South Park Blocks
Fountain Place Apartments

Project

Fountain Place Apartments
929 SW Salmon Street

Learn more about Fountain Place Apartments through Cascade Management, Inc.

Project Goals

• Preservation of affordable housing

Project Description

Two major building systems, replacement of the plumbing system and the roof, will be undertaken to provide safe, decent and sanitary housing.

Section 42, Low-Income Housing Tax Credit and Bond regulations currently restrict the property to low and moderate-income tenants. The project provides affordable rental housing with rents restricted between 40–80% Median Family Income (MFI) and features studios, one bedroom and two bedroom units. The current tenant mix includes 33 households in the 0–30% MFI range as opposed to none in the initial programming. Twenty households are receiving project-based Section 8 vouchers.

The Housing Authority of Portland (HAP) purchased the property from PDC in December 2002.  Upon acquisition, HAP utilized 4% Low Income Housing Tax Credits to complete a partial rehabilitation of the project, which included updating the building’s structural, electrical, mechanical, hot water and interior finishes.

PDC's Partners

Housing Authority of Portland (HAP)

PDC's Involvement

New loan in the amount of $1,375,000 in FY 2006-2007 and restructuring of existing loan in the amount of $1,350,000.

Item	Date
Repairs	2007
Loan repayment begins.	2016
Loan fully repaid	2039

PDC Staff Contact

• Komi Kalevor, PDC
  e-mail, 503-823-3213

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