U.S. Bank Foundation awards Hacienda CDC $400,000 grant

This gift will support the development of Dolores with 67 new affordable homes in hillsboro.

PORTLAND, Ore., June 10, 2024 — Hacienda Community Development Corporation is pleased to announce that the U.S. Bank Foundation has awarded the organization a $400,000 multiyear U.S. Bank Foundation Opportunity Fund grant. This gift will support the development of Dolores, a $41.3 million development with 67 affordable homes (a mix of 1-, 2-, 3-, and 4-bedroom apartments).

“It is only with the help of our valued partners like the U.S. Bank Foundation that we can deliver on our mission of strengthening families, beginning with housing,” said Ernesto Fonseca, CEO, Hacienda CDC. “Dolores will bring more than just affordable homes to Hillsboro. This will be a community that provides what individuals and families need to find stability and reach their goals.”

Hacienda is Dolores’s sponsor, developer, owner and resident services provider - this will be its first affordable housing development in Washington County. Hillsboro has a population of 106,633; of those, 24% identify as Latino, and 37% identify as BIPOC. A majority of those living below the poverty line and rent burdened in Washington County are BIPOC. Dolores will serve 67 LMI households: 40% will be affordable to households earning 30% of Area Median Income (AMI) and below; and 60% to households earning 60% AMI and below. Ten apartments will be dedicated to permanent supportive housing. The development project began in May 2023 and anticipates opening in September 2026.

“Expanding access to affordable housing helps children, families and communities thrive. Supporting organizations like Hacienda Community Development Corporation means more people will have increased options for finding a safe, stable place to call home,” said Meghan Valley, community affairs manager at U.S. Bank.

The U.S. Bank Foundation created the Opportunity Fund in 2023 to support organizations working to increase wealth-building opportunities for underserved communities, including low- to moderate-income communities, rural communities and communities of color. The fund currently prioritizes grants toward community development financial institutions (CDFIs); small business technical assistance and business incubators; affordable housing development; homeownership and down payment assistance; and digital access and economic development in rural and Native American communities.

For more information about Hacienda CDC and its programs, visit haciendacdc.org

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About Hacienda CDC

Founded in 1992 in Portland’s Cully neighborhood, Hacienda CDC is a trusted community-building corporation supporting diverse and historically underserved communities throughout urban and rural Oregon. Hacienda strengthens low-income adults, families and youth, with an emphasis on immigrants and communities of color, through our affordable housing and culturally adept programs and services. Hacienda’s innovative approaches, high-impact partnerships, and advocacy for systemic change expand opportunities for community members to thrive and achieve their dreams of home ownership, entrepreneurship and education. Learn more at haciendacdc.org

About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $684 billion in assets as of March 31, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about