Seeking Funds for Affordable Housing Projects in Medford
MEDFORD, Ore. — Four property development companies are vying for a cash injection from Medford City’s Housing Opportunity Fund (HOF). They pitched their development plans earlier this week and are seeking between $330,000 and $500,000 to build affordable housing.
Four Development Companies Pitch for Funding
The four applicants pitched their plans to the Medford Housing Advisory Committee, which will convene again next week on Wednesday to discuss the proposals. The successful affordable housing property developer will receive funds from the Medford Housing Opportunity Fund. Funds for the HOF are from the Medford City Council Community Initiative Fund, the American Recovery Plan Act, and the city’s Construction Excise Tax.
The objective of the HOF is to address the challenges that developers of affordable housing face. Projects must be within the boundaries of the city of Medford. There is $1 million available in the HOF, and successful applicants do not pay interest on the funding.
The HOF supports the development of new affordable housing, the rehabilitation of existing dwellings, infrastructure development that supports new housing, and payments of permit fees and development costs.
Related: Medford May Extend ADU Housing Incentive Program
The Housing Proposals
Proud Ground, a company that builds affordable housing for first-time buyers, is applying for $330,000 that will be spent on phase two of the New Spirit Village. The housing scheme is situated on Meadows Lane and was developed to house Rogue Valley families whose lives were devastated by the Alameda Wildfire in 2020.
Proud Ground’s real estate development manager, Melissa Hoskins, says the median sales price for homes in Medford was $440,000 last year. The average selling price set by the company for affordable homes in the New Spirit Village is $210,000, a whopping $230,000 less, she says.
North Development Group has made a pitch for $500,000 to spend on constructing a 36-unit development at 2100 East Barnett Road. The housing project consists of studio and one- and two-bedroom units. The design of the project is complete, and the land in East Medford, west of the Asante Hospital, is shovel-ready, so construction can begin as soon as funds become available. Entitlements and planning approvals have been completed, and the company is ready to submit plans for a building permit on the 1.06-acre site.
Rogue Valley Habitat, a nonprofit organization that builds and renovates affordable homes in the community, needs funds for housing infrastructure at 1900 Grandview Avenue.
The organization helps families to build and buy homes that Habitat retains ownership of until the properties have been fully paid. Prospective owners must attend classes to be eligible for the affordable housing program.
The fourth petitioner for HOF funding is Golden Rule ReEntry, an organization that assists former prisoners to readjust to society. The organization needs funds for renovations to 23 North Orange Street, Medford. The property is home to 17 former inmates, but Golden Rule ReEntry has embarked on a new program called Prison to Prosperity to accommodate an additional six men in the house.
References
City Accepting Proposals for Housing Opportunity Fund City of Medford (medfordoregon.gov)