Housing costs in Washington County are among the highest in Oregon, and an estimated half of the 70,000 renting households in this county live in housing that is unaffordable. This fact alone makes the preservation of 69 affordable apartments at Farmington Meadows a reason to celebrate.
Guardian Real Estate Services, in partnership with HUD and Oregon Housing and Community Services (OHCS), recently completed a $14 million dollar rehab project that maintains 69 affordable homes for seniors and families in Beaverton, Oregon. Without the continued funding the rehab ensured, the project’s full HAP Section 8 contract would have expired in November 2012, and residents of Farmington Meadows would have simply been priced out of their homes.
“Farmington Meadows is a wonderful example of the potential for successful preservation of our state’s existing affordable housing portfolio, especially those properties with valuable federal subsidies that can stretch our limited local resources even further”, says Jessy Olson, Development Projects Manager for Guardian Real Estate Services. “Not only are rehabs a more efficient way to build green and save resources, but these properties are already a significant part of the local community, so we find a lot of value in preservation efforts and are pleased that OHCS prioritized this project.”
Originally built in 1982, Farmington Meadows was in need of major repairs to keep the community viable for its residents. The community now also meets the 30-Year OHCS Rehab Construction Best Practices and the OHCS Green Path Standards.
The renovation includes: a full building envelope replacement, improvements to HVAC systems to reduce moisture in units, site drainage improvements, landscaping and amenity improvements, parking lot and walkway replacements. The apartment interiors received nearly complete upgrades with new flooring, appliances, cabinets and countertop surfaces. A brand new community room and play structure was also added.
Project investment partners include Oregon Housing & Community Services, Enterprise Community Investment, and JP Morgan Chase. Guardian Real Estate Services serves as the developer, co-owner and property manager. Carleton Hart Architecture is the project architect and LMC Construction is the contractor.