Wednesday, December 30, 2009

A little good news out of Bend

From the Bend Bulletin:

Redmond-based Housing Works did not sell any of the 10 condos it put up for auction last month in its Putnam Pointe development in downtown Bend and will instead try to convert them into affordable-housing units, according to officials with the nonprofit.

Tim Cox, the agency's chief financial officer, said the condos were well-conceived but a victim of bad timing. To avoid defaulting on a construction loan, the agency hopes it can turn the condos into affordable housing units for the benefit of the community, Cox

“In our eyes, this is the best resolution there could be,” he said.

Cox said Housing Works plans to apply for federal Low Income Housing Tax Credits. Housing Works would then sell the credits and use the proceeds to finance a traditional loan that would enable the agency to pay off the construction loan it took out to build the condos, located on the project's fifth floor.

The construction loan was coming due at year's end Thursday, but Bank of the Cascades granted a one-month extension, said Cyndy Cook, executive director of Housing Works.