The PDC provides such funding twice a year through a spring and fall request for proposals process, says the PDC's housing development finance manager Andy Wilch. "These projects have gone out and secured all of their other financing commitments and they come to us and say 'here's the number of units we can build if you can fill in the gap in our financing,'" Wilch tells GlobeSt. "If we like what they bring to the table, we reserve the funds; if they then meet all of the conditions, we make a binding commitment."

The money is provided either as a loan bearing 3% interest or in exchange for at least 50% of the net cash flow that a project generates, says Wilch, adding that projects generally take 24 months to be approved and completed once they receive their reservation of funds. Here's a look at the projects that received a reservation of PDC funds in this last round:

--Los Jardines, 6017 N.E. Killingsworth. New Construction of nine apartment buildings for larger families. The $6.9 million project by Hacienda Community Development Corp. is receiving $691,355 from the PDC and will create 43 units of affordable housing.

--Taggert Manor Apartments, 8016-8066 SE Taggert. Acquisition and rehabilitation of an existing multi-family complex for alcohol- and drug-free housing. The $1.6 million project by Central City Concern is receiving $434,441 from the PDC and will create 24 units of affordable housing.

--Douglas Meadows, 2628 S.E. 125th Ave. New construction of apartment housing for large families. The $1.3 million project by Human Solutions Inc. and Sustainable Communities Northwest is receiving $586,341 from the PDC and will create eight units of housing.

--Plaza de Cedro, 10809 N.E. Fremont. New construction of two apartment buildings that will provide six units for larger families. The $800,000 project by Hacienda Community Development is receiving $268,744 from the PDC.

--HAP Housing. New construction in Southwest Portland of shelter housing for medium-sized families. The $580,000 Housing Authority of Portland project is receiving $267,087 from the PDC and will create three units of housing.

--1703 N.E. Junior. Rehabilitation of one four-bedroom, single-family home. The $140,000 project by the Portland Community Reinvestment Initiative is receiving $98,000 from the PDC.

Instant Insights /

PDC Reserves $2.3 Mil for Six Affordable Housing Projects

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