View source for Jolenes First Cousin


this is part of the article collection [[Village_Buildings|Village Buildings]].

[[File:Jolenes-First-Cousin-photo-by-GD-1.jpg|thumb|left|800px|Jolene's First Cousin building]]
<div style="clear: both">&nbsp;Jolenes First Cousin is an innovative mixed-use development in SE Portland combining ground-floor retail, two market-rate apartments, and 11 SROs — the brainchild of Kevin Cavenaugh and Anna Mackay of Guerrilla Development.&nbsp;http://guerrilladev.co/projects#/jolenes-first-cousin/.</div>Address:&nbsp;828 SE Gladstone St, Portland, OR 97202.&nbsp;[https://www.google.com/maps/place/2828+SE+Gladstone+St,+Portland,+OR+97202/@45.4931462,-122.6373786,20z/ Google Maps].

Description from Guerrilla Development:
<blockquote>''"Homelessness is an endemic problem in Portland and the numbers are sobering.&nbsp; According to 2017’s Point In Time Count, there are as many as 4,177 people without permanent homes on any given night.&nbsp; Nearly 1,700 of those folks sleep on the street.&nbsp; While there are many contributing factors, skyrocketing residential rent looms large among them.&nbsp; In the last two years alone, rent in Portland has risen twenty times faster than the median income.&nbsp;''<br/> <br/> ''We owe it to our City and to our citizens to find solutions.&nbsp; Enter Jolene’s First Cousin.&nbsp; It’s Guerrilla Development’s way of using our tool kit (real estate, finance and design) to put a dent in Portland’s homelessness problem.&nbsp;''<br/> <br/> ''Jolene’s First Cousin is two two-story buildings on a single lot in the heart of the Creston-Kennilworth neighborhood.&nbsp; It has a total of six units: three retail spaces, two market rate lofts and one containing 11 rooms in a single resident occupancy (SRO) arrangement.&nbsp; The 100-SF SRO rooms will share amenities: fully-outfitted kitchen, living and dining room, private landscaped courtyard, showers, toilets, and laundry facilities.&nbsp; Each room will have its own bed, closet, and sink.&nbsp; SRO renters will secure their spot in Jolene’s First Cousin for $425/mo. The SRO unit is master leased by [https://joinpdx.org/ JOIN]—a homelessness non-profit in Portland with 25 years of experience—who place houseless folks into the project.&nbsp; The SRO residents self-govern, establishing ground rules and operational systems.&nbsp;''<br/> <br/> ''The project is innovative on other fronts as well. We crowd-invested $300,000 of equity in Jolene’s First Cousin thanks to a Rule 504 Exemption of Regulation D (qualified by the State of Oregon) in less than 72 hours. Our offering created an opportunity for Permitted Oregon Purchasers and Accredited Investors an annual 5% preferred return and both the return of their principal and a percentage split of the proceeds of a refinancing event in Year 10. Our goal? To create an opportunity to participate in real estate investment with a tangible social impact. [https://www.locavesting.com/crowdfunding/crowdfunding-guerrilla-style-lessons-from-jolenes-first-cousin/ You can read more about this specific process here].''<br/> <br/> ''Guerrilla won’t stop at Jolene’s First Cousin.&nbsp; There will be Jolene’s Second, and Third, and Fourth... We will nestle these projects into every major neighborhood in Portland.&nbsp; They will bring jobs, beautiful market rate rental apartments, and housing for our homeless population, a handful of rooms at a time."''</blockquote> 
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Media:&nbsp;

Westling, Dara. "Crowdfunding, Guerrilla-Style. Lessons From Jolene’s First Cousin." ''Locavesting'', March 29, 2018. [https://www.locavesting.com/crowdfunding/crowdfunding-guerrilla-style-lessons-from-jolenes-first-cousin/ https://www.locavesting.com/crowdfunding/crowdfunding-guerrilla-style-lessons-from-jolenes-first-cousin/].

Willamette Week, 14 February 2018:&nbsp;"[https://www.wweek.com/culture/2018/02/14/our-developers-are-privatizing-socialism/ With Plans to Build Housing for the Homeless, a Portland Developer is Privatizing Socialism]." ["Reason no. 16 to love Portland right now"].

