The City of Lincoln City Announces Supplemental LIFT Program Funding for Innovative Housing, Inc. Affordable Workforce Housing Development
LINCOLN CITY, Oregon –Lincoln City, a beach town of 9,000 residents on the Central Coast of Oregon, has announced the Oregon Housing Stability Council approved supplemental funding through the State’s LIFT Program which will help fund a development partnership that will help make innovative and affordable housing possible.
The Local Innovation and Fast Track (LIFT) Program will provide $13.5 M to the Lincoln City’s development partner, Innovative Housing Inc. (IHI). The project will construct approximately 100 apartment homes on property owned by Lincoln City and Urban Renewal Agency on NE 25th Street, immediately north of St. James Episcopal Church & Santiago School.
Lincoln City and the surrounding area face a crisis in the availability of housing options for their workforce and residents. According to the Lincoln City’s 2017 Housing Needs Analysis, the median household income in Lincoln City is $35,524. About 55 percent of residents in the county are rent burdened, paying more than 30 percent of household income for housing costs. At the same time, employers struggle to hire and/or retain their workforce because of the demand for affordable housing.
IHI responded to Lincoln City’s 2018 Request for Expressions of Interest (RFEI) for the 25th Street site and other publicly-owned parcels. IHI has over 35 years of development experience and operates nearly 1,000 affordable units in Oregon. IHI designs apartment communities to address local needs in creative and effective ways, and pairs housing with wrap-around support services, including: eviction prevention, resource referrals, budgetary assistance, academic support and after school programs. Now that IHI has secured full funding sources for the project, it’s expected the design phase will begin this fall with construction anticipated to begin in summer 2022.
For more information about either the Lincoln City or the Urban Renewal Agency, or with regard to this development project, please visit www.lincolncity.org/propertydevelopment, or contact Alison Robertson Director, Lincoln City Economic Development & Urban Renewal Agency, PO Box 50, Lincoln City, Oregon 97367 or call (541) 996-1095.