Elm Park Apartments (EPA) is a five-building, 32-unit affordable rental property being built in Florence, Oregon. It is bounded by 10th Street on the south, 11th Street on the north, Fir Street on the west, and Greenwood Street on the east.
Six units are one-bedroom, sixteen units are two-bedroom, and ten units are three-bedroom.
Ten units are set aside for households at or under 30% of area median income (AMI), four units for households at or under 40% of AMI, and eighteen units for households at or under 50% of AMI.
The 1.10-acre site allows room for a community building, including a community meeting room, rental office, and interior bicycle storage. Amenities include a playground for small children, an exterior art display area, and a grass area near a small greenhouse and ten raised garden beds. Residents can enjoy a gardening program with instruction from a local master gardener. Local artists will also provide artwork for the community room and the rental office.
EPA is across the street from the City’s 3.55-acre Elm Park, to which the OCV is contributing $48,000.
Oregon Housing and Community Services (OHCS) is providing a $11,830,000 LIFT Rental Program 30-year construction and permanent loan. Banner Bank is providing a $2,000,000 construction loan and a $1,650,000 permanent loan. The permanent loan includes a 4-percentage point interest rate reduction passed on to tenants as rent reduction using the Oregon Affordable Housing Tax Credit Program.
Construction will begin July 1, 2025, and should be completed by July 31, 2026. Leasing will start in February 2026, and all units should be occupied by August 31, 2026.
BDA Architecture and Planning is the project architect. KPFF Engineering is the project civil engineer. Meili Construction Company is the general contractor. Cascade Management Inc. is the rental manager.
Elm Park Apartments Photo Gallery:
