In 2012, Village East was in need of substantial repairs and replacements with significant deferred maintenance and was in danger of losing its project-based Section 8 contract. After working with the Portland HUD office to clean up operations and compliance, Guardian acquired the project in March of 2012 and began working with local affiliates and government agencies to preserve the affordability of Village East and perform the much needed repairs to serve the families who called Village East home. After bringing the property into full compliance and turning around property operations, the project was awarded tax credits in 2014 and our team quickly mobilized to launch a full rehabilitation. Renovations included new siding, roofing, insulation, windows, flooring, appliances, cabinets, countertops, kitchen/bathroom fixtures, lighting, electrical upgrades, and new ductless mini-split HVAC units in each apartment. Parking lot was re-sealed and re-striped, sidewalks were repaved and made accessible, landscaping was dramatically improved and a new playground was added for all to enjoy. Thanks to the U.S. Department of Housing and Urban Development the project-based Section 8 contract was extended for 20 years in conjunction with the rehabilitation providing stability for these families for years to come.

Project Statistics:

  • March 2012: Property acquired by Guardian
  • June 2014: Project awarded tax credits and other funding sources by OHCS
  • December 2014: Construction/Tax Credit Closing; HUD Section 8 contract renewed 20 years
  • January 2015: Renovations commence
  • September 2015: Project complete
  • 42 units for very low income families
  • 2 one-beds, 36 two-beds, 4 three-beds)
  • Total development costs: Approximately $9,000,000
  • Local and MWESB Participation: Nearly 50% of our subcontractors and suppliers were local // 27% of the final contract value ($3,983,147) went to MWESB subcontractors and suppliers

Project Partners:

  • Tax Credit Allocating Agency: Oregon Housing & Community Services
  • Rental Assistance Provider: U.S. Department of Housing and Urban Development
  • Equity Investor: City Real Estate Advisors
  • Lender: JP Morgan Chase
  • Other Funders: MPower Oregon
  • Other Partners: MHT Housing, Inc., Co-General Partner
  • General Contractor: LMC Construction
  • Architect: Bergsund Delaney Architecture and Planning
  • Developer:  Guardian Real Estate Services
  • Construction Management: BC Group
  • Resident Services Provider: Cornerstone Community Housing
  • Relocation Consultant: ALMAR Contracting