Nueva Esperanza
DEVELOPMENT SCOPE
New construction of 150 affordable apartment units designed to center the needs of Latinx and immigrant families.
PROJECT OVERVIEW
Bienestar was founded in 1981 to provide high-quality homes to farmworkers and their families, a response to substandard conditions in migrant camps. Today, the Washington County nonprofit builds housing, hope, and community for the wellbeing of Latinxs, immigrants, and all families in need. Nueva Esperanza is Bienestar’s largest and most complex housing development project to date and its first designed to center the needs of two culturally specific communities: Latinx families and Somali immigrant families. Nueva Esperanza is also HDC’s first joint-venture development.
Sitting across the street from 13-acre Hidden Creek Park in Hillsboro, the 150-unit housing community welcomes families of all cultures, while offering amenities designed specifically for Latinx and Somali residents. Twelve residential buildings and a free-standing community building are interlaced with landscaped pathways, outdoor seating areas, and play areas designed to bring residents together. The large development is divided into three “neighborhoods” with distinct identities.
Creative Solutions
Finance. Creating a joint development partnership between HDC and Bienestar gave the sponsorship entity the liquidity it needed to guarantee the project’s construction and permanent loans. A grant from Meyer Memorial Trust helped to cover early predevelopment costs. Still, the project hit tough headwinds as inflation and construction loan rates began to skyrocket just after construction started in 2021. The project team worked creatively with permanent lender CitiBank, construction lender JPMorgan Chase, and funding partner City of Hillsboro to mitigate the impacts and deliver the project within budget.
Design and Construction. Bienestar and Scott Edwards Architecture convened multiple listening sessions with representatives of Latinx and Somali communities to understand their housing needs and receive feedback on designs. Participants’ input is evidenced in design features ranging from outdoor boot wash stations, where farmworkers can rinse pesticides from their footwear, to play equipment that accommodates children who wear long skirts and separated living and cooking spaces in apartment units. During construction, the Covid pandemic caused unusually difficult supply and labor issues, but with intensified planning and coordination efforts, the project team minimized delays.
Photos by Pete Eckert
SPONSOR
Bienestar
LOCATION
Hillsboro, Oregon
HDC ROLE
Joint venture partner, financial structuring, and construction management
DEVELOPMENT PARTNERS
→ Scott Edwards Architecture
→ LMC Construction
→ City of Hillsboro
→ Metro
→ Oregon Housing and Community Services
→ Meyer Memorial Trust
→ Citibank
→ JPMorgan Chase Bank
→ Enterprise Community Partners
→ Energy Trust of Oregon
FUNDING SOURCES
→ Low income housing tax credit equity (4%)
→ Metro affordable housing bond funds
→ Oregon Multifamily Energy Program
→ Energy incentive funds
→ Private grant
→ Deferred developer fee
→ Construction and permanent loans
SQUARE FEET
Residential: 135,835
Common Space: 19,974
Total: 155,809
COST
Construction: $38.8 million
Total Development: $53.8 million
TIMELINE
Spring 2020 to Fall 2023