Hunter Renaissance Development LLC, a development company, plans to build a $30 million opportunity zone project on nine acres in Redmond, Oregon. The 21 Canal project is a 116-unit workforce housing community.

The project will be realized through a partnership between HRD and National Equity Fund, a leading Low-Income Housing Tax Credit syndicator. Through partnerships with developers and investors, NEF has invested more than $15.3 billion in LIHTC developments, providing affordable homes nationwide.

“Opportunity zones, what some have called the most significant capital gains reform of this generation, create a winning environment for investors and developers and allow us to target an underserved market segment: middle American workers,” says Nancy Kapp, Managing Member of HRD.

HRD is a joint venture between mother and daughter, Nancy and Jeanmarie Kapp, principals of The Renaissance Companies and Neil Amondson, principal of Hunter Investments, LLC.

“What we intend to demonstrate with The 21 Canal development in Redmond, Oregon is setting the benchmark for what constitutes desirable housing that middle-America can afford and will become the standard,” says Kapp.

The 21 Canal will offer upscale workforce housing, with two- and three-bedroom units. Outdoor amenities will include a fenced dog park, playlot, pickleball courts, stone pathways, a play field, shade pavilion and firepit, and a landscaped contemplation garden. Preleasing of units will be available in early 2020 and 100 percent occupancy is expected by late 2021.

HRD has other projects in the pipeline. Kapp says they currently have a 28-acre parcel under contract in McMinnville, Oregon that will offer residential, commercial and industrial options to a growing city that is the wine-capital of Oregon. She says McMinnville needs the investment for workforce housing provided in the new law.

“We’ve already received interest from ancillary businesses that serve the wine industry. Additionally, we have zones identified in Washington, Montana and several other states under consideration with our team and HR Capital, an Opportunity Zone Fund,” says Kapp.