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In the Gateway Regional Center Urban Renewal Area, the 90-unit, $10.5 million project is close to light rail and Glisan Street’s I-205 interchange. The first tenants took occupancy this month.
Memo photo/Tim Curran

The first tenants start moving into the Rose West building, 9700 N.E. Everett Ct., of the new Rose Apartment complex April 1, with more move-ins staggered throughout the month.

Rose East, 9850 N.E. Everett Ct., the last completed structure in the 90-unit, $10.5 million complex, begins receiving tenants May 1, with full occupancy expected by May 31.

The grand opening of the two four-story buildings at 328 N.E. 97th Ave. is May 6 at the site. Tours of the new buildings are from 11 a.m. to noon, followed by lunch, refreshments and speakers from noon to 1 p.m. Tours follow from 1 to 2 p.m. “The community at large is invited,” said Gordon Jones, developer of the complex. “Anyone who would like to come by is welcome. This is a public event, not a private event.”

Speakers at the grand opening include Metro councilors Bob Stacey and Carlotta Collette, as well as representatives from the many public and private agencies that helped fund the mixed-income building, including the Portland Bureau of Environmental Services, Portland Development Commission, the Oregon Department of Transportation, Riverview Community Bank and TriMet.

Jones expressed gratitude to the agencies that provided grants to fund the project, including $540,000 from Metro. The Portland Housing Bureau gave Jones the 10-year tax abatement, fixing his property tax at the current level until 2025. The abatement stipulates that Jones needs to include 20 percent of the units at restricted income rates, or 60 percent of median family income, for the next 60 years. Jones chose to create more affordable units than required, including 40 percent of the units at restricted income rates.

After the federal government calculated its median income rates for a family of four in January, rents rose slightly from last December’s predictions. “They did go up 30 or 40 bucks,” Jones admitted. “That’s the first time they’ve gone up since 2012. They actually went down in 2013 and 2014, and now they’ve come back up a little.”

Jones explained that the federal Department of Housing and Urban Development sets the maximum rents for the restricted-income units based on its median income calculations. “We’re a little below the maximum on the studios, and we’re right at the allowable rent on the ones and twos [bedrooms],” Jones said.

The restricted rent studios start at $660 a month, while one bedrooms start at $688 a month and two bedrooms at $821 a month. Market rate units start at $700 a month for studios and $895 a month for a one-bedroom unit. The range for two-bedroom units is $995 to $1,275 a month. “This is not like Section 8,” Jones explained. “It’s just restricted income. So people who are working but not making a high enough income to afford a market rate unit can still have a nice place to live.”

For more information on renting a unit or getting a private tour, call 503-227-7673 or visit