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News Release

REACH Community Development Launches Rose City Partnership To Expand Pathways To Homeownership In Portland - 10/14/25

FOR IMMEDIATE RELEASE

 

 

 

REACH Community Development Launches Rose City Partnership to Expand Pathways to Homeownership in Portland

 

PORTLAND, Ore. — One of the largest and longest standing affordable rental developers in the Portland Metro, REACH Community Development (REACH) is expanding into homeownership. In an exclusive interview with the Oregonian, REACH announced the formation of Rose City Fund LLC, a new partnership to repair and reposition 66 scattered site rental homes into affordable homeownership opportunities. The homes include single-family homes, duplexes, triplexes, and small multi-family buildings primarily in the Buckman neighborhood of Southeast Portland.

 

For too long, Portland neighborhoods have been out of reach for first-time homebuyers. This initiative opens new avenues for REACH residents and other community members to build stability and wealth through homeownership. Under the Rose City Fund LLC partnership, the REACH for Homeownership initiative will offer existing tenants the first opportunity to purchase, while first-time homebuyers and local mission driven nonprofits will also be prioritized. To ensure families are set up for success, REACH and its partners are incorporating mortgage counseling, down payment and closing cost assistance, and home repair resources into the program.

 

“REACH is committed to supporting the full continuum of affordable housing and working creatively to advance residents along that continuum toward financial stability and wealth creation,” shared Margaret Salazar, Chief Executive Officer of REACH.  “Through the REACH for Homeownership initiative, we are piloting strategies to connect existing homes to residents and community members working toward the dream of homeownership.”

 

REACH is partnering with Brick By Brick Housing Corporation (“B3”), a nonprofit organization based in Minneapolis, and Housing Partnership Network (HPN), a national association of nonprofit affordable housing developers, to form Rose City Fund LLC. This partnership will oversee home repairs, sales, and coordination with local nonprofit homeownership centers.  Lead lender APEX and the Housing Partnership Fund are also involved as financial partners. The initiative launched in early October 2025 with individual home sales to buyers planned in phases over the next two years.

 

“B3 has worked with communities across the country to preserve affordability and expand access to homeownership, and we are honored to bring this experience to Portland,” said Scott Fergus, Chief Executive Officer of B3. “This partnership reflects our shared belief that affordable homeownership is a cornerstone of building wealth and stability for families.”

 

Through the portfolio transfer of these homes and formation of Rose Fund City LLC, REACH will use net proceeds to strengthen its financial position and attract financing to stabilize and repair hundreds of deeply affordable rental homes across the region. With significant capital needs in aging properties, REACH is raising resources to repair and preserve the long-term viability of its rental communities for years to come.

 

 “The preservation of affordable housing is one of the City’s highest priorities, and this reinvestment ensures that hundreds of Portland families will remain stably housed for years to come,” said Helmi Hisserich, Director of the Portland Housing Bureau. “REACH’s approach demonstrates how creative strategies like this initiative can both expand homeownership and protect deeply affordable rentals for our most vulnerable residents.”

 

The Rose City Fund LLC program follows a formal disposition “waterfall” that prioritizes sales to REACH tenants first, giving current residents the right of first refusal to purchase their rental homes. Beyond current tenants, sales will focus on first-time homebuyers and households earning under 120% of the area median income, followed by qualified, mission-aligned nonprofits serving low-income and first-time homebuyers.  REACH is partnering with local agencies including Portland Housing Center, Proud Ground, Urban League PDX and NAYA to support this effort. REACH has a goal to sell at least 50% of homes to first-time homebuyers and 15% of homes to current REACH residents.

 

 “Proud Ground is thrilled to partner with REACH on this important effort to expand homeownership opportunities in Portland,” said Dominique Merriweather, Executive Director of Proud Ground. “For too long, families—especially families of color—have been shut out of homeownership and the stability it provides. By prioritizing first-time buyers and permanently affordable models, this program helps ensure that more families can build wealth and put down roots in our community.”

