Mountain Laurel Lodge
Bend, Oregon
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Mountain Laurel Lodge Bend, Oregon
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FOR IMMEDIATE RELEASE MOUNTAIN LAUREL LODGE RECEIVES FUNDING FOR CONSTRUCTION
Affordable Housing Project for Seniors will
Go Forward
November 12, 2004 Bend,
Oregon Developers John Gilbert and Rob Roy have secured the reservation of Low
Income Housing Tax Credits, grants, and low interest rate loans valued at over
$6,000,000 from Oregon Housing and Community Services to construct Mountain
Laurel Lodge, a 54 unit affordable independent living apartment building for
seniors. Gilbert and Roy will
partner with Homestead Capital of Portland, Oregon to develop the $8,250,000
project. A
number of local sources will help fund Mountain Laurel Lodge.
The City of Bend has reserved $100,000 of its federal Community
Development Block Grant funds for the project.
The Community Development Block Grant will be funded through the Bend
Community Action Team. Additionally, the Bend-LaPine School District and the City of
Bend both have agreed to abate Mountain Laurel Lodge’s property taxes for 20
years. Mountain
Laurel Lodge has received support from a number of local representatives
including U.S. Senator Gordon Smith, U.S. Senator Ron Wyden, U.S. Congressman
Greg Walden, State Senator Ben Westlund, County Commissioner Tom DeWolf, and the
Bend City Council. Located
on the northwest side of Century Drive between the Colorado and Mt. Washington
Dr. roundabouts, Mountain Laurel Lodge will be the first affordable housing
development on Bend’s Westside. “We
think this development will change people’s minds about where affordable
housing can be located,” said Roy. “We
are determined to make this building worthy of its neighbors and its wonderful
location.” Mountain Laurel Lodge will offer three floors of elevator accessed living
over one level of underground parking. Designed
by Steele Associates Architects, the building will have a lodge style design.
Mountain Laurel Lodge will have common rooms, an outdoor roof deck, a
fitness room, and a computer room. “We
have designed Mountain Laurel Lodge to be a comfortable place where residents
can socialize in a variety of locations.” said Gilbert. Each apartment will have a private balcony. Mountain Laurel Lodge will offer one and two bedroom apartments to people 55
years old and older. Apartment
homes at Mountain Laurel Lodge will also be restricted to households earning
less than 60% of area median income, and in some cases less than 50% of area
median income. Today’s income
restrictions would equate to one-person households earning up to $24,300/year,
and two-person households earning up to $27,720/year. Rents at Mountain Laurel Lodge will range from $370/mo. to $479/mo. for one
bedroom apartments, and from $448/mo. to $578/mo. for two bedroom apartments.
The rents at Mountain Laurel Lodge will be approximately 25% - 30% less
than comparable market rate apartment complexes. Prospective renters have already begun showing interest.
“We have already received a number of calls from prospective renters,
as well as from people looking for a nice place for their parents to live,”
said Roy. A waiting list will be established on January 1, 2005.
Construction is scheduled to commence in June 2005, and residents are
expected to begin moving into the building in June 2006. Mountain Laurel Lodge has a website at www.mountainlaurellodge.com. Cascade Management
(www.cascade-management.com)
will provide management services as well as coordinate resident services.
Mountain Laurel Lodge will provide equal opportunities for all qualified
renters.
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