Fern Ridge Apartments
Fern Ridge Apartments is being developed in partnership with Home First Development. The project will create 72 family oriented units. The mix of 1, 2 and 3 bedroom units will be affordable to renters earning at or below 30% and 60% of area median income (AMI). Building the Fern Ridge Apartments is vital because no new affordable housing has been built in Stayton in more than 20 years.
Marion County lost an estimated 700 units to the 2020 Beachie Creek wildfire. Our proposed development will help replenish lost housing stock and will provide quality affordable housing to low-income families. Additionally, in Marion County, the number of affordable housing units needed stands at more than 12,000 according to the Oregon Housing and Community Services Statewide Housing Plan. Like much of Marion County, Stayton has an elevated poverty rate compared to the state average.
Residents of the Fern Ridge Apartments will benefit from culturally-informed resident services provided by Mano a Mano, a local Latino services organization based in Salem. The buildings will achieve green building standards comparable to Earth Advantage Gold. The apartments will have patios or balconies with the upper levels having a lovely northwest view. The planned 1,500 SF community space, on site pond, and outdoor amenities will support resident services, and promote community building and gatherings.
The project is financed with Local Innovation Fast Track (LIFT) funds, 4% Low Income Housing Tax Credits (LIHTC), construction and permanent debt, OHCS Multifamily Energy Program funds (OR-MEP), and Project-Based Vouchers.
Location: 2300 N 3rd Ave. Stayon, Or
Property type: Affordable Multi-Family
Land size: 4.15 acres
Building size: 68,388 square feet
Project cost: $19,000,000 (approx.)
Date delivered: 2024
Partners: Home First Development; Doug Circosta Architect; Oregon Housing and Community Services; Mano a Mano
Property Manager: NW Real Estate Capital, fernridge@nwrecc.org
