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 />
Sponsor Name:<br />
Target Population:<br />
18595 SW Baseline Rd,<br />
Hillsboro, Oregon 97006<br />
Willow Creek Limited<br />
Partnership/<strong>Housing</strong><br />
Authority of Washington<br />
County<br />
Residents at or below 60%<br />
MFI<br />
PROJECT SUMMARY<br />
Willow Creek Crossing Apts<br />
County:<br />
Washington<br />
Total Units: 122<br />
# DHS Units: 12<br />
# Rent Assisted Units: 12<br />
LIFT Eligibility:<br />
Serving Communities of Color<br />
SOURCES & USES<br />
SOURCES<br />
USES<br />
OHCS LIFT: $4,636,000.00 Acquisition Costs: $35,000.00<br />
LIFT / Unit: $38,000.00 Construction Costs: $18,293,500.00<br />
4% LIHTC: $743,907.00 Development Costs $7,673,764.00<br />
Local Government 1 TOTAL USES: $26,002,264.00<br />
Resources: 2 Construction Costs Per Unit: $149,946.00<br />
Mortgage Loan(s): $10,200,000.00 Construction Cost Per Sq Ft: $198.00<br />
Tax Credit Equity: $8,323,427.00 Total Cost Per Unit: $213,133.00<br />
Other Funds: $450,000.00<br />
Deferred Developer Fees $2,392,837.00<br />
TOTAL SOURCES $26,002,264.00<br />
Other Non-Cash<br />
Contributions:<br />
$0.00<br />
Project Description:<br />
NARRATIVE(S)<br />
Willow Creek Crossing will be a newly constructed 122-unit, mixed-use affordable<br />
apartments in Hillsboro, Oregon at SW 185th at W. Baseline. All 122 housing units will be<br />
offered to tenants whose income is at or below 60% of median income. Twelve of these<br />
units are project-based serving tenants with incomes at or below 30% of median income.<br />
The site is conveniently located near to the Willow Creek Max station, three bus lines, PCC<br />
Willow Creek campus. WorkSource Oregon, and shopping and services opportunities.<br />
Sponsor/Developer<br />
Profile & History:<br />
Oregon <strong>Housing</strong> <strong>Stability</strong> <strong>Council</strong><br />
Walter Grodahl, sole member of DBG Willow Creek LLC, has developed over 32 Multi-<br />
Family <strong>Housing</strong> Developments and constructed more than 6,000 units using tax-exempt<br />
bonds and Federal Low-Income <strong>Housing</strong> Tax Credits as primary financing tools.<br />
Approximately 3,100 of those units are in Oregon that have received funding and Low<br />
Income <strong>Housing</strong> Tax Credit allocations from OHCS. Bob Walsh, of Walsh Construction, has<br />
constructed over 900 units of affordable housing that were funded with sources of<br />
funding provided by Oregon <strong>Housing</strong> Community Services. Val Valfre, Executive Director<br />
Meeting Materials Packet - Page 58<br />
Multi-Family Development Project Summary – 2016 Mental Health NOFA
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