Beaverton, Oregon Mayor Robert Drake Welcomes Families to 128 New Affordable Homes at Merlo Station
Beaverton, Ore. – (May 29, 2008) – Tualatin Valley Housing Partners (TVHP), Enterprise Community Investment, Inc., and project partners celebrated today the grand opening of Merlo Station Apartments, a community of 128 new apartments for families earning 60 percent or less of area median income in Beaverton, Oregon. The development was created on 4.3 acres of land formerly owned by TriMet and is one block from the Merlo Station MAX light rail station and the Tualatin Hills Park and Recreation District nature park. Mayor Robert Drake, Congressman David Wu and Commissioner Dick Schouten were among officials that participated in the ribbon cutting and family festival with local residents, which included arts and crafts, free food and property tours.
“Merlo Station Apartments are a shining example of how thoughtful public-private partnerships can create affordable housing for families that keeps them close to the services and support mechanisms they need to thrive – from public transportation, to local jobs and training programs, to schools and day care facilities, shopping, entertainment and open space,” said Charles R. Werhane, vice president and chief operating officer, Enterprise Community Investment, Inc. “This is a great benefit to the Merlo Station neighborhood and the entire community.”
Merlo Station Apartments received financing from a variety of sources, including a $6.5 million Low-Income Housing Tax Credit equity investment from Enterprise, $9.5 million in permanent financing from U.S. Bank, which includes $5.8 million in tax exempt bonds, a $3.6 million loan subsidized by Oregon Affordable Housing Tax Credits, $700,000 from the city of Beaverton and $2.2 million from Washington County Community Development through the federal HOME Investment Partnerships Program, along with permit fee waivers of $226,000 from the city of Beaverton. The project also received predevelopment grants from Washington County Community Development and Home Depot, as well as predevelopment loans from the Federal Home Loan Bank and the Community Housing Fund. TriMet provided a discount on the land price.
“This project is a great example of our city’s commitment to affordable housing and the great partnerships we have forged with other agencies to help make it happen for the benefit of the new residents,” said Rob Drake, Mayor of Beaverton.
Tom Benjamin, Executive Director of TVHP, said, “The cooperation with Beaverton, Washington County, the state, TriMet, and other groups was the only way that this project could go forward. Working together, we have been able to provide large families with affordable and supportive services that will help them improve their lives. Special credit should go to TriMet for their setting aside of land for a transit-oriented development and initiating the process with Beaverton and TVHP in early 2004.”
In Oregon, Enterprise has financed more than $342 million to rehabilitate or develop nearly 4,500 units of affordable housing.
Tualatin Valley Housing Partners is a 14-year-old nonprofit community development corporation formed to preserve and build affordable housing in Washington County. TVHP manages more than 500 affordable housing units in eight developments, and has 33 full-time employees, many of whom were hired from low-income communities. TVHP’s mission is to help low-income people improve their lives through affordable housing enhanced by resident services and partnerships with community social services agencies and schools.
Enterprise Community Investment, Inc. is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Enterprise has privately raised over $9 billion to finance more than 240,000 affordable rental and for-sale homes, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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