The Alcena and P-BOS Funding
In the wake of learning that we did not receive the M-BOS last fall, we were invited by the Portland Housing Bureau (PHB) to re-apply for the same bucket of money, the ‘P-BOS’.
In December, the P-BOS submission was completed. It was based on the M-BOS submission which was not accepted, but which received specific recommendations from PHB for a second submission. The total amount requested is $11,250,000. Salazar Architects was brought on as an interior architect. At the recommendation of PHB, Housing Development Center came on as a LIHTC-specific consultant. Their team includes Tracy Manning, former directory of PHB, Andrea Sanchez, and Kate Allen. This team is specifically assigned to The Alcena. The P-BOS application will also include a LIHTC application to complete the stack. We will find out sometime in January if we have received these funds, and proceed with LIHTC application in the spring.
It is worth noting that PHB is requiring these partnerships, as it has sometimes done the past. Each new partnership raises the cost of development. In addition, PHB does not follow up on the success of those partnerships. This creates a lack of transparency and accountability for consultant recommendations. If there is a failure, the blame often falls on the developer to approved various decisions, in this case, PCRI, rather than the partnering consultants who recommended the decisions. This lack of transparency, accountability, and responsibility further undermines the work of local, and especially black-led, development agencies.
The GOOD NEWS is the The Kafoury Court project has received funding! Rather than apply for funding together, The Alcena and Kafoury Court projects were split for strategic reasons. The Kafoury Court project has 40 planned units. Three are studios, 47 are one-bedroom units. Of those units, the project received an award of permanent supportive housing placements for 30 units. That means that for 30 of the units (that maximum we could request at one time), residents will pay 27% of whatever their income is. We are preparing to request ten more permanent supportive housing placements for the remaining ten units. The total estimated budget is $17,899,960. Of that,82% is realized through recent awards and contributions. These include $13,202,761 that has been awarded from OHCS (GHAP & Private Activity Bonds) and $1,549,666 is contributed in land value and in-kind fees. The remaining funds needed are currently being sought from the Housing Trust Fund (a Federal source), a Transit-Oriented Development grant, grants associated with sustainability in affordable housing, and through potential financial and design efficiencies.
130 NE Knott is sold to…
PCRI! At the end of December, the sale of 130 NE Knott to PCRI was finalized. While we at St. Philip would have liked to own the entire parcel of land on which The Alcena will be built, we could not raise the money to purchase the house back. However, PCRI has stepped forward in good faith to purchase the land, trusting that our shared bid to build The Alcena will be successful. Once building starts, they hope to move the house itself to a parcel of land they already own as a part of their ongoing effort to ensure black occupancy and home ownership in N/NE Portland. THANK YOU PCRI!