Oregon Housing and Community Services and partners to help preserve more than 230 affordable homes for older adults at the Rose Schnitzer Tower in Portland

Oregon Housing and Community Services (OHCS) is helping to preserve 233 much-needed affordable homes for older adults, the fastest-growing segment of Oregon’s homeless population. The agency awarded developers Guardian Real Estate Services and Robison Jewish Home $42.3 million in bond financing to rehabilitate Rose Schnitzer Tower, an affordable housing complex serving the older population in Portland.

"While Oregon's housing market will certainly not improve without the addition of more housing, an important part of closing the gap is preserving affordable housing options that already exist," said OHCS Executive Director Andrea Bell. "By collaborating with for-profit and non-profit developers, as well as affordable housing owners, we can protect affordability, taxpayer investments, and housing stability."

The Rose Schnitzer Tower will serve older adults with 60% or below area median income and use 233 Project Based Section 8 housing vouchers to keep rent affordable for tenants. The project will also include extensive upgrades to both the exterior and interior of the building to improve safety, accessibility, and efficiency.

Guardian Real Estate Services President Tom Brenneke said, “In partnership with Robison Jewish Home, and with the support of OHCS, we're ensuring that these homes remain affordable, dignified and secure for generations of low-income seniors. This project underscores Guardian's ongoing commitment to preserving and reinvesting in Oregon's affordable housing infrastructure at scale."

OHCS’ research team found that about 75% of Oregon’s lowest-income older adults reported paying more than they could afford for rent in 2023. And persons 65 years and older with disabilities, a group disproportionately represented among older people, are significantly more likely to face severe rent burdens.

OHCS awarded this month more than $160 million to 10 rental housing developments, including the Rose Schnitzer Tower, to deliver more than 740 affordable homes to communities statewide.

Additionally, the Oregon House of Representatives recently passed House Bill 3589, a bipartisan measure to establish the state’s Senior Housing Development Initiative. With $24 million allocated for new affordable housing opportunities for older adults, the bill aims to support one of the most vulnerable populations in the state.