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Local developer secured financing for 48-unit building

PACIFIC CREST AFFORDABLE HOUSING
  • Pacific Crest Affordable Housing

Pacific Crest Affordable Housing, a Bend-based developer of affordable housing projects, has received millions in federal and state tax credits in an effort to afford to build the $15 million, 48-unit affordable apartment building near Pine Nursery Park in northeast Bend.

The project, Canal Commons, is slated to have 12 one bed, one bath units, 28 two bed, one bath units and eight three bed, two bath units, with rents set at 30 to 53 percent of the area median income for 60 years, according to information from the Oregon Housing and Community Services.

Deschutes County's current AMI is rounded to $69,600 according to statistics from the U.S. Housing and Urban Development's webpage. This means the rentals will be available for earners between $20,880 to $36,888 median income for a family of four.

The City of Bend sold the land to Pacific Crest for its cost of $493,000 and awarded the developer $50,000 from its affordable housing fund, said Lynne McConnell, affordable housing manager for the city of Bend.

"Pacific Crest really builds quality, affordable housing," McConnell told the Source. The product they've done in Bend is really fantastic—no one can tell they are affordable housing. I'm proud of them for going out and getting the money."

The 48 units are part of phase one. Phase two has plans for the possibility of 36 more affordable units, according to information from Pacific Crest's website.


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