Affordable Housing Project Planned for Southern OR

Commonwealth Development Corporation and WNC & Associates have closed a deal to begin construction of Pacific Flats, a residential community in Phoenix, Oregon.

The property will include five three-story residential buildings comprised of 72 family LIHTC units. Pacific Flats will play a key role in providing affordable housing as the area continues to recover from the damage caused by the Almeda Fire in 2020. The Almeda Fire destroyed more than 2,800 structures in Phoenix and the southern adjacent neighboring cities of Talent and Ashland, Oregon.

“Commonwealth is delighted to collaborate with our esteemed partners, WNC, to provide further housing support to the southern Oregon region impacted by the Almeda wildfire,” said Dan Kroetz, Senior Vice President of Development at Commonwealth Development Corporation.

WNC’s total investment is approximately $25.1 million. The deal was structured with 4% LIHTC Equity, a construction and perm loan through Legacy Bank, a $13.5 million soft loan using LIFT funds, and a $170,000 soft loan using OHCS MEP funds.

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