Affordable-Housing Complex to Be Built for Quadriplegics & Seniors
January 26 2016 - 12:55PM
Business Wire
Station 162 will be a national model for
self-directed, independent living
With financing and donations from U.S. Bank, Station 162 will be
Oregon’s first independent lifestyle apartments for seniors and the
disabled, including quadriplegics, in suburban Gresham and will be
a national model for lower-cost, self-directed living.
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Station 162, located at 306 S.E. 162nd Ave., is believed to be
the nation’s first combined quadriplegic and senior independent
living apartments, with a total of 44 apartments, according to the
developer and service provider Quadriplegics United Against
Dependency Inc. (QUAD) of Portland.
“We hope Station 162 will be a national model, combining
affordable, accessible housing with in-house and community-based
supportive services that promote aging in place. It will truly
promote a workable, affordable model that can be replicated to
serve the needs of disabled tenants as well as a growing number of
aging Baby Boomers who want and deserve a new alternative to
traditional care settings,” said Greg Gortmaker, executive director
of QUAD. “This model promotes autonomy, self-direction and
independence for people who need support in maintaining their
health and households. It is a better way to address the need for
assistance as we age and is far less expensive than traditional
medical-based settings like adult foster care, retirement and
nursing homes.”
Seventeen units will be designated for quadriplegics and will
exceed Americans with Disabilities Act accessibility requirements.
The remaining 26 units, except for a manager’s unit, will be
designated for seniors ages 55 and older and are ADA adaptable.
QUAD, a Portland nonprofit organization, has a housing waiting list
of 60 applicants and an estimated wait of up to two years for its
existing units.
Eligible residents will be able to choose to receive
round-the-clock self-directed care from aides employed by QUAD.
Residents will be able to schedule services to fit their needs
rather than to have to accommodate the facility’s schedule, as is
often the case in a nursing home or traditional assisted-living
facility.
U.S. Bank is investing $8.8 million in equity from low-income
affordable housing tax credits, provided a $7.8 million community
lending construction loan, and is donating $10,000 to help complete
the nearly $11.3 million development. U.S. Bank also created a
$50,000 fund to help pay for equipment, such as lifts, to care for
residents.
“Station 162 will continue QUAD’s mission to enable those with
quadriplegia to direct when and where they get assistance,
promoting independence and improving the quality of their lives,”
said Ann Melone, vice president of U.S. Bancorp Community
Development Corporation, a division of U.S. Bank. “The personal
care assistants will also be available to seniors when or if they
are needed, which will allow seniors to live independently and
gives them a chance to remain in their homes longer.”
Eligible tenants will earn between 30 and 60 percent of the area
median income. Rents will range from $351 for a one-bedroom
apartment to $751 a month for a two-bedroom unit.
Construction is expected to finish in about a year.
This investment is USBCDC’s 24th affordable-housing project in
the Portland area and the 30th in Oregon over the last two decades.
The developments in Portland produced nearly 2,700 low-income
apartments from a total equity investment of nearly $165 million by
USBCDC.
With $19.4 billion in managed assets as of Dec. 31, 2015, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S.
Bank, provides innovative financing solutions for community
development projects across the country using state and federally
sponsored tax credit programs. USBCDC's commitments provide capital
investment to areas that need it the most and have contributed to
the creation of new jobs, the rehabilitation of historic buildings,
the construction of needed affordable and market-rate homes, the
development of renewable energy facilities, and the generation of
commercial economic activity in underserved communities. Visit
USBCDC on the web at www.usbank.com/cdc.
U.S. Bancorp (“USB”), with $422 billion in assets as of Dec. 31,
2015, is the parent company of U.S. Bank National Association, the
fifth largest commercial bank in the United States. The Company
operates 3,151 banking offices in 25 states and 5,001 ATMs and
provides a comprehensive line of banking, investment, mortgage,
trust and payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160126006408/en/
U.S. BankShera Dalin,
314-335-3335shera.dalin@usbank.com@usbank_news
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