Albany: Woodwind Apartments

Albany-Woodwind-Apartments

The Woodwind Apartments is a transformational project for the Main Street neighborhood of Central Albany. The site, located on a high-visibility corridor, had been a blight on the community with thirty significantly deteriorated mobile homes, substantial police activity and uncooperative property owners.

Through a collaborative partnership with Innovative Housing, Inc. (IHI), the Central Albany Revitalization Area (CARA) was able use urban renewal funds as the critical gap financing, which made this development possible.

The project included demolition and removal of the mobile homes, environmental cleanup of old oil tanks, construction of 54 workforce apartments (1-, 2-, 3-, and 4-bedroom units).

Benefits and amenities of the project were significant: Community room, Children’s playground, classic design that blends with the historic neighborhood, 85 parking spaces, restoration of the canyon along Periwinkle Creek including a public path, resident services such as budgeting, homework help for kids, a commitment to use local contractors and materials, and sustainable elements to the buildings and site.

Funding/Leverage

Funding for this project was provided by the Central Albany Revitalization Area, Oregon Housing and Community Services, Raymond James Tax Credit Fund, JPMorgan Chase, and Network for Oregon Affordable Housing and Energy Trust. Total project was $10.6 million.

  • Bank, Special Rate Mortgage – $1 million
  • Tax Credits – $7,633,437
  • Grants (Oregon Housing) – $300,000
  • Urban renewal participation – $1.45 million (14%)

Community Benefits

  • 54 units of much-needed workforce housing
  • Elimination of blight and lowering of crime rate
  • Commitment to use local vendors for 15% of project costs
  • Annual property taxes of $25,000

Download Project PDF