 

To support residents, REACH is offering tenants complimentary homeownership counseling through a partnership with the Portland Housing Center.  “For many families, homeownership has felt out of reach,” said Dana Shephard, Executive Director of the Portland Housing Center. “This program changes that by providing counseling, education, and financial pathways that give first-time buyers the tools they need to succeed.”

 

For current residents who do not purchase, REACH has the capacity to relocate households into newer REACH affordable rental units across its 2,700-home portfolio in the Portland Metro. Rose City Fund LLC will also offer relocation services and enhanced relocation financial assistance well above the City of Portland’s minimum requirements. Residents will be offered financial packages that can be used for relocation expenses, down payment assistance, closing costs or other financial needs.

 

All homes sold through the Rose City Fund program will be brought to financeable condition, ensuring they are safe, durable, and eligible for conventional or FHA mortgages. Rehabilitation efforts will focus on critical systems such as roofs, plumbing, HVAC, and electrical work rather than cosmetic updates, supporting long-term housing stability for low- to moderate-income buyers.

 

 

###

 

About REACH Community Development

REACH creates opportunities for all people to thrive by developing and promoting equitable access to quality, affordable homes, supportive services, and community. REACH envisions a socially just world where there is a universal right to housing with all people living in safe, vibrant, and healthy

communities. Learn more at reachcdc.org. 

 

About Brick By Brick Housing Corporation

Brick by Brick (B3) creates opportunities for low and moderate income families to achieve homeownership, fostering financial stability and intergenerational wealth. Through innovative housing strategies and partnerships, it aims to build thriving, sustainable communities where families can flourish.  Learn more at b3td.org.

 

About Housing Partnership Network

Housing Partnership Network is made up of 100+ leading nonprofit housing developers, owners, and financial institutions across the U.S., networked for significant impact. It delivers creative solutions to address gaps in the affordable housing sector and to scale and advance members' missions. Learn more at housingpartnership.net

REACH Community Development Launches Rose City Partnership To Expand Pathways To Homeownership In Portland - 10/14/25

FOR IMMEDIATE RELEASE

 

 

 

REACH Community Development Launches Rose City Partnership to Expand Pathways to Homeownership in Portland

 

PORTLAND, Ore. — One of the largest and longest standing affordable rental developers in the Portland Metro, REACH Community Development (REACH) is expanding into homeownership. In an exclusive interview with the Oregonian, REACH announced the formation of Rose City Fund LLC, a new partnership to repair and reposition 66 scattered site rental homes into affordable homeownership opportunities. The homes include single-family homes, duplexes, triplexes, and small multi-family buildings primarily in the Buckman neighborhood of Southeast Portland.

 

For too long, Portland neighborhoods have been out of reach for first-time homebuyers. This initiative opens new avenues for REACH residents and other community members to build stability and wealth through homeownership. Under the Rose City Fund LLC partnership, the REACH for Homeownership initiative will offer existing tenants the first opportunity to purchase, while first-time homebuyers and local mission driven nonprofits will also be prioritized. To ensure families are set up for success, REACH and its partners are incorporating mortgage counseling, down payment and closing cost assistance, and home repair resources into the program.

 

“REACH is committed to supporting the full continuum of affordable housing and working creatively to advance residents along that continuum toward financial stability and wealth creation,” shared Margaret Salazar, Chief Executive Officer of REACH.  “Through the REACH for Homeownership initiative, we are piloting strategies to connect existing homes to residents and community members working toward the dream of homeownership.”

 

REACH is partnering with Brick By Brick Housing Corporation (“B3”), a nonprofit organization based in Minneapolis, and Housing Partnership Network (HPN), a national association of nonprofit affordable housing developers, to form Rose City Fund LLC. This partnership will oversee home repairs, sales, and coordination with local nonprofit homeownership centers.  Lead lender APEX and the Housing Partnership Fund are also involved as financial partners. The initiative launched in early October 2025 with individual home sales to buyers planned in phases over the next two years.

