NeighborWorks Capital is increasing REACH Community Development’s existing $1 million predevelopment line of credit by $1 million, bringing the total commitment to $2 million. Funds will support acquisition, predevelopment, and construction-related expenses for planned affordable housing projects.
The increase comes as REACH enters its next organizational phase. After completing a significant disposition of its scattered-site portfolio, REACH is repositioning its resources toward developing and rehabilitating more efficient multifamily affordable housing, an approach that can serve more families and support a more sustainable organization. The disposition also positions REACH to reinvest meaningfully in its multifamily pipeline.
The Portland region continues to demonstrate strong demand for affordable housing. Median home values are more than 1.5 times the national average, and the population continues to grow. Together, these factors underscore the need for high-quality affordable rental housing. The properties expected to use the line of credit are located in high-demand urban neighborhoods in Portland, Oregon, and Vancouver, Washington, where occupancy is strong and expected to remain stable or improve following substantial rehabilitation.
Founded in 1982 in response to neighbors’ concerns about deteriorating housing conditions in Southeast Portland, REACH has grown into one of the region’s largest and most successful affordable housing developers. The organization is also regarded as a national leader in affordable green building. REACH has developed and owns more than 2,725 units of affordable rental housing across 44 properties in the Portland metropolitan region, and it has built strong community relationships while earning local, state, and national recognition for innovation and responsiveness to complex urban housing challenges.
NeighborWorks Capital has partnered with REACH on three prior acquisition and predevelopment loans and is proud to continue supporting its mission to create opportunities for all people to thrive by developing and promoting equitable access to quality, affordable homes, supportive services, and community.
