After the successful development of the Miracles Club Apartments, Guardian assisted with the formation of a multi-cultural development group and brought together two local, nonprofit, social service organizations – Miracles Club and Central City Concern. This partnership was created to sponsor a second project for the Miracles Club and bring a 47-unit alcohol and drug-free housing community to NE Portland. Both organizations provide support services for the project’s residents. Miracles Club provides peer-to-peer mentoring support for individuals in addiction recovery. Central City Concern provides job counseling and placement assistance. Project financing includes 4% Low Income Housing Tax Credits, Tax Exempt Bonds, a $600,000 Federal Home Loan Bank Grant and a $7.1 million grant provided by the City of Portland.
For more information on Miracles Central visit www.miraclescentral.com.
- Groundbreaking: July 2015
- Completion Date: July 2016
- Total Development Cost: $12M
- Units: 47 Affordable Housing Units
- Amenities: Balconies, bike storage, community room, computer lab, dishwasher, on-site laundry, on-site resident services, secured access
- Developer – Multi Cultural Development Group LLC
- Sub-Developer – Guardian Real Estate Services
- Architect – Carleton Hart
- General Contractor – LMC Construction
- Financing Partners:
- National Equity Fund (Equity Investor)
- JP Morgan Chase (Lender)
- City of Portland
- FHLB Grant