Prineville, OR. – (RealEstateRama) — Housing Works is excited to announce the funding of Ochoco Elementary School apartments, a repurposing of Ochoco School into multifamily housing in Prineville. The project involves the conversion of the 70-year-old Ochoco Elementary School into 29 affordable apartments. The property is located at the junction of Highways 26 and 126.
“This is a unique opportunity to preserve a property of considerable historic significance by converting it into much needed housing,” said Tom Kemper, Housing Works’ Executive Director. “The repurposing of this building will save a community asset to which many Prineville citizens are attached,” Kemper added.
With vacancy rates below 1% and the majority of renter households in Prineville burdened by housing costs, this project will provide homes for 29 low income households with incomes at or below 50% of area median income. Ochoco Elementary School apartments will create a community where families can thrive in a location that is close to many amenities in Prineville. Ochoco Elementary School apartments will have rents well below market rates.
The design for Ochoco Elementary School apartments will offer a variety of apartment configurations including studios, one, two and three bedrooms. The apartment community will offer residents a variety of services and activities through a number of partner agencies.
Oregon Housing and Community Services (OHCS) has allocated over $7 million in federal tax credits for the project. The conversion of Ochoco Elementary School is expected to begin in the spring of 2017. Build time is expected to be 12 months. Preleasing for Ochoco Elementary School apartments will begin in about a year through EPIC Property Management.
Housing Works is the largest affordable housing provider in Central Oregon. It provides people with quality, safe and affordable homes; and through a number of collaborations, it provides the resources to help people stabilize their lives. Housing Works developments in Bend, Redmond, Prineville, Madras and Sisters have won awards for innovation, economic impact, design, and beautification. For more information, visit www.housing-works.org.