Vancouver, Washington, Housing Authority Secures $71.6 Million to Rehab Two Multifamily Affordable Housing Projects

Stoel Rives represented the Vancouver Housing Authority on closing a $71.6 million financing to rehabilitate two multifamily affordable housing projects in Vancouver, Washington, known as the Esther Short Commons and Cougar Creek Apartments. The redevelopment of these projects is part of the authority’s ongoing efforts to address the growing need to preserve affordable housing in the city.

The projects are being funded through a mix of tax-exempt bonds, low-income housing tax credits, and additional loans. The financing supports the renovation of two major multifamily developments, collectively including 232 units, designed to support a broad spectrum of residents, including families, seniors, and individuals with disabilities. The project is expected to provide a substantial number of affordable housing units for low-income households earning between 30% and 60% of the area median income.

The Stoel Rives deal team included attorneys Sallie Lin, Kate Mathews, Michelle Chen, Joe McCarthy, Chris Heuer, and Sabina Shapiro and paralegal Julie Sera.