Wednesday, May 21, 2014

Salem Housing Authority Scores Another First, With Loan Closing of First HUD RAD Project in Oregon.

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).

The Robert Lindsay conversion and renovation is being coupled with renovation financing for a second family focused project, Parkway Village East. 

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 and her 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.

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