A currently under construction Camas apartment complex is among the $28.8 million in new development and capital improvement projects being taken on by the Vancouver Housing Authority in 2011.
The $7.5 million Camas Ridge development broke ground on Prune Hill in August 2010, and is scheduled for completion in mid-summer. It will provide 51 apartments, both market rate units and apartments available to those earning 60 percent or less of median income, which is approximately $71,200 for a family of four.
“For the past few years financing for construction of affordable housing has been non-existent, we are especially glad to see funding becoming available for our communities,’ said VHA Executive Director Roy Johnson. “Between 2010 and 2011, the VHA is investing approximately $43.9 million in our properties and our community to provide decent, safe and affordable housing for low-income residents in Clark County.”
Funding sources for the Camas project include $3.25 million in private activity bonds, $1.5 million from the Washington State Department of Commerce Housing Trust Fund, and nearly $500,000 in loans and grants from Clark County HOME, Community Development Block Grant and 2060 funds. The VHA is providing equity of $2.33 million.
The two building, 46,190 square foot project will have 15 1-bedroom units, 20 two-bedroom units and 16 three-bedroom units. The property will also offer residents open space and children’s play areas, and a community center. There will be 84 parking spots.
Monthly rents are expected to range from $605 to $1,195 per month. Key Property Services will begin taking applications in May.
The other major capital VHA project is an apartment complex for senior citizens in downtown Vancouver. The 76-unit Vista Court Apartments will break ground this month. The $16.1 million project will serve people ages 65 and older.
In addition, approximately $6.7 million in capital improvements including weatherization and exterior upgrades, will be made to selected properties in Orchards, Hazel Dell and Vancouver.
The VHA serves more than 7,500 low-income children, parents, elderly and disabled people with subsidized housing. The VHA also contributes non-subsidized affordable workforce housing and community development activities that provide homes for an additional 5,000 people.