The family of Harold Schnitzer has donated an affordable housing tower in downtown Portland to the Oregon Jewish Community Foundation in the Portland real estate leader and philanthropist’s memory.
The foundation says Park Tower Apartments, which also includes ground-floor retail, is valued at $16.6 million, making the gift the largest in the organization’s history. The organization will sell the building and use the proceeds to create the Harold and Arlene Schnitzer Family Fund for the foundation.
The foundation says it intends to continue operating the building under the federal Section 8 housing program and will seek a buyer who will do the same.
The building, located on Southwest Salmon Street at Southwest Park Avenue, was built in 1926. It has 162 apartments for low-income seniors and the disabled.
–Elliot Njus Read More – Oregonlive.com>
