Woodspring Apartment Updates
Check this webpage regularly for updates on the status of the Woodspring Apartments.
The Woodspring Apartments were purchased in 2015 by Hamilton Zanze Real Estate Investments. At the time of purchase, Woodspring was providing affordable housing for senior residents in Tigard. The property owners chose to convert the property to market rate, which went in effect at the beginning of 2021. Current tenants were given a “safe harbor” notice that preserves their affordable rent for three years (until the end of 2023). After which, property managers will be able to raise the rents for these units. As units are vacated, property managers can raise unit prices to market rate and have chosen not to restrict these units to senior residents.
Since then, tenants have shared concerns about losing their affordable housing, while many live on fixed incomes. Recognizing these concerns, the Housing Authority of Washington County (HAWC) has been in communication with Hamilton Zanze Real Estate Investments for the last several months to explore purchasing the property to preserve its affordability. To purchase this property, the Housing Authority has determined there is likely to be a sizable financing gap depending on the purchase price. The Housing Authority and its partners would pursue acquisition of Woodspring Apartments if that gap funding is available from resources at the State, Metro, or local level. The City of Tigard and Washington County would contribute to the gap as well but would need additional support from the State of Oregon or Metro to be successful.
Most Recent Update (updated 12/10/2021)
The state will be releasing a Notice of Funding Availability (NOFA) in September 2022 with funding available for the preservation of affordable housing. The Housing Authority intends to apply for this funding and continue to work with our jurisdictional partners to identify resources to fill this gap. We will also meet internally with our Real Estate Acquisition Work Group to pursue approval to enter into a Purchase and Sale Agreement, where the sale is subject to approval from the Housing Authority Board of Directors.
Until then, the Housing Authority of Washington County will continue to have conversations with the property owner to determine how best to serve the Woodspring tenants and address their concerns.
Affordable Senior Housing Options in Washington County
Rent increases have had a significant financial impact on individuals and families on fixed incomes, particularly low-income seniors. Due to the affordable housing needs in the county, we are working with a variety of partners on multiple affordable housing projects that will open over the next several years, some of which will be designated specifically for the senior population. Some examples of housing developments specifically for seniors include the Tigard Senior Housing Project, Saltzman Road Senior Housing and the South Cooper Mountain housing development. While these future developments do not solve immediate challenges presented by the change in Woodspring ownership, these new developments will increase housing options for low-income seniors.
The Housing Authority of Washington County also currently owns and operates Holly Tree Village and Tarkington Square Apartments, which are properties specifically for seniors and people with disabilities. To learn more about these properties, go to https://www.co.washington.or.us/Housing/FindingHousing/affordable-housing.cfm.