Housing Stability Council
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Multi-Family Development Project Summary<br />
OHCS 2016 Local Innovation and Fast Tract (LIFT) NOFA<br />
Project Name:<br />
Project Address:<br />
S of Memorial Lane, E of LDL<br />
Road, La Pine<br />
PROJECT SUMMARY<br />
La Pine Townhomes<br />
County:<br />
Deschutes<br />
Sponsor Name: <strong>Housing</strong> Works Total # of Units: 42<br />
Target Population:<br />
Workforce/Family<br />
# DHS Units: 9<br />
# Rent Assisted Units: 8<br />
LIFT Eligibility:<br />
Serving Rural Communities<br />
SOURCES & USES<br />
SOURCES<br />
USES<br />
OHCS LIFT: $1,596,000.00 Acquisition Costs: $30,000.00<br />
LIFT / Unit: $38,000.00 Construction Costs: $5,258,941.00<br />
4% LIHTC: $267,176.00 Development Costs $2,027,798.00<br />
Local Government 1 TOTAL USES: $7,316,739.00<br />
Resources: 2 Construction Costs Per Unit: $125,212.87<br />
Mortgage Loan(s): $2,825,000.00 Construction Cost Per Sq Ft: $125.23<br />
Tax Credit Equity: $2,778,355.00 Total Cost Per Unit: $174,208.06<br />
Other Funds:<br />
Deferred Dev Fee $117,384.00<br />
TOTAL SOURCES $7,316,739.00<br />
Other Non-Cash<br />
Contributions:<br />
Project Description:<br />
Sponsor/Developer<br />
Profile & History:<br />
Oregon <strong>Housing</strong> <strong>Stability</strong> <strong>Council</strong><br />
NARRATIVE(S)<br />
La Pine, Oregon, population 1,670, is located 30 miles south of Bend in Central Oregon. La<br />
Pine has been historically underserved and has a severe need for affordable multifamily<br />
housing. The La Pine Townhomes will provide 42 units (8 one-bedroom flats, 17 twobedroom<br />
townhomes and 17 three-bedroom townhomes) on approximately 2.5 acres for<br />
households at or below 60% AMI. Nine of the units will be set aside to serve DHS clients,<br />
with 8 of those units receiving rental subsidy through project-based vouchers (PBVs).<br />
The La Pine Townhomes development site is located in an area ideal for both families and<br />
workforce households. The development site is less than a mile from the La Pine<br />
elementary, middle and high schools and is approximately one mile from the Highway 97<br />
Business Corridor and associated businesses and service providers. The Deschutes<br />
Children's Foundation, a community of 8 service providers to children and families of<br />
Deschutes County, is located 0.3 miles away.<br />
<strong>Housing</strong> Works is the assumed business name of Central Oregon Regional <strong>Housing</strong><br />
Authority. In addition to administering a Section 8 <strong>Housing</strong> Choice Voucher contract<br />
through HUD for approximately 1,200 vouchers, <strong>Housing</strong> Works is also a leader in<br />
affordable housing development in Central Oregon. <strong>Housing</strong> Works has 24 developments<br />
Meeting Materials Packet - Page 41<br />
Multi-Family Development Project Summary – 2016 Mental Health NOFA
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