This project, the largest to date for our affiliate, is the first step in addressing a grave shortage of affordable housing for a diverse population within our rural community.
We are currently building the first home within the development, which sits on a 1.9-acre lot on Schemmel Lane, across from Silverton High School. The City granted us permission to build one home prior to approval of the overall development. That house is on track to be finished this year (likely by the end of summer) and a family has already been selected for that home.
In the next 20 years, Silverton is projected to need more than 1,100 new housing units to keep up with the population growth. Median home prices have increased 72 percent from 2016 to 2018. Rent is increasing faster than income levels with 46 percent of Silverton renters experiencing a cost burden and 17 percent experiencing a severe cost burden. There is a need for all types of housing (family units and single units for aging residents). The City’s analysis also noted that renter cost burdens in Silverton have been exacerbated by limited new multifamily construction over the last 20 years, which may have led to a decrease in the overall share of renter-occupied households. Our Silverton project will help address this local housing crisis.
