Downtown Portland Redevelopment Honored By Affordable Housing Tax Credit Coalition
The Bronaugh Apartments, a historic three-story building in Downtown Portland for the elderly and those with disabilities living on fixed incomes, won the 23rd Annual Charles L. Edson Tax Credit Excellence Awards in the HUD Preservation category. REACH Community Development Corp. accepted the award in Washington, D.C., at the Capitol Visitors Center.
The Edson Awards are presented to outstanding Low-Income Housing Tax Credit developments in eight categories by the Affordable Housing Tax Credit Coalition. The Housing Credit has been financing nearly all affordable rental housing in the country since it was signed into law by President Ronald Reagan.
Built in 1905, the Bronaugh is listed on the National Registry of Historic Places. In 2013, REACH purchased the Bronaugh to preserve the affordability of its 50 apartments for residents, several of whom have lived in the building for over 20 years. As usual for this kind of redevelopment, the preservation required multiple funding sources and partners, including HUD, the State of Oregon, Portland Housing Bureau, Network for Oregon Affordable Housing and Bank of America Merrill Lynch.