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Washington County Makes Progress with Woodspring Acquisition Effort

Housing Authority Receives Authorization to Waive Contingencies with Woodspring Owner
Media release

TIGARD, OR: On April 14, 2023, the Housing Authority of Washington County received authorization to waive the contingencies and commit to a full deposit at a special Housing Authority Board of Directors’ meeting to move forward with its intent to purchase Woodspring and preserve its affordability rates for all current residents. The Housing Authority, along with legal counsel and development consultants, will prepare the required documents for Board approval, with anticipated action in early June. Acquisition closing is scheduled to occur between mid-June and early July.

This action follows the previously received authorization on March 14, 2023, for the Executive Director to negotiate and enter into a purchase and sale agreement with the owner, which the Housing Authority was able to execute on March 17, 2023. Since then, the Housing Authority has conducted the necessary property and financial due diligence by thoroughly inspecting the property. The inspection yielded a positive assessment as it is well-maintained and in reasonable condition, with some renovations needed that will be addressed by a long-term development plan. Washington County Commissioner Roy Rogers shares that, “We couldn’t have done any of this without the State’s help. This is a unique situation where we’re able to try acquiring this property thanks to Oregon Housing and Community Services financing. Moving forward we want to make sure we continue to do right by our taxpayers by efficiently managing our resources.”

Located at SW 113th Ave, Tigard, OR, Woodspring Apartments is a 172-unit complex built in 1991. It was originally built with Low Income Housing Tax Credits and regulated as affordable housing with a 30-year period of affordability, which ended on December 31, 2020. Households who were living at Woodspring at the time the affordability period ended continue to have affordable rents for three years as a part of a "safe harbor” provision. Washington County and Oregon Housing and Community Services have worked closely to alleviate the residents’ burden with the “Short-Term Assistance for Tenants with Expiring Affordability” program.

For more information on Woodspring, please visit the County’s dedicated webpage.

ABOUT HOUSING AUTHORITY OF WASHINGTON COUNTY: The Housing Authority of Washington County has been providing and developing affordable housing opportunities for over 50 years. Today, the effort continues with the county’s Department of Housing Services, formed in 1992 to administer both its housing activities and programs and that of Washington County. Its mission is to provide a continuum of affordable housing options that promote community strength.