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Cornelius Place

Heritage Bank - Cornelius, Oregon

2020 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Medium

In partnership with the city of Cornelius and development partners BRIDGE Housing and Bienestar, Heritage Bank helped finance the affordable housing complex Cornelius Place in Conrelius, Oregon, which opened on March 30, 2019.Technically, the project started in 2014-15. Because of the unique nature of the partnerships, it was a bit more complicated to finance the construction. The banks that were initially approached turned it down. Heritage Bank stepped in around 2017, which helped bring the project to completion in March 2019. Heritage Bank was able to use creative financing with BRIDGE Housing and the city of Cornelius to structure a million-dollar loan for the construction of the building and a tax credit investment for the housing portion.