonding authority.
HOME funds are coming from HUD and are awarded for the construction of affordable housing.
Ultimately, the county's financial investment is $1.1 million in disposition funds. These funds will be paid back upon refinancing of the project or at the end of their term.
The county is considering foregoing property tax in order to subsidize this needed housing. Current property tax revenue for the two sites are:
- 8810 Otty Road - $16,767
- 8850 Otty Road - $5,364
Schedule and key dates (future key dates may be scheduled at various points in the project)
- July 5, 2016 - Board of County Commissioners Policy Session
- Sept. 29, 2016 - Board of County Commissioners Policy Session
- Sept. 29, 2016 - Board Approval of Memo of Understanding and Term Sheet for Development
- Nov. 22, 2016 - Bond Inducement Resolution & Bond Policy study session with BCC
- Dec. 15, 2016 - Board Approval of the Bond package
- Dec. 31, 2016 - Pedcor to close on the land purchase
- May 2017 - Closing documents are signed
- June 2018 - Construction begins
- February 2020 - Construction completed
All future dates are subject to change based on the progress of the project.