In late 1995, the Authority and the developer reached an agreement to build 124 units of affordable family housing on the site. Construction began in the spring of 1996 and the project, Parkway Village Apartments, was completed in February 1997. The complex has remained about 98 percent occupied since it opened. The financing plan for Parkway Village included the use of both HOME funds and low-income housing tax credits. The remaining 25 units are available for families at up to 80 percent of median income.
Recreational facilities make the complex appealing to working families with children.
The Salem Housing Authority acted as project sponsor, developer, tax credit general partner, and managing agency for Parkway Village. Since 1992, the Authority had developed approximately 125 units, mostly for seniors, using HOME funds, tax credits, and other funding sources. Parkway Village was the largest and most difficult development it had undertaken. The process was eased by establishing rapport with neighborhood leaders, assembling a strong development team, and collaborating closely with the city. The development of Parkway Village Apartments has significantly expanded the affordable housing supply for low-income families in Salem, and brought physical improvement and an increased sense of safety to a neighborhood that was facing difficult circumstances.