According to the Beaverton Valley Times, The controversial Mississippi Ave Lofts received a federal low income loan from The Albina Community Bank. I reread it several times because I couldn't believe my eyes. I think there is something terribly wrong with a high end condo project such as MAL, with 721 sq ft studios selling just below 300,000 and housing high end retail stores like Pastaworks, qualifying for a federal loan for low income communities.
Not only are they high end, but these developers have a documented track record of trying to bend rules and being less than honest in their drive to capitalize as much as they possible even in spite of community opposition. Then after they finally get their way (city capitulates, big surprise) they hire Gray Purcell a non-union, hire anybody off the streets(literally), company.
I recently ran across an article on the Mississippi Ave Lofts in the Daily Journal of Commerce that has an interview with Bill Jackson and Peter Wilcox. I think it speaks volumes about their community spirit and their real motives. In the interview they dismiss my appeal (successfully upheld by the way) before the Historic Landmark Commission as an opposition to their project by "...two groups of people who fought our project were the owners of the mansion (the John Palmer House at 43rd and Mississippi) that said their views would be blocked. We don't really think that's the case. They couldn't fight us on that so they tried to fight us every other way. The other group was people who were young and a little naive." I am not sure which group I fall into...
I think the most telling line in the interview with the Commerce was when they were asked what they would do differently and Peter responded by saying, "probably not buy land that's in a historic district so that we wouldn't have to cede control to a group like that."
I've included links to the Beaverton Valley Times article and The Daily Journal of Commerce. Also a link for MAL where you can find a pdf of prices under sales/financing.
link to findarticles.com