Aldercrest

Aldercrest Apartments

A 68-unit multifamily project with an expiring Project-Based Section 8 contract that will be preserved through acquisition and rehabilitation.

Green Light and Human Solutions were awarded 9% Tax Credits by OHCS in the 2020 NOFA round for the renovation and preservation of Aldercrest Apartments, a 68-unit affordable housing project with an expiring 59-unit section 8 contract. 

Originally constructed in 1971, Aldercrest will require an extensive interior and exterior rehab, including full envelope replacement, kitchen cabinets, flooring, appliances, water heaters, lights, faucets and fixtures, and galvanized water supply lines.  The rehabilitation includes energy efficient upgrades and conversion of several units and site grading to provide ADA accessibility. 

The project will be funded by 9% tax credits through Enterprise Housing Credit Investments, Construction and Permanent financing by Chase Bank, an award of $1.2M in Metro Bond funds from the City of Gresham, General Housing Account Program (GHAP), and Oregon Multifamily Energy Program (OMEP). 

Green Light Development and Human Solutions are proud to partner in the acquisition, rehabilitation and long-term preservation of Aldercrest Apartments.

Location: 21900 SE Alder Dr, Gresham, OR

Property type: Affordable Multi-family

Land size: 164,656 SF

Building size: 50,368 SF

Project cost: $23,000,000 (approx.)

Expected delivery: Summer 2022

Partners:  Human Solutions, Salazar Architect, LMC Construction, Oregon Housing and Community services, City of Gresham

Equity Investor: Enterprise Housing Credit Investments

Lender: Chase Bank