The Richardson Bridge rehabilitation project is the first of its kind, and signals a new approach that converts existing public housing that is in need of significant capital improvements into long-term Section 8 units.
Richardson Bridge was built in 1992 as our agency’s first Low Income Housing Tax Credit (LIHTC) development and was in fact, one of Oregon’s earliest tax credit projects. It meets many of the requirements for quality public housing but is in need of repairs if it is to meet HUD and Homes for Good requirements.
The rehabilitation project will result in:
- Preservation of 31 of the homes.
- Addition of one ADA home.
- Sale of 12 houses in the development. Homes for Good will partner with Springfield-based NEDCO in an innovative partnership that will match low-income first-time homebuyers with affordable single-family homes.
- The proceeds from the sale of these 12 units will be used for the rehabilitation and preservation of other affordable units in Homes for Good portfolio using the LIHTC program.
The project is being financed by Homes for Good, Oregon Housing and Community Services Agency and General Housing Account Program.