Rosewood Terrace Apartments

Rosewood Terrace

Rosewood Terrace will provide 212 new units of affordable housing in partnership with Pedcor Investments of Carmel, Indiana. This project will consist of (6) 4-story, wood framed structures and will offer (112) 1 bed/1 bath, (92) 2 bed/2 bath and (8) 3 bed/2 bath units all affordable to residents making less than 60% of the Area Median Income (AMI). This project will also include 20 Project Based Voucher units for residents at 30% of AMI.  Completion is scheduled for late summer of 2020.

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Address 8810 SE Otty Road
Happy Valley, OR 97086 map
Eligibility requirements Must be income eligible at 60% or less of area median income. 
Move-in date Winter 2019
Cost $66,126,453
Project financing 1. Rental Income generated during construction $2,143,851
2. Limited Partner Equity (Tax Credits) $22,580,000
3. First Mortgage (Bond Proceeds) $29,150,621
4. HOME Loan $1,050,000
5. Community Development Block Grant (CDBG) Loan $345,000
6. HACC Disposition Fund Loan $1,605,000
7. Deferred Developer Fee $9,251,981
 TOTAL $66,126,453
Contractor Delv Design Architects, LLC;
General Contractor: Pedcor Construction Management

Project Updates/Next Steps

Framing on Building 1 will begin March 4, 2019, which means the first building of one-bedroom units should be completed by Nov. 26, 2019. Future buildings will be completed throughout 2020.

Staff Contact

Angel Sully
Housing Development Coordinator
asully@clackamas.us
503-650-3165