At the Wednesday, April 20th meeting of the Oregon Private Activity Bond Committee OHCS is asking for additional bond authority for 695 units in 8 new developments, with 6 of the 8 projects located in the Portland metro area.
OHCS Chart Shows Substantially Lower Cost Per Unit than My Calculated Cost Per Unit, Which Averages $389K.
I edited a table included in the meeting materials to calculate per unit cost for each project. That table is pasted below.
It's notable that the calculated per unit cost in MY table is substantially higher than the per unit cost shown in the meeting materials submitted by OHCS. (The OHCS table is at PDF page 52 of the meeting packet),
For example my calculated per unit costs for the Tigard senior project are $440.927 ($25,573,753 Permanent Cost/58 units) while the OHCS table shows a per unit cost of $197,474; that's 55% BELOW my calculated per unit cost).
Because in the meeting materials the OHCS per square foot costs appear to match up with my calculations I believe the current OHCS cost per unit values shown in the table are incorrect.
The table below shows my calculated per unit cost average $389,000 with a range of $274,000 [148th Apartments] to $471,000 per unit [5020 N. Interstate] with both projects located in Portland . The high per unit cost of $471,000 for 5020 N. Interstate is especially notable as the details provided in the meeting packet show the land cost as zero.
Originally created and posted on the Oregon Housing Blog.
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