Apr 192018

Fisterra Gardens Townhomes – Affordable Housing project about to start construction.

Submitted by Our Coastal Village, Inc.

On April 30, Our Coastal Village, Inc., a local non-profit developer, will begin construction of 21 affordable-rental units for Yachats working families at 100 Diversity Drive. This follows nearly two years of planning and negotiations with Oregon Housing and Community Services, the City of Yachats, potential tax credit investors, lenders, and donors. Located at 100 – 190 Diversity Drive in Yachats, the Project will provide safe, decent, affordable housing to 21 local working families near their jobs. Completion is expected in May of next year.

All 21 units are set aside for households earning at or under 60% of area median income. Those limits are currently $22,980 for a one-person household, $26,280 for a two-person household, $29,580 for a three-person household, and $32,820 for a four-person household. The Project has preferences for families with children residing in zip code 97498 and for households where at least one person is employed in zip code 97498.

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Fisterra Gardens Townhomes includes six studio units, 3 one-bedroom units, 10 two-bedroom units, and 2 three-bedroom units. Amenities include range, oven, refrigerator, microwave, and washer/dryer in each unit. Five units have garages; 26 surfaces spaces provide the balance of the parking. Outdoor common areas include a covered pavilion with barbecues and picnic tables and nearby lawn area, raised beds for gardening, a storage shed/greenhouse to facilitate gardening and landscaping, and location adjacent to the trailhead of the beautiful Ya’Xaic trail, part of the City of Yachats public trail system.

Rents will be approximately $492 for a studio, $532 for a one-bedroom, $640 for a two- bedroom, and $737 for a three-bedroom. Water-sewer and trash removal are included in the rents. Tenants pay their own electric.

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Our Coastal Village, Inc. has invested over $2,000,000 in the Project, funded mostly by grants from: Lincoln County Economic Development ($10,000); Oregon-based Meyer Memorial Trust ($250,000) and The Collins Foundation ($150,000); and Arizona based The DLW Foundation ($825,000) and The Norton Foundation ($250,000). Investors with ties to the local community purchased OCV’s 30-year, 2.5% Series FGT Project Notes in the aggregate amount of $422,500 to help fund the Project’s construction. Alliant Capital Ltd has committed to invest $2,097,000 in low-income housing tax credit equity.

Oregon Housing and Community Services provided a $797,979 30-year zero interest LIFT loan for the Project. The Legislative Assembly created the LIFT program specifically to fund new housing units in rural communities like Yachats. OHCS also issued short-term tax exempt conduit bonds for construction ($2,175,000) and long-term tax exempt conduit bonds for permanent financing ($850,000). Washington Federal, National Association, will purchase and hold the bonds and administer the construction loan.
The City of Yachats has agreed to allow installment payment of $46,459 in system development fees over 30 years at 3% interest out of a total SDC charge of $98,000.

The general contractor is Meili Construction Company of Eugene.

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