(Rendering courtesy of IronHorse)
This Thursday May 5, Pacific Crest Affordable Housing (PCAH) welcomes the public to the Grand Opening of IronHorse Lodge 1. This marks the fifth senior affordable housing development completed since the company’s inception in 2005.
An award-winning developer of low-income housing with a reputation for combining affordability and sustainability, PCAH has completed four projects in Bend and LaPine that provide affordable housing to nearly 175 seniors in Central Oregon. The opening of IronHorse Lodge 1 will offer a comfortable living space for another 26 households.
The need for affordable housing is undeniable in Central Oregon. The lack of housing supply and the vacancy rate of less than 1 percent are driving rental prices higher, and in Prineville, 1 out of every 4 seniors lives in poverty. The units at IronHorse Lodge 1 are all reserved for tenants who earn 60 percent of area median income (AMI) or less (60 percent AMI is currently $21,840 for 1-person household; $24,960 for a 2-person household), and will be set as such for at least 60 years. 1-bedroom units are provided from $299-$499, depending upon income, and all utilities are included.
IronHorse Lodge 1 delivers much more than a well-intentioned development project. It is chock full of ground-breaking sustainability initiatives and innovative collaborations with organizations, such as the Department of Human Services and the Central Oregon Health Council, that will provide services for tenants to age in place with dignity and independence.
“We believe that extraordinary things happen when you have great partners, and IronHorse Lodge 1 is a great example of that belief,” commented Joe Hagan, president and CEO of the project’s equity partner, National Equity Fund, Inc., “Pacific Crest Affordable Housing has created a much-needed affordable housing option for Prineville seniors to live and thrive in a safe, healthy and sustainable environment.”
With the creation and completion of such an innovative and inspiring project in IronHorse Lodge 1, Pacific Crest Affordable Housing has a lot to celebrate.
The Grand Opening is this Thursday May 5, 11am to 1pm, onsite at 435 NE Wayfinder Dr., Prineville. There will be refreshments, speeches and tours through the new building; the public is welcome and encouraged to attend!