Many years ago, the Salem Housing Authority helped to pioneer the HUD Voucher program as one of the first participants in the Experimental Housing Allowance Program.
The agency has now scored another first with the first project of any kind in
Oregon to receive HUD funding, and achieve loan closing, under the Rental Housing Demonstration program,
for the 62 unit senior focused Robert Lindsay Tower in Salem. (The HUD RAD program allows leveraging of private
financing, via conversion of public housing subsidy into other forms of HUD
project based subsidy).
Robert Lindsay conversion and renovation is being coupled with
renovation financing for a second family focused project, Parkway
To minimize tenant disruption construction will be
completed in phases through Jan 2015.
Full details about the financing of these two
projects can be found in a Salem Housing Commission April 28th agenda document HERE.
Full disclosure: I sit on the Board of the Housing Development Center, which
acted as a consultant for SHA in putting together this very complicated first
of a kind project.
Props to Andy Wilch, the Salem PHA Adminstrator
and his Board and staff as well as Robin Boyce, HDC Executive Director
creative and hardworking staff.(The SHA Commission document also has a full
list of the many partners for these projects--kudos to all).
Originally created and posted on the Oregon Housing Blog.