Green Light Development and Human Solutions partnered to acquire, rehabilitate, and preserve Aldercrest Apartments, a 68-unit affordable housing community with an expiring 59-unit Section 8 contract.

Originally built in 1971, Aldercrest underwent extensive interior and exterior renovations, including full envelope replacement, new kitchen cabinets, flooring, appliances, water heaters, lighting, faucets, and fixtures, as well as the replacement of galvanized water supply lines. The rehabilitation also incorporated energy-efficient upgrades, the conversion of several units, and site grading to improve ADA accessibility.

Project funding included 9% Low-Income Housing Tax Credits (LIHTC) awarded by Oregon Housing and Community Services (OHCS) in the 2020 NOFA round and syndicated by Enterprise Housing Credit Investments. Additional financing was provided through construction and permanent loans from Chase Bank, Metro Bond funds from the City of Gresham, as well as support from the General Housing Account Program (GHAP) and the Oregon Multifamily Energy Program (OR-MEP).