National Equity Fund (NEF) and Pacific Crest Affordable Housing (PCAH) have started construction on the second phase of Canal Commons development in Oregon, the US.
Located near Pine Nursery Park in Bend, Canal Commons is a new 96-unit affordable housing development for families and workforce households.
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The first phase of the project includes 48 units. It was completed in December 2019 and fully leased by February this year.
The second phase will include construction of another 48 units.
The Canal Commons apartment community features one-, two-, and three-bedroom apartments, which will be available for rents set at 30% to 53% of Area Median Income for 60 years.
It also includes laundry facilities, fitness room, playground, community garden and a community building.
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By GlobalDataWork on the phase two of the housing development is anticipated to be completed in October 2022.
NEF stated that it provided funding for Canal Commons’ two phases through investments backed by Federal Low-Income Housing Tax Credits.
Other investors include City of Bend, Oregon Housing and Community Services and First Interstate Bank.
PCAH co-owner Rob Roy said: “At PCAH, we are committed to creating solutions that allow residents to remain in their communities among families and friends and near their jobs for the long term.
“This is our seventh partnership with NEF and their expertise in leveraging tax credit incentives to fund development has helped us to provide over 300 local affordable housing units in our hometown of Bend.”
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Rendering of the Phase 1 of Canal Commons in Bend, Oregon. Credit: National Equity Fund/ PRNewswire.
