Cornelius might add senior affordable housing, new library

Leaders of the Cornelius Public Library have partnered with affordable housing nonprofit Bienestar on a project that could bring a new library and senior housing complex to the heart of downtown Cornelius. The project is still in the preliminary phase, pending the results of a full-scale feasibility study. The three-story building is projected to cost as much as $13.5 million, with the library occupying the ground floor, and two stories with 41 units of affordable senior housing on top. Bienestar would be responsible for approximately 65 percent of the total cost through a combination of private debt, low-income housing tax credits, county loans and other funding strategies, said Sharon Nielson, the project finance consultant. the project would cost city residents $2 million for the library portion through voter approval of a 20-year construction bond. The library would have to privately raise funds for costs not covered by the bond and Bienestar — roughly $2.5 to $2.7 million, though projections have not been finalized.

– The Oregonian


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