REACH To Break Ground On Next Affordable Housing Complex In SE Portland

PORTLAND, OR — To push back against the tide of rising housing costs, several Portland-based organizations have taken to constructing new affordable housing complexes around the metro area. The next one to celebrate its groundbreaking will come from REACH Community Development, an award-winning affordable housing developer and manager.

REACH officials have invited the community to share in the groundbreaking celebrations at 3 p.m. Thursday, Sept. 21, at 7238 S.E. Foster Rd. in Portland.

The new mixed-use building, 72Foster, will provide 101 affordable apartments ranging from studios to three-bedrooms for residents earning 60 percent of Median Family Income, or less than $31,000 for a single-person household, officials said, adding that 20 of the new apartments will be reserved for Project Based Section 8 voucher recipients — meaning those residents will only pay 30 percent of their income to rent.

Also, a portion of the 8,900-square-foot ground floor retail space will be used to provide services and programs to residents with help from Asian Health & Service Center.

"We're excited to be breaking ground on 72Foster, which supports REACH's goals of bringing affordable living to Southeast Portland and deepening our partnerships with other local organizations in the area," REACH CEO Dan Valliere said in a statement. "We are especially excited to partner with Asian Health & Service Center to provide onsite services to residents. This partnership will allow us to better serve the diverse cultural communities in Southeast Portland."

The $24 million project is expected to take roughly 15 months, officials said. It is reportedly being paid for by the KeyBank Community Development Corporation, KeyBank Community Development Lending, Freddie Mac (KeyBank Real Estate Capital as seller/servicer), Metro, Portland Housing Bureau, Oregon Housing and Community Services, and REACH Community Development.

See other Patch stories about affordable housing in Portland:

• City Officials Break Ground On Forthcoming Affordable Housing Apartment Building
• Central City Concern Opens Hill Park Apartments In Downtown Portland
• Affordable Housing Rescued from Conversion Set to Reopen

Photo Courtesy: REACH Community Development