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Grace Peck Terrace Renovation Project

This project preserves 95 units of affordable housing in Portland’s Irvington Neighborhood.

Grace Peck Terrace was built in 1980.  In recent years, its exterior envelope exhibited moisture penetration issues.  A project to address these issues started, then expanded to address building system and interior needs. Work began in May 2023.  Zones of residents are relocating as the work progresses around the building.  Work is scheduled for completion in July of 2024.  Apartments will remain affordable to households earning less than 60% of Area Media Income (AMI).


Grace Peck Terrace consists of 95 one-bedroom units receiving project-based rent assistance from the U.S. Department of Housing and Urban Development for households with incomes less than 60% AMI.


Financial Partners:

  • Oregon Housing and Community Services
  • Key Bank

Design and Construction Partners:

  • Walsh Construction Company
  • Holst Architecture
  • Studio Petretti Architecture

Operations and Services Partners:

  • Key Property Services, Inc.
  • Epic Land Solutions, Inc.


Financing includes:

  • Tax-exempt bonds
  • Oregon Affordable Housing Tax Credits
  • 4% Low-Income Housing Tax Credits
  • General partner and seller financing

The renovation project scope of work includes:


  • Re-pave parking lot
  • Add patio adjacent to community room
  • Renovate main entry
  • Building Exterior
  • Replace roof
  • Replace siding
  • New generator and screen


Common Areas/Systems:

  • Ground floor renovations
  • New water heaters
  • Hot-water line insulation
  • New corridor and stair lighting
  • Corridor temperature controls
  • New common area finishes



  • Extend fire sprinklers into units
  • Replace electrical panels
  • Make units portable AC ready
  • Replace bath fans
  • Replace baseboard heaters
  • Add GFCI outlets at kitchen
  • Partial refinish of unit baths
  • Refinish unit kitchens


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