Partnership Awarded $3M Grant for Portland Affordable Veteran Multifamily Housing Project
First A.M.E. Zion Church in partnership with Logos Faith Development and Rivermark Community Credit Union, announced a $3-million Affordable Housing Program grant from the Federal Home Loan Bank of Des Moines that will help build affordable housing in Portland, Oregon for homeless Veterans.
This capital infusion will support First A.M.E. Zion Church, the oldest black church north of San Francisco, and Logos Faith Development, a Los Angeles-based social impact real estate firm, in the development of 44 units of dedicated veteran and veteran family housing in Portland, Oregon. The earning of these funds was made possible through their partnership with Rivermark Community Credit Union in Portland who collaborated with the church because of Reverend Dr. Payne II’s personal desire to serve veterans in their community.
“Receiving this $3 million award is nothing short of a moment of resilience and redemption for our church, the oldest Black church in Oregon and a steadfast anchor in the Albina community. For a congregation whose light has flickered at times but never gone out, this grant affirms that our legacy still shines with purpose,” said Reverend Dr. Payne, Pastor of First A.M.E. Zion Church. “This opportunity came through faith, partnerships with Rivermark Community Credit Union and Logos Faith Development, and the determination to serve. About 8 to 11 of our current members are veterans so this grant is deeply personal. For us, this is more than funding. It is a moral commitment and a powerful step toward honoring those who have served our country with courage, sacrifice, and unwavering resolve.”
Pastor Martin Porter, Founder and CEO of Logos Faith Development said, “I am thankful that my team and I can play a role in supporting Pastor Payne and First A.M.E. Zion Church’s vision and mission to empower the local community and provide fantastic housing for veterans. This has truly been a great partnership, and I look forward to what’s to come!”
Seth Schaefer, EVP and Chief Impact Officer at Rivermark Community Credit Union, said, “At Rivermark, we believe financial institutions have a responsibility to create lasting impact beyond banking. Securing this $3 million grant reflects what true collaboration can achieve when we unite around a shared mission. Together with the Federal Home Loan Bank of Des Moines, First A.M.E. Zion Church and Logos Faith Development, we are honored to help bring safe, affordable housing to veterans who deserve stability and dignity. This partnership is a powerful example of community-driven change, and we look forward to what’s ahead.”
First A.M.E. Zion Church’s affordable veteran housing project is the sole project in the city of Portland to receive the award. The new funding was catalyzed by several organizations with a shared mission of increasing affordable housing for veterans in Portland. Rivermark Community Credit Union served as the sponsoring financial institution for First A.M.E. Zion Church and Logos to secure the maximum funding amount from Federal Home Loan Bank of Des Moines.
Kris Williams, President and CEO, Federal Home Loan Bank of Des Moines, said, “We’re not just financing homes – we’re building stronger, more resilient communities for the people who live and work in them. This is a shared commitment and a shared impact we’re proud to advance.”
This grant marks a major investment in addressing the stable, safe, and affordable housing crisis for veterans in Portland. It will aid Logos Faith Development in providing affordable housing not just in Southern California but now also in Portland, contributing to their vast portfolio of more than 2,000 affordable housing units in partnership with over 30 faith-based organizations.