Stewarding land for permanent affordability in the Willamette Valley.
Maya Okonkwo, Board Chair
Daniel Reyes, Vice Chair
Priya Krishnamurthy, Treasurer
Thomas Whitefeather, Secretary
Lillian Park · Jordan Beaumont
Esther Cho · Marcus DeWitt
Noor Hassan
Rosa Delgado, Executive Director
Kenji Watanabe, Director of Real Estate
Amara Stone, Counsel (Stoll Berne)
Excused: H. Lindqvist, P. Abernathy
Kenji Watanabe reported that the acquisitions team closed on three parcels during Q3, all within the Trust's priority anti-displacement corridors. Combined acquisition cost of $3.74M was funded through the Revolving Acquisition Fund and a short-term bridge from Beneficial State Bank.
The development pipeline has grown to 42 units across four projects, representing the largest active portfolio in PCLT's history. Projected delivery runs from late 2025 through early 2027, serving households at 30–60% AMI.
Project status: Cully Row (18 units) entered DD with Carleton Hart; Foster Cottages (8 units) received PDC land-use approval; MLK Flats (12 units) in pre-development scoping; Lents Infill (4 units) targeting spring 2025 groundbreaking.
Treasurer Krishnamurthy announced that Meyer Memorial Trust has formally awarded PCLT a three-year unrestricted capacity grant, with the first tranche already received. The award substantially de-risks the FY25–FY27 operating plan and enables investment in the stewardship team.
Unrestricted operating support. Draw schedule: $500K (2024), $400K (2025), $300K (2026). Reporting is narrative-only; no match required. Program officer: Elena Vasquez.
Chair Okonkwo convened a 38-minute executive session to discuss leadership transition. ED Rosa Delgado has confirmed her intent to step down in Q4 2025 after eleven years of service, providing a twelve-month runway for a deliberate, community-informed search.
A five-member Transition Committee was seated to oversee the process: Okonkwo (chair), Reyes, Whitefeather, DeWitt, and Hassan. The Committee will engage a search firm by January, with a shortlist targeted for Q3 2025 and overlap of no less than 60 days between outgoing and incoming EDs.