Affordable Housing Finance: Green Finalists

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Developer: Luckenbill-Drayton & Associates, LLC
Architect: Carleton Hart Architecture
Major Funders: Homestead Capital; Wells Fargo Bank; Oregon Housing and Community Services; Network for Affordable Housing

KLAMATH FALLS, ORE.— When residents start moving into the Iris Glen Townhomes in September, they’re possibly going to see savings between $75 and $120 per month on their utility bills, depending on the unit size.

Dee Luckenbill, managing member of developer Luckenbill-Drayton & Associates, LLC, says much of Klamath Falls is served by geothermal wells, and Iris Glen Townhomes won’t be an exception.

“The opportunity to provide heat and hot water for these units without charges was pretty exciting to us,” she says.

The development will utilize three existing geothermal wells located on the property. The system uses heat exchange from the wells to domestic hot water tanks, which feed water- source radiant heating loops in the concrete floor slabs on the ground floors and in-wall heaters on the upper floors of the units. The domestic hot water tanks can also burn natural gas as a backup fuel source in case of temporary failure or system overload.

Other sustainable elements include light-colored roofing, low-flow water fixtures, Energy Star appliances and lighting, high-performance windows, proper cross-ventilation, drought-tolerant landscaping, and the use of low or no-VOC paints.

To encourage biking and public transportation, the developer will provide bicycles on demand for use by the residents and their children at no cost as well as transportation subsidies or scholarships for residents who need financial help getting to and from jobs or employment training.

The development is comprised of 12 one-bedroom, 20 two-bedroom, and four three-bedroom units, with 41 percent of the units set aside for residents earning less than 50 percent of the area median income (AMI) and 59 percent for residents earning less than 60 percent of AMI.

Multiple funding sources were used for the $7.1 million development, including housing trust funds, low-income weatherization funds, and general housing account funds through Oregon Housing and Community Services; low-income housing tax credit equity provided by Homestead Capital; a permanent loan from the Network for Affordable Housing; and a construction loan from Wells Fargo Bank. —Christine Serlin