Affordable-Housing Complex to Be Built for Quadriplegics & Seniors

Station 162 will be a national model for self-directed, independent
living

PORTLAND, Ore.–(BUSINESS WIRE)–With financing and donations from U.S. Bank, Station 162 will be
Oregon’s first independent lifestyle apartments for seniors and the
disabled, including quadriplegics, in suburban Gresham and will be a
national model for lower-cost, self-directed living.


Station 162, located at 306 S.E. 162nd Ave., is believed to
be the nation’s first combined quadriplegic and senior independent
living apartments, with a total of 44 apartments, according to the
developer and service provider Quadriplegics United Against Dependency
Inc. (QUAD) of Portland.

“We hope Station 162 will be a national model, combining affordable,
accessible housing with in-house and community-based supportive services
that promote aging in place. It will truly promote a workable,
affordable model that can be replicated to serve the needs of disabled
tenants as well as a growing number of aging Baby Boomers who want and
deserve a new alternative to traditional care settings,” said Greg
Gortmaker, executive director of QUAD. “This model promotes autonomy,
self-direction and independence for people who need support in
maintaining their health and households. It is a better way to address
the need for assistance as we age and is far less expensive than
traditional medical-based settings like adult foster care, retirement
and nursing homes.”

Seventeen units will be designated for quadriplegics and will exceed
Americans with Disabilities Act accessibility requirements. The
remaining 26 units, except for a manager’s unit, will be designated for
seniors ages 55 and older and are ADA adaptable. QUAD, a Portland
nonprofit organization, has a housing waiting list of 60 applicants and
an estimated wait of up to two years for its existing units.

Eligible residents will be able to choose to receive round-the-clock
self-directed care from aides employed by QUAD. Residents will be able
to schedule services to fit their needs rather than to have to
accommodate the facility’s schedule, as is often the case in a nursing
home or traditional assisted-living facility.

U.S. Bank is investing $8.8 million in equity from low-income affordable
housing tax credits, provided a $7.8 million community lending
construction loan, and is donating $10,000 to help complete the nearly
$11.3 million development. U.S. Bank also created a $50,000 fund to help
pay for equipment, such as lifts, to care for residents.

“Station 162 will continue QUAD’s mission to enable those with
quadriplegia to direct when and where they get assistance, promoting
independence and improving the quality of their lives,” said Ann Melone,
vice president of U.S. Bancorp Community Development Corporation, a
division of U.S. Bank. “The personal care assistants will also be
available to seniors when or if they are needed, which will allow
seniors to live independently and gives them a chance to remain in their
homes longer.”

Eligible tenants will earn between 30 and 60 percent of the area median
income. Rents will range from $351 for a one-bedroom apartment to $751 a
month for a two-bedroom unit.

Construction is expected to finish in about a year.

This investment is USBCDC’s 24th affordable-housing project in the
Portland area and the 30th in Oregon over the last two decades. The
developments in Portland produced nearly 2,700 low-income apartments
from a total equity investment of nearly $165 million by USBCDC.

With $19.4 billion in managed assets as of Dec. 31, 2015, U.S. Bancorp
Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across
the country using state and federally sponsored tax credit programs.
USBCDC’s commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.

U.S. Bancorp (“USB”), with $422 billion in assets as of Dec. 31, 2015,
is the parent company of U.S. Bank National Association, the fifth
largest commercial bank in the United States. The Company operates 3,151
banking offices in 25 states and 5,001 ATMs and provides a comprehensive
line of banking, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.

Contacts

U.S. Bank
Shera Dalin, 314-335-3335
shera.dalin@usbank.com
@usbank_news