U.S. Bank and the Vancouver Housing Authority have closed on a $6.4 million of federal Low-Income Housing Tax Credit (LIHTC) equity for the nearly $30 million construction of the 1st Street Apartments in Vancouver, Wash. The new mixed-income, multi-family housing complex will consist of 152 studios, one-, two-, three-bedroom rental units and is slated to open May 1, 2015. The tax credits, which were awarded by the Washington State Housing Finance Commission, will offset the cost of construction and will allow the housing units to be rented at below-market, affordable rates.
U.S. Bank contributed an $8.6 million tax credit investment to the Glisan Commons project in Portland, developed by REACH Community Development, Human Solutions and Ride Connection. The Glisan Commons is a 127-unit housing complex in Northeast Portland that will be developed in two phases. The first phase, developed by Human Solutions, includes 67 units of housing available to residents who earn up to 60 percent of the area median family income or $30,000 for a single person. The second phase, owned by REACH, will consist of 60 units for low-income seniors earning up to $30,000.