Nonprofit builds complex for affordability
This month workers began construction on a new affordable apartment building for low and moderate income residents off Northeast Martin Luther King Boulevard and Cook Street in the Eliot Neighborhood.
The building’s owners, non-profit Innovative Housing, Inc., say the new complex, the Eliot MLK building, helps to address a shortage of affordable rental units within Portland’s core.
“Close to the MAX and bus lines, these units are sorely needed by people with lower paying jobs who need to live close to work,” said Innovative Housing Executive Director Sarah Stevenson.
The five-story, LEED-Silver certified building, one block west of Irving City Park at 3250 N.E. Martin Luther King Jr. Blvd., is scheduled to be complete by next September.
When finished, the building will contain 42 one-bedroom units and eight two-bedroom units. The ground floor will boast 1,400 square feet of commercial space.
Portland’s Carleton Hart Architects designed the 48,000-square foot building while Walsh Construction is in the process of building it.
Stevenson estimated the project will create 50 jobs during the 12 months of construction and two to three permanent jobs after the building is completed.
Funding for the $11.9 million project came from Wells Fargo, Portland Housing Bureau, Oregon Housing and Community Services, the Raymond James Tax Credit Fund and the nonprofit Network for Oregon Affordable Housing.
Founded in 1984 to help provide affordable housing for low- and moderate-income households, Innovative Housing, Inc. now owns more than 1,400 affordable apartments in Oregon and Washington.
Stevenson said, “It is important to have affordable housing options in desirable communities like the Eliot Neighborhood.”
For more information, visit Innovativehousinginc.com.