Urban Land Institute. "Deal Profile: Jolene's First Cousin." ULI.&nbsp;[https://casestudies.uli.org/deal-profile-jolenes-first-cousin/ https://casestudies.uli.org/deal-profile-jolenes-first-cousin/].&nbsp;

Park, Eileen. [2018] "Guerrilla Development's bold plan to end homelessness." by &nbsp;KOIN-TV, Oct 18, 2018. [https://www.koin.com/news/local/multnomah-county/guerrilla-development-s-bold-plan-to-end-homelessness/1362079021. https://www.koin.com/news/local/multnomah-county/guerrilla-development-s-bold-plan-to-end-homelessness/1362079021].

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== Portland SRO (Single Resident Occupant) housing ==

"[https://www.oregonlive.com/business/2019/04/officials-look-to-sro-hotels-as-model-for-low-income-housing.html Portland banking on low-rent SRO hotels to ease housing problems]." The Oregonian, April 27, 2019.&nbsp;

2016 - Portland Housing Bureau bought the Joyce Hotel SRO downtown. 1st publicly owned SRO in Portland?

2018 - PHB bought Westwind Apartments, in Chinatown. Will be torn down and replaced with new building.&nbsp;

PHB and state are contributing $4.5M to new Findley Commons, run by Do Good Multnomah.

Also contributed to a new $15M Central City Concern development with 40 SRO units.&nbsp;

LISAH - Low-Income Single Adult Housing - Transition Projects project with 36 SRO units, also 35 studio apartments in a separate building.&nbsp;<br/> &nbsp;

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== References ==

*Groth, Paul. Living Downtown: The History of Residential Hotels in the United States. Berkeley: University of California Press, 1994. [http://ark.cdlib.org/ark:/13030/ft6j49p0wf/ http://ark.cdlib.org/ark:/13030/ft6j49p0wf/]. Full text available in UC Press E-Books Collection.&nbsp;<br/> &nbsp; 
*Harbarger, Molly, and Elliot Njus (2019). "Portland banking on low-rent SRO hotels to ease housing problems." The Oregonian, April 27, 2019.&nbsp;[https://www.oregonlive.com/business/2019/04/officials-look-to-sro-hotels-as-model-for-low-income-housing.html https://www.oregonlive.com/business/2019/04/officials-look-to-sro-hotels-as-model-for-low-income-housing.html].<br/> &nbsp; 
*Monahan, Rachel (2018). "With Plans to Build Housing for the Homeless, a Portland Developer is Privatizing Socialism." ["Reason no. 16 to love Portland right now"]. Willamette Week, 14 February 2018.&nbsp;&nbsp;[https://www.wweek.com/culture/2018/02/14/our-developers-are-privatizing-socialism/ https://www.wweek.com/culture/2018/02/14/our-developers-are-privatizing-socialism/.]<br/> &nbsp; 
*Park, Eileen. [2018] "Guerrilla Development's bold plan to end homelessness." by &nbsp;KOIN-TV, Oct 18, 2018. [https://www.koin.com/news/local/multnomah-county/guerrilla-development-s-bold-plan-to-end-homelessness/1362079021. https://www.koin.com/news/local/multnomah-county/guerrilla-development-s-bold-plan-to-end-homelessness/1362079021].<br/> &nbsp; 
*Urban Land Institute. "Deal Profile: Jolene's First Cousin." ULI.&nbsp;[https://casestudies.uli.org/deal-profile-jolenes-first-cousin/ https://casestudies.uli.org/deal-profile-jolenes-first-cousin/]. &nbsp;Undated, accessed 18 November 2019.&nbsp;<br/> &nbsp; 
*Westling, Dara. "Crowdfunding, Guerrilla-Style. Lessons From Jolene’s First Cousin." ''Locavesting'', March 29, 2018. [https://www.locavesting.com/crowdfunding/crowdfunding-guerrilla-style-lessons-from-jolenes-first-cousin/ https://www.locavesting.com/crowdfunding/crowdfunding-guerrilla-style-lessons-from-jolenes-first-cousin/].