HOUSING WORKS AWARDED HOUSING INITIATIVE GRANT

Housing Works today, September 3, 2008, announced the award of a major grant from Meyer Memorial Trust of Portland. The $200,000 grant is aimed at increasing the organization’s ability to provide and preserve affordable housing in Central Oregon.

Housing Works was one of eight organizations state-wide to received funding under a special initiative by the trust to promote affordable housing access in rural Oregon.

“We are thrilled about this opportunity,” said Laura Cooper, Chair of Housing Works’ Board of Commissioners. “This infusion of capital will allow us to seize a number of opportunities to increase our affordable housing portfolio. We will be able to leverage this into housing options for many more deserving families in Crook, Deschutes and Jefferson Counties.”

Housing Works will concentrate on rapid site development/redevelopment and maximizing production. By strategically using current assets along with this additional working capital, the housing authority foresees substantially increasing its production and preservation of housing units.

“This grant will allow Housing Works to increase the pace of unit production,” expanded Housing Works Executive Director, Cyndy Cook. “We can shorten our projected 10-year development pipeline to 5 years.”

Under this initiative, the organization will be able to save more of the current affordable housing units that may otherwise be lost over the next few years through sales. The production of more special needs housing for the homeless and people with mental illnesses in a shorter timeframe will be possible. In addition, Housing Works envisions a significant increase in the production of its affordable multifamily apartments and expansion of its homeownership opportunities for lower and moderate income households.

Other programs provided by Housing Works include the HomeQuest Homeownership Program and Ready-to-Rent, aimed at helping renters overcome rental barriers which typically include poor credit, evictions, or a criminal history.

Housing Works serves approximate 1,600 households who earn up to 120% of Area Median Income in Deschutes, Jefferson and Crook counties. For the past 25 years, the housing authority has developed, owned and operated award-winning communities throughout the region. As many as 200 additional units are in various stages of development and/or construction. The organization’s developed housing portfolio represent approximately $70 million in subsidy, equity and local community investments.

The Meyer Memorial Trust is a private foundation that was created from the personal estate of Fred G. Meyer, founder of the retail chain that bears his name. The Meyer Trust began operating in 1982. Over its 26-year history, the Trust has made nearly 5,700 grants and program-related investments for more than $463 million to nonprofit organizations in Oregon and Clark County, Washington.

The Meyer Memorial Trust's mission is to invest in people, ideas and efforts that deliver significant social benefit to Oregon and Clark County, Washington. It has major initiatives in K-12 Public Education, Affordable Housing and Willamette River Basin Restoration. It also awards grants in the fields of arts and culture, education, health, social welfare, and a variety of other areas. More information about the Meyer Memorial Trust is available from its website at www.mmt.org.

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