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Mississippi Ave Lofts qualifed for Federal Low Income loan

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.
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.


 http://www.beavertonvalleytimes.com/news/story.php?story_id=122713589377871200

 link to findarticles.com

 http://www.mississippiavenuelofts.com/

more on MAL? 25.Nov.2008 05:51

homeless in Portland

Good to know about the federal loans, thanks.
I had the same reaction you did!! "WHAT!!!!!????"
$300,000 for a 700 sq ft. apartment is outrageous, although other places around town that size are going for even more $$$. I'd be surprised if they find many buyers right now, they may have to end up renting them out, not selling these condos.
This is one example of how Portland is rapidly moving toward becoming a playground for the wealthy, and (apparently) everyone else can just go to hell.
What does our Mayor-elect plan to do about our current housing mess? Has he spoken out on the Mississippi Lofts?

pch 27.Nov.2008 06:53

x

The PCH house next door did not get any low income subsidy.

researching this 28.Nov.2008 20:51

lupin

I have contacted my house representive, Chip Sheilds to inquire about this allocation of federal loan for low income communities and encourage others to do the same. I have a couple questions one, is this community a low income at time of loan allocation(I am betting that when they received this loan the community would not qualify as low income) and secondly what is the loan's criteria and does MAL really meet this criteria?

Let chip know that this must be investigated:
 rep.chipshields@state.or.us