Portland Afforable Housing Gets KeyBank Equity Injection
KeyBank is putting $9.5M in equity into St. Francis Park Apartments, a 106-unit affordable housing project planned for Southeast Stark and 11th. The development will be on the site of a former private park previously owned and managed by St. Francis of Assisi Catholic Parish. The site sold in 2014 to Catholic Charities and Home Forward, which is developing the apartments.
The development will include 86 units for people earning 60% of median family income and 19 for those earning 30% or lower, the Portland Business Journal reports. The property also will provide services in 20 units to women transitioning from homelessness and five units for women escaping domestic violence. [PBJ]