BRIDGE opens fully affordable community in Portland, Ore.

BRIDGE Housing, together with its public and private partners, has opened Waterleaf, a 178-unit fully affordable housing community in Portland, Ore., according to various news outlets.

The property caters to residents earning between 30 percent and 60 percent of the area median income, while 20 units are reserved for veterans under the Veteran Affairs Supportive Housing program.

The financing partners of the development are Oregon Housing and Community Services, the U.S. Department of Housing and Urban Development, Bank of America, Prosper Portland, Portland Housing Bureau, Metro’s TOD Program, Barings Multifamily Capital, the Veterans Administration and Home Forward. The property is subject to Section 42 Low-Income Housing Tax Credit (LIHTC) provisions, with the tax credits applied in 2020, according to Yardi Matrix data.

The six-story building offers studio, one-, two- and three-bedroom floorplans ranging between 430 square feet and 1,331 square feet. Commun