PORTLAND, Ore. — The $63-million Canopy Apartments recently opened in Southeast Portland. The apartments provide 169 affordable homes in the Powellhurst-Gilbert neighborhood.
About half of the apartments are three-bedroom units to meet the need of affordable housing for more families. All of the apartments will be offered to individuals and families earning at or below 60% of the area median income (AMI), which is about $73,140 a year for a family of five.
Rent at the Canopy Apartments range from about $1,224 for a one-bedroom apartment to $1,680 for a three-bedroom unit, according to the news release. Currently, the median market-rate rent in Portland is approximately $1,450 for a one-bedroom and $2,580 for a three-bedroom.
The Canopy Apartments, located at 12475 Southeast Powell Boulevard, were developed through a public-private partnership between Northwest Housing Alternative, Oregon Housing and Community Services (OHCS) and USA Properties Fund. The project received $15.2 million from OHCS' Local Innovation and Fast Track (LIFT) Housing Program, established to create more housing opportunities for low-to moderate-income families.
"This investment aims to create more affordable housing while also fostering connections within communities," said OHCS Director Andrea Bell. "The truth is clear: when people have access to opportunities, it leads to greater social and economic mobility and prosperity."
The Canopy Apartments include a bike room, a courtyard with a "tot lot," a dog-wash area and donation pantry for residents to do food exchanges. It will also host an after-school program for children a few days a week, the news release said.
"Oregon and Portland-area leaders are committed to addressing the critical shortage of affordable housing, and we are looking forward to looking for projects that make sense for our company and partners," said USA Properties President Geoff Brown. "Canopy Apartments is an excellent example of what we can accomplish when we work together to find effective housing solutions for residents."
