NeighborWorks Capital is pleased to extend a $1 million predevelopment line of credit to REACH Community Development in Portland, OR. Funds will support the predevelopment of a pipeline, including 6 projects with 423 planned affordable housing units in their service area of Clark County, Washington County, and Multnomah County, Oregon.
The Portland region, like many coastal areas, has seen a dramatic increase in the cost of market-rate housing, pricing low-to-moderate income individuals and families out of the local housing market. As a result, thousands of households live in unaffordable or overcrowded homes, and many are experiencing homelessness.
REACH was founded in 1982 in response to neighbors’ concerns about deteriorating housing conditions in their Southeast Portland neighborhood. Today, the organization is considered one of the region’s largest and most successful affordable housing developers and is regarded as a national leader in affordable green building. REACH has developed and owns over 2,725 units of affordable rental housing across 44 properties in the Portland metropolitan region. The organization has developed strong, established relationships within the community and has gained local, state, and national acclaim for innovation and responsiveness to difficult urban issues.
NeighborWorks Capital has partnered with REACH on 3 other acquisition and predevelopment loans and is proud to continue to support its mission to create opportunities for all people to thrive by developing and promoting equitable access to quality, affordable homes, supportive services, and community.
