In a move that reflects an ongoing commitment to curb the housing crunch, State Senator Anthony Broadman has revealed a $4 million loan guarantee for Bend's Joule project, aiming to erect 134 multifamily housing units geared toward households earning below 90 percent of the area median income, as reported yesterday.
Amidst the backdrop of sky-high construction costs that have hamstrung developers across Central Oregon, this state-backed guarantee is jumping into the fray to assist with the financing woes, and Senator Broadman stated, "This investment represents exactly the kind of partnership Central Oregon needs: state and local partnership to help developers deliver more sustainable, abundant housing,” painting a picture of synergy between different stakeholders, the announcement highlighted the project's dual focus on environmental sustainability and housing affordability.
With the green light for this project, local job creation in the construction sector is expected to gain a substantial boost, which circles back to the ongoing narrative that a sustainable housing market is not only about putting roofs over heads but also fostering the economic ecosystem that builds and sustains them, a sentiment shared by developer Peter Grube who told the press, "We want to build housing that makes sense for our community aligning with City goals for middle income housing and the environment."
Rooted in an effort to expand Oregonians' housing options, the state's Permanent Loan Guarantee Program is lowering the entry barrier by backing a share of the loans for these ventures, easing the path for innovative projects like Joule, which found a home at NE 4th Street and Olney Avenue in Bend's Orchard District and despite the loan guarantee being the spotlight it's the collaboration of years among state, local, and private entities that brought the sustainable housing vision to its impending fruition with construction set to commence by mid-2026 and wrap up by late 2027.
