REDMOND, Ore., March 14, 2019 /PRNewswire/ -- Hunter Renaissance Development LLC (HRD — https://www.hunterrenaissance.com/) is poised to embark on the next new project stimulated by federal legislation, with plans to build a $30 million, 116-unit workforce housing community on nine acres in Redmond, Oregon.
The new tax law created Opportunity Zones, economically distressed communities, and already, many community developers are partnering with national housing experts to incentivize long-term private investment for affordable housing in critical urban communities.
Critical to the project is the long-standing partnership between HRD, known as highly skilled and trend-setting creators of multi-family housing and National Equity Fund — a leading Low-Income Housing Tax Credit syndicator, which plays an integral role in creating affordable housing options, revitalizing communities and strengthening local communities for more than 31 years Through its partnerships with developers and investors, NEF has invested more than $15.3 billion in LIHTC developments providing affordable homes throughout the country. NEF's partnering with HRD is a seminal statement on a housing model that can be replicated nationwide.
The 21 Canal project boasts ultra-contemporary and affordable two-story, two-and-three-bedroom units with attached garage options. Preleasing of units will be available in early 2020 and 100 percent occupancy is expected by late 2021.
The 21 Canal: A New Approach to Workforce Housing Design
After the successful completion of The 27 Elm, the workforce housing prototype development in Redmond, the women-led team at HRD continues to develop and invest in critically important working communities. The 21 Canal will offer upscale workforce housing, with accessibly priced two- and three-bedroom units.
HRD specializes in constructing attractive apartment homes that veer away from the traditional look of multi-family properties. HRD communities feature stylish touches like quartz countertops, euro-style cabinetry, stainless steel kitchen appliances, modern in-unit laundry centers and contemporary design.
"We believe in making a difference in neighborhoods and that a little extra effort can produce exceptional results. By spending more time on our design and construction planning, we can create the kind of place where people want to live, and more importantly, where they can afford to live," said Jeanmarie Kapp, HRD member.
Plans for The 21 Canal include a fenced dog park, playlot, pickleball courts, stone pathways, a play field, shade pavilion and firepit, plus a landscaped contemplation garden to foster harmony within the larger setting. The project site is located a mere 30 second drive from Highway 97 and 15 minutes from downtown Bend, Oregon.
Opportunity Zones, Future Investment Opportunities, and HRD
US investors hold an estimated 6 trillion in unrealized capital gains, representing a significant untapped resource for economic development. The bipartisan Tax Cuts and Jobs Act of 2017 established Opportunity Zones as a way to reinvigorate economic growth and prosperity in underdeveloped areas.
This legislation also recognized Qualified Opportunity Funds (QOF) as a vehicle for investors to defer taxes on capital gains by investing in QOF projects. Newly formed QOFs are thus exceptionally attractive investments, and investors will be taking advantage of tax incentives and will foster social good, the very intent of the Opportunity Zone legislation.
HRD is managed by proven and experienced leaders in the development industry, with finished projects ranging from urban infill to small town Main Street resurgence, and large-scale rail projects. To learn more about HRD, its various projects and investment opportunities, visit: www.hunterrenaissance.com.
About Hunter Renaissance Development LLC (HRD)
Founded in 2015, HRD is a development company focused on creating neighborhoods, growing communities and acting as a catalyst for a true renaissance in design and construction. HRD is a joint venture between the mother/daughter team of Nancy and Jeanmarie Kapp, principals of The Renaissance Companies and Neil Amondson, principal of Hunter investments, LLC. HRD is currently working on multiple fronts, including creating workforce rental housing and luxury for-sale homes, with future projects planned in Oregon, Washington and Montana. Learn more at: www.HunterRenaissance.com.
Mike Donahue, HRD, Communications Lead
SOURCE Hunter Renaissance Development LLC (HRD)