Affordable Housing Agency Closes its Doors Another Door Opens? (AUDIO)

It is hoped that the closure will open the door to serious discussion of more stable funding for affordable housing agencies in the state.

Salem-News.com

(BEAVERTON, Ore. ONS) - One door closes but there's hope another one will open. Tualatin Valley Housing Partners is closing its doors after 15 years of helping Oregon families find quality housing they can afford.

The housing market bust, along with dried-up donations and rising unemployment, are being blamed for the demise of the nonprofit affordable housing agency.

Larry Iverson, the president of its board of directors, is offering assurances to the more than 500 tenant families the agency serves that the transition will be transparent and they will not lose their homes.

"We are working to ensure that the properties are transferred over to other affordable housing providers."

The agency is a member of the Oregon Opportunity Network. Network executive director Michael Anderson says the closure highlights the need to shore up the state's affordable housing system so it can meet the demand, which is now at its highest.

"The challenge this closing reveals is that financing and funding for affordable housing organizations are not really sufficient - especially now, when the market is down."

Iverson says he hopes the closure will open the door to serious discussion of more stable funding for affordable housing agencies in the state.

Click the audio bar below to hear the report!