Today, Washington County, with vital support from Oregon Housing and Community Services (OHCS), are glad to announce that the Housing Authority of Washington County (HAWC) has officially purchased Woodspring Apartments from its now previous owner to preserve affordability rates and stabilize housing for its community. This action follows a special Housing Authority Board of Directors meeting that occurred on June 27, 2023, where it provided authorization to complete the acquisition of the 172-unit residential complex in Tigard.
The Housing Authority of Washington County was also authorized to issue a revenue bond not to exceed $25.5 million and to use part of the proceeds to finance the purchase. In addition to the revenue bond approval, up to $4 million from its Local Fund that is generated from development activities will be used for gap and project expenses. Most crucially however, an entire $25 million loan in Push Preservation Funding will be provided by OHCS to cover the remaining costs.
Washington County Chair Kathryn Harrington remarked at the special meeting, “I am thrilled that we’re at this point.... Congratulations to all of you! It’s been a long two and a half years and we are grateful for your [HAWC] practicing the art of the possible every step of the way. We are also grateful to the State of Oregon for making funds available for the acquisition of Woodspring Apartments, what a terrific day.”
Meanwhile, Director of OHCS Andrea Bell shared today that “keeping Woodspring Apartments affordable for the residents who have called it home for many years is an investment in our shared values that everyone deserves safe, stable, and affordable housing.” Bell went on to add that OHCS is “committed to not only developing more affordable housing but preserving current affordable housing to ensure diversity, resilience, and a sense of belonging within a community can last for generations. Thank you to Washington County for stepping up in this collaborative effort.”
Woodspring Apartments was built in 1991 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 OHCS worked closely to alleviate the residents’ burden with the former “Short-Term Assistance for Tenants with Expiring Affordability” program. For more on Woodspring, please visit its online resource hub.
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.
ABOUT OREGON HOUSING & COMMUNITY SERVICES: Oregon Housing and Community Services (OHCS) provides resources for Oregonians to reduce poverty and increase access to stable housing. Our intentional focus on both housing and community services allows us to serve Oregonians holistically across the housing continuum, including preventing and ending homelessness, assisting with utilities, providing housing stability support, financing multifamily affordable housing, and encouraging homeownership. Learn more about OHCS at https://www.oregon.gov/ohcs.