Vida Lea serves as model for affordable housing preservation deal

A Washington, D.C., think tank has profiled an Oregon resident-owned community as part of a series of case studies called “Innovations in Preserving Affordable Housing from around the United States.”

Urban Institute detailed the residents’ 2011 purchase of Vida Lea Cooperative, a 34-site ROC in Leaburg, Ore., with the help of CASA of Oregon and other partners. Urban Institute describes the project with this abstract:

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Preserving existing affordable housing generally costs less than new construction, prevents displacement, and takes advantage of existing land-use patterns. However, it presents its own set of challenges: developers need to weave together federal, state, and local funding sources; employ state and municipal policy tools; and seek collaborative relationships with stakeholders. To better understand how affordable housing preservation happens, we highlight cases from around the country where developers have navigated complex policy and financing environments to preserve affordable housing. These case studies represent a range of contexts but offer wider lessons for people working to preserve affordable housing.

The Vida Lea case study features a brief overview of how #cooperatives work and a great photo showing the newly paved streets and new park model home. The report was done as part of the group’s Housing Assistance Matters Initiative. Learn more here, where you can also read the case study five others from across the country.

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