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A housing development for homeless veterans has been stalled in the South Waterfront neighborhood since summer 2008. But now, the Portland Bureau of Housing says construction on The Tamarack will begin this summer fall.

Margaret Van Vliet, executive director of the housing bureau, said the Portland Development Commission, Mayor Sam Adams‘ office and her office were able to make the project pencil out during the city’s recent budget work.

“We were able to sharpen our pencils and make everything fit,” Van Vliet said. “It took a while but I believe we have a viable project today.”

The $49.8 million project will use a combination of tax-increment financing from the North Macadam Urban Renewal area, bond financing and tax credit equity from a 4 percent low income housing tax credit available through the state of Oregon. The project’s funding strategy still needs to be approved by Portland city council. That vote will take place in September.

Designed by Ankrom Moisan Associated Architects, The Tamarack will be a six-story wood frame building with 209 apartments over ground floor retail and office space. The apartments will be available to families earning 60 percent of median family income, and 42 apartments will be reserved for veterans earning less than 30 percent of median family income.

Construction by general contractor Walsh Construction is anticipated to begin in November. Project developer Williams and Dame Development is currently seeking a nonprofit low income housing developer to be the long term owner and operator of The Tamarack.