Bend gives $1.25M for affordable housing.

“The city of Bend is giving out more than $1.25 million in loans to four affordable housing projects, including one that aims to help low-income veterans with special needs,” reported by Nick Grube from The Bulletin.

Money for the loans comes from the city’s affordable housing fee program, which charges builders a fraction of a percent on their construction projects for the purpose of adding more low-income living quarters.

About half the funds will be used to help purchase land to build green homes for people at or below 100 percent of Bend’s median income. Central Oregon Veterans Outreach will receive $300,000, which will provide housing for 16 low-income veterans. Two projects associated with the Redmond-based Housing Works will also receive loans from the city. $175,000 will be given to a local contractor to build an energy-efficient home for someone earning less than 80 percent of the area median income.

The city’s affordable housing fee is the only one of its kind in the state. It charges builders a fraction of a percent on construction projects in order to add more low-income living quarters.