50 new affordable rental homes in the Eliot Neighborhood of Northeast Portland. This transit-oriented, mixed-income project is located on Martin Luther King Jr. Boulevard between Northeast Cook and Fargo Streets. It is also a mixed-use development, which means it includes commercial space on the ground floor along MLK. The apartments themselves are beautiful, bright, and designed for affordable living at its finest. Care and thought were invested in the unit floor plans and design to incorporate conveniences like adding a washer/dryer in (or directly adjacent to) the bathroom area, and attractive, easy to maintain granite counter-tops and plank flooring in all units. Many floor plans include a walk-in closet that joins the bathroom to the bedroom. Residents can enjoy several community spaces from the gorgeous community room with full kitchen, to the two rooftop deck areas complete with seating areas and landscaping.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
The Magnolia Phase I and II Apartments is managed by Income Property Management Co..