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C  Street Co-op

— The Revillaging Project —

 

A scalable model for developing resident-owned, infill housing on typical residential lots, permanently affordable to people with low-incomes.

Location: Springfield, Oregon

Type: Limited Equity Co-op

Size: 6 units on 0.1 acres

Status: Pre-development

Target Population: 50-80% area median income

 

 

As we face our nation’s housing crisis, cities are struggling to accommodate a growing population in neighborhoods zoned exclusively for low-density, single-family housing—which comprises roughly two-thirds of the existing housing stock here in Oregon.

The Revillaging Project reimagines our neighborhoods as vibrant communities capable of supporting a diversity of housing types, affordable to a broader mix of people. This collaboration between Cultivate and SquareOne Villages puts forth a model for compact, resident-owned, multi-family housing on typical residential lots. 

This vision is supported by historic legsliation: Oregon recently became the first state to ban single-family zoning, requiring cities to allow for duplexes, triplexes, fourplexes, cottage clusters, and townhouses on any lots that allow for deatached single-family housin. To build on this momentum, Cultivate and SquareOne have teamed up to develop a pilot project in Springfield, known as the C Street Co-op.

This pilot project will create six one-bedroom suites with private access in a single-family house and an accessory dwelling unit. Once the above mentioned land use changes take effect a project like this could be permitted as a duplex and a fourplex.

 

While this project targets a slightly higher income level, it requires a minimal amount of subsidy. Total costs are estimated at around $592,000, or $98,666 per unit. By bringing just $160,000 in subsidies to the project ($26,666 per unit), SquareOne can make these new homeownership opportunities permanently affordable to people earning 60% of the area median income. The remainer of the project is being funded through social investors earning a modest return. In future projects, greater affordability levels can be achieved by securing a larger proportion of subsidies.

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SquareOne Villages is a 501(c)3 non-profit  organization        |        Tax ID # 46-0801991        |        CCB # 224446        |        © 2020 SquareOne Villages