 

“B3 has worked with communities across the country to preserve affordability and expand access to homeownership, and we are honored to bring this experience to Portland,” said Scott Fergus, Chief Executive Officer of B3. “This partnership reflects our shared belief that affordable homeownership is a cornerstone of building wealth and stability for families.”

 

Through the portfolio transfer of these homes and formation of Rose Fund City LLC, REACH will use net proceeds to strengthen its financial position and attract financing to stabilize and repair hundreds of deeply affordable rental homes across the region. With significant capital needs in aging properties, REACH is raising resources to repair and preserve the long-term viability of its rental communities for years to come.

 

 “The preservation of affordable housing is one of the City’s highest priorities, and this reinvestment ensures that hundreds of Portland families will remain stably housed for years to come,” said Helmi Hisserich, Director of the Portland Housing Bureau. “REACH’s approach demonstrates how creative strategies like this initiative can both expand homeownership and protect deeply affordable rentals for our most vulnerable residents.”

 

The Rose City Fund LLC program follows a formal disposition “waterfall” that prioritizes sales to REACH tenants first, giving current residents the right of first refusal to purchase their rental homes. Beyond current tenants, sales will focus on first-time homebuyers and households earning under 120% of the area median income, followed by qualified, mission-aligned nonprofits serving low-income and first-time homebuyers.  REACH is partnering with local agencies including Portland Housing Center, Proud Ground, Urban League PDX and NAYA to support this effort. REACH has a goal to sell at least 50% of homes to first-time homebuyers and 15% of homes to current REACH residents.

 

 “Proud Ground is thrilled to partner with REACH on this important effort to expand homeownership opportunities in Portland,” said Dominique Merriweather, Executive Director of Proud Ground. “For too long, families—especially families of color—have been shut out of homeownership and the stability it provides. By prioritizing first-time buyers and permanently affordable models, this program helps ensure that more families can build wealth and put down roots in our community.”

 

To support residents, REACH is offering tenants complimentary homeownership counseling through a partnership with the Portland Housing Center.  “For many families, homeownership has felt out of reach,” said Dana Shephard, Executive Director of the Portland Housing Center. “This program changes that by providing counseling, education, and financial pathways that give first-time buyers the tools they need to succeed.”

 

For current residents who do not purchase, REACH has the capacity to relocate households into newer REACH affordable rental units across its 2,700-home portfolio in the Portland Metro. Rose City Fund LLC will also offer relocation services and enhanced relocation financial assistance well above the City of Portland’s minimum requirements. Residents will be offered financial packages that can be used for relocation expenses, down payment assistance, closing costs or other financial needs.

 

All homes sold through the Rose City Fund program will be brought to financeable condition, ensuring they are safe, durable, and eligible for conventional or FHA mortgages. Rehabilitation efforts will focus on critical systems such as roofs, plumbing, HVAC, and electrical work rather than cosmetic updates, supporting long-term housing stability for low- to moderate-income buyers.

 

 

###

 

About REACH Community Development

REACH creates opportunities for all people to thrive by developing and promoting equitable access to quality, affordable homes, supportive services, and community. REACH envisions a socially just world where there is a universal right to housing with all people living in safe, vibrant, and healthy

communities. Learn more at reachcdc.org. 

 

About Brick By Brick Housing Corporation

Brick by Brick (B3) creates opportunities for low and moderate income families to achieve homeownership, fostering financial stability and intergenerational wealth. Through innovative housing strategies and partnerships, it aims to build thriving, sustainable communities where families can flourish.  Learn more at b3td.org.

 

About Housing Partnership Network

Housing Partnership Network is made up of 100+ leading nonprofit housing developers, owners, and financial institutions across the U.S., networked for significant impact. It delivers creative solutions to address gaps in the affordable housing sector and to scale and advance members' missions. Learn more at housingpartnership.net