NDC CEF is excited to announce the closing of Union at Pacific Highway, located in Corvallis, Oregon. The project is the new construction of a family apartment project that will consist of one hundred and seventy-four (174) units contained within five residential buildings. The units will be a mix of one, two, and three bedrooms and all units will be rented to households whose incomes do not exceed 60% of the area median income. The property will include community amenities such as a club house, computer center, exercise/fitness room, picnic area, storage, playground, on site management, and surface parking.
The Oregon Housing and Community Services Agency has allocated the 4% Low Income Housing Tax credits and has issued the Tax Exempt multi- family revenue bonds to get the project built. The Agency along with the City of Corvallis is also providing long term gap financing to help support the long- term viability of the project. The property is slated to be completed in August of 2024.
Sponsor Name: The Annex Group
NDC Equity Investment: $17,144,241
Total Development Cost: $56,179,388