Portland to tap $88M in bond funds for 700 affordable units
Portland has scoped out the next 687 units of affordable housing it plans to build using bond funds from the regional government.
The Portland Housing Bureau hopes to tap another part of its share of Metro's bond revenue — to the tune of $88.6 million, which will be used to finance the construction of seven new projects on the city's east side.
In a statement released Oct. 12, Housing Bureau director Shannon Callahan praised the pool of projects as creating unique opportunities "that meet the diverse needs of our community, and especially our Black, Indigenous, and People of Color communities, families with children, and our neighbors experiencing chronic homelessness."
Alongside the seven new builds, the city also hopes to send Metro cash toward two stalled projects that would add more than 100 new units using a bit more than $5 million in bond funds.
This is the third round of funding to be released by Metro, following an initial disbursement of cash to shovel-ready projects shortly after voters OK'd the $652.8 million bond in 2018, according to a spokesman. A second tranche focused on projects in Washington and Clackamas counties.
The projects must be formally approved by the regional government before the money walks out the door, though the decision is made by staff and not a vote of the Metro Council, according to spokesman Nick Christensen.
"Metro's role is to confirm that projects align with the program policy framework," he said, "including unit production goals and commitments for advancing racial equity throughout implementation."
If the projects are approved, the bond will have funded 1,200 units across Portland — 83% of the city's goal of funding 1,475 units — using only 60% of its Metro bond share.
"We still have a lot of resources left to allocate," noted Christensen.
There are plenty of other putative developments seeking to use bond money as part of their funding mix. City spokeswoman Martha Calhoon says the housing bureau received 24 proposals for this round of funding.
New projects planned:
Here are the seven projects Portland hopes to partially fund using a new infusion of Metro bond dollars:
• 74th & Glisan: 137 units tapping $19.5 million in bond funds.
• 5020 N. Interstate: 64 units tapping $9.1 million in bond funds.
• Cedar Commons II: 85 units tapping $12.1 million in bond funds.
• hollywoodHUB: 199 units tapping $28.4 million in bond funds.
• Albina One: 94 units tapping $13.4 million in bond funds.
• PCC Killingsworth: 84 units tapping $2.5 million in bond funds.
• Tistilal Village: 58 units (34 existing, 24 new) tapping $3.4 million in bond funds.
In the pipeline:
The Portland Housing Bureau also wants to fund two projects already in pre-development that have stalled due to financing gaps. They are:
• Powellhurst Place: 64 units tapping $4 million in bond funds.
• Garden Park Estates: 117 units (54 new, 63 existing) tapping $1.3 million in bond funds.
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