Cornerstone Apartments

 

Community Resource Trust has worked with local developer Mountain West Investment Corporation and several community partners, including the City of Salem, Oregon Housing and Community Services, Community Action Agency, Northwest Human Services, and several local nonprofits to build affordable rentals on Portland Road with on-site resident services and access to community resources. The apartments will be available for pre-leasing in Summer of 2018.

To finance the project, the team has aquired several sources of funding:

• Low Income Housing Tax Credits (LIHTC) and tax-exempt bonds
• Local Innovation and Fast Track Housing (LIFT) funds
• HOME funds
• Northgate Urban Renewal funding
• Conventional financing

The Cornerstone Apartments are designed to have 180 total units:

• 12 studio units
• 24 one-bedroom units
• 96 two-bedroom units
• 48 three-bedroom units

The project will include several amenities to serve residents:

• Outdoor sports court
• Playground
• A community garden
• and a community building which will include:
  • managers’ office
  • meeting/conference rooms
  • private office for on-site case management services
  • industrial kitchen
  • activity room
  • computer lab
  • training area for self-sufficiency, educational, life skills classes, etc.