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Developer To Add Affordable Housing To Burnside Bridgehead Project
Dated: August 20 2015
One of the major residential developments coming out of the ground at the Burnside Bridgehead will dedicate 20 percent of its units to affordable housing.
Key Development, the company building the mixed-use apartment complex known as Yard, today announced that it has signed an agreement with the city of Portland to construct 57 affordable units as workforce housing. The workforce housing units will be reserved for Portlanders making up to 60 percent of the area’s median family income.
The current median family income for a family of four in Portland is $73,900.
“We want this building to be accessible to many of the people who already live and work on the East Side, at the local businesses that provide so much vibrancy to the neighborhood," said Jeff Pickhardt, president of Key Development, in a release.
Currently under construction with a tentative opening date of summer 2016, Yard will be a 16-story tower atop a five-story podium of parking, commercial space and amenities. The development is located between Northeast Couch and East Burnside streets on the north and south, and between Northeast Second and Third avenues on the east and west, with a main entrance along Couch Pedestrian Plaza.
The agreement with the city comes after long-term discussions by the city, Key Development and Guardian Real Estate Services, Yard’s property management company. According to the release, the workforce housing units fall under the Housing Bureau’s Multiple-Unit Limited Tax Exemption program, or MULTE, which in part is designed to stimulate the construction of affordable housing where such housing might not be otherwise available.
The MULTE program provides a limited 10-year property tax exemption on the residential improvements to a structure as long as program goals are met.
“We are very grateful to Key Development for their commitment to the vibrancy and economic diversity of our city by including affordable housing in Yard,” said Commissioner Dan Saltzman, who oversees the Portland Housing Bureau. “To solve the affordable housing crisis facing our city, we need more developers like Key Development stepping forward to help.”
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....