Catholic Charities of Oregon has reached an agreement to sell 19 affordable housing properties to EAH Housing. The planned sale will keep more than 1,000 homes in the hands of an affordable housing nonprofit and allow Catholic Charities to focus more of its work on the services that help people find and keep a stable home.
When people hear that the building they live in is being sold, the first question is often a simple one: Can I stay? For residents of Caritas Housing, the answer is yes. You do not need to move because of the sale. Your lease and existing tenant protections remain in place. Please continue to contact your property management team with questions about rent, your lease or maintenance.
Catholic Charities of Oregon and EAH Housing expect the sale to close in six to nine months. During that time, we’ll work together to keep residents informed about the transition.
Why we’re making this change
Catholic Charities began building its affordable housing portfolio through Caritas Housing in 1998. That work grew out of a belief that a stable home can change the course of someone’s life. Over time, it also taught us how much the right support matters once someone has a place to live. A resident might need help connecting with a local resource or figuring out where to turn when a setback threatens their housing. Having someone to call can make a real difference.
“Catholic Charities got into affordable housing for one reason — to serve people. That purpose has not changed. What has changed is our understanding of where we can make the greatest impact,” said Kaleen Deatherage, CEO of Catholic Charities of Oregon.
CCO’s work with Guardian helped strengthen property management and put the portfolio on more sustainable footing. The agreement with EAH Housing is the next step. EAH brings experience owning and operating affordable housing, and we will continue providing resident services in partnership with EAH.
What the sale means for Catholic Charities
The purchase price for the portfolio is $30 million. All of that amount will go toward paying off existing debt on the properties. The sale will allow Catholic Charities to focus more of our time and resources on direct services as we step away from owning and operating these properties.
That includes the housing stability work we do every day, from helping women experiencing homelessness connect with support through our Housing Transitions Program to working with residents and community partners to help people stay housed. The work takes different forms, but it starts with listening to what people need and helping them take the next step.
Read the joint announcement
For more details about the planned sale, read the joint announcement from Catholic Charities of Oregon and EAH Housing.