TUNISON NEIGHBORHOOD REVITALIZATION CONTINUES

Revitalization of the Tunison neighborhood continues with the acquisition of South Corvallis Townhouses—21 units of multi-family rental housing at 2520-2564 SW Pickford. This property consists of 3-bedroom units, 2-bedroom units, and 1-bedroom units. Plans are to improve the condition of the units, preserve affordable rents in the area over the long term, and provide more stable management in conjunction with the other 24 units we own in the area.

South Corvallis Townhouses have great potential to offer families a safe, attractive, enjoyable place to live in existing housing. Rehabilitation will include siding, painting, landscaping, and interior improvements. Once renovated, some of the units will address the needs of very low-income residents (at or below 50 percent of median family income). The remaining five units will be unrestricted, allowing for income diversity in the area.

Acquisition of these units in addition to the units already owned in the Tunison neighborhood gives us the capacity to hire an on-site property manager by spreading the cost of on-site management across a 45-unit housing portfolio—something we couldn’t afford to do until now.

The purchase and renovation of the property is being financed with grant support from the City of Corvallis and Neighborhood Reinvestment Corporation, a loan from Washington Mutual Bank, and weatherization program support from Community Services Consortium.