Oregon Housing and Community Services Department today announced funding to Willamette Neighborhood Housing Services for the refinancing and rehab of Lancaster Bridge Apartments in Corvallis! The state will provide the largest piece of the $8.3 million financing plan: federal Low Income Housing Tax Credits estimated to deliver $5.7 million in tax credit investor equity. All other sources of financing are already committed, including $383,000 in federal HOME funds from the City of Corvallis and $150,000 from NeighborWorks America. This is great news for WNHS and for the 50 families at Lancaster Bridge who will benefit from a much nicer place to live and safe affordable housing.
The rehab plan includes extensive interior and exterior renovations and improvements to energy efficiency that will help residents save money on monthly costs while also helping our environment. Other improvements will help increase the life of Lancaster Bridge and reduce maintenance costs which will further help maintain a sustainable, affordable housing property that helps fill a huge gap in affordable housing availability in Corvallis. Rehab will start in early 2013.
Final decisions on funding will be made by the Housing Council at their July 13 meeting. Until that time, these are recommendations only.