Home Forward has closed on the financing for their redevelopment of Peaceful Villa Apartments. They can now begin construction on 166 affordable homes, anticipating completion winter 2027.
Located in the Richmond neighborhood (2835 SE 47th Ave.), Peaceful Villa was originally built in 1947 with 18 buildings. The redevelopment will create a modern affordable housing development that consists of three apartment buildings, courtyards, community facilities and 62 on-site parking spaces for residents and staff.
The new Peaceful Villa will include 94 new and 70 redeveloped units. There will be 75 smaller units (studio and one bedroom) with 91 units containing two, three or four bedrooms for families. All units will serve households earning up to 50 percent of Area Median Income and include Project-Based Section 8 Vouchers for deeper rent subsidy.
The Portland Housing Bureau (PHB) awarded Portland Clean Energy Community Benefit Funds (PCEF) to help this project meet sustainability goals. The redevelopment aims to meet Energy Trust of Oregon’s designation for “Path to Net Zero,” using photovoltaic solar arrays, as well as energy-saving design and mechanical systems.