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Portland City Council on Wednesday approved up to approximately $30.3 million in construction financing for a 159-unit affordable housing project in the Buckman neighborhood. Alder 9 is being developed by Related Northwest and Centro Cultural.

The ordinance authorizes allocation of $27.2 million from the 2016 Portland affordable housing bond and $3.1 million in Central Eastside tax increment financing. Those dollars will add to more than $56 million from Citibank, Bank of America, Metro, Oregon Housing and Community Services, and the development team.

Related Northwest, Centro Cultural and equity investor Bank of America formed the Alder Street Housing Partners Limited Partnership to acquire the development site and construct the building. Alder 9 will be at 888 S.E. Alder St., near public transit and grocery stores.

The nine-story building will hold 55 studio apartments, 62 one-bedroom units, 36 two-bedroom units and six three-bedroom units. They are intended to serve adults aged 55 or older, and their families. Fifty-three units will be for people earning up to 30 percent of area median income, and 106 will be for people earning up to 60 percent of AMI. In addition, 25 will be permanent supportive housing (PSH) units and 46 will receive support from federal project-based vouchers.

Each PSH unit will receive support 鈥� up to $10,000 per year 鈥� from the Joint Office of Homeless Services. Those units are intended to serve people who are chronically homeless or at risk of becoming homeless.

TVA Architects is the project’s designer and Sapling LLC is the general contractor. The team also includes Pence Construction and Minority Construction Group as well as service providers Impact NW and EngAGE Northwest. Once built, Alder 9 will be primarily maintained by Related Northwest.

鈥淭he project team is expected to exceed PHB’s equity and contracting goal of 30 percent DMWESB, which is Disadvantaged, Minority, Woman and Emerging Small Business firms’ utilization for hard construction costs and 20 percent for professional services,鈥� said Molly Rogers, interim director of the Portland Housing Bureau.

The development will include a senior wellness center and an employment/education hub on the ground floor, a barbecue area, a community garden, performance art/maker space, and several amenity spaces.

Centro Cultural and EngAGE Northwest will provide on-site services that include housing stability support, computer and technological training, intergenerational activities, and assistance accessing social services and community benefits.

Construction is set to begin in January 2023 and expected to finish in October 2024.