What's New at IHI?

Innovative Housing is thrilled to announce that Oregon Housing and Community Services has awarded $400,000 of grant funds and an allocation of $820,000 in Low Income Housing Tax Credits to complete the funding process for Eliot MLK. IHI can now aggressively move into design development and prepare to break ground on this exciting new project in the summer of 2012. Eliot MLK, as it is currently called, will provide 49 new affordable rental homes in Northeast Portland. The Portland Housing Bureau awarded IHI $975,000 through a competitive application process in February 2011. The State funding award represents approximately $7.9 Million of capital and puts this development on the fast track with the goal of being complete by summer 2013.

Eliot MLK is an exciting transit-oriented development on Martin Luther King Jr. Boulevard, just south of Fremont. The area has excellent transit with a high frequency bus line, access to Irving Park just one block away, services and amenities along MLK, and is close to downtown Portland. The project will seek LEED certification and include many green elements to minimize operating costs for residents and IHI. Read more about the project at http://www.innovativehousinginc.com/housing/eliot.html.