City Approves Funding for 174-Unit Affordable Housing Project

November 22, 2022 - The Corvallis City Council voted November 21 to provide $500,000 in funding to support a new 174-unit affordable housing development proposed for South Corvallis. The project, which aims to break ground in early 2023, will bring one-, two-, and three-bedroom rental units for individuals and families at or below 60% of area median income.

The City’s contribution is the last piece of the funding framework to help bring the $50 million project to fruition. The $500,000 in funding comes from the City’s Affordable Housing Construction Excise Tax, which was passed in 2016 to support incentives for this sort of affordable housing development.

“This is the largest affordable housing project I’ve seen in my two decades working in the housing industry,” said Brigetta Olson, the City’s Housing and Neighborhood Services Manager. “This is truly a great day for Corvallis.”

The project will be located on a parcel of land on the west side of Highway 99W at Wake Robin Avenue. Per City policy, the $500,000 no-interest loan requires that the development remain at affordable rental rates for 60 years.