Pamplin Media Group – Portland To Operate $ 88 Million In Bond Funds For 700 Affordable Units

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The Portland Housing Bureau has released a list of nine projects it hopes to partially fund using its share of the Metro Housing Bond.

Portland has set out the next 687 affordable housing units it plans to build using regional government bond funds.

The Portland Housing Bureau hopes to tap another portion 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 in the east end of the city.

In a statement released Oct. 12, Housing Office Director Shannon Callahan hailed the group of projects as creating unique opportunities “that meet the diverse needs of our community, and in particular our Black, Indigenous and Black communities. color, families with children and our neighbors in a situation of chronic homelessness. ”

Along with the seven new builds, the city is also hoping to send money to Metro towards two stalled projects that would add more than 100 new units using just over $ 5 million in bond funds.

This is the third round of funding to be released by Metro, following a first cash outflow for projects ready to go soon after voters agreed to the $ 652.8 million bond. dollars in 2018, according to a spokesperson. A second tranche focused on projects in Washington and Clackamas counties.

Projects must be formally approved by the regional government before the money comes out, although the decision is made by staff and not by a Metro Council vote, according to spokesperson Nick Christensen.

“Metro’s role is to confirm that projects align with the policy framework of the program,” he said, “including unit production goals and commitments to advance racial equity throughout. of 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 just 60% of its share of the Metro bond.

“We still have a lot of resources to allocate,” noted Christensen.

There are many other putative developments seeking to use bond money as part of their funding mix. City spokeswoman Martha Calhoon said the housing office had received 24 proposals for this round of funding.

New projects planned:

Here are the seven projects Portland hopes to partially fund with a further injection of Metro bond dollars:

• 74th & Glisan: 137 units drawing 19.5 million dollars in bond funds.

• 5020 N. Interstate: 64 units using $ 9.1 million in bond funds.

• Cedar Commons II: 85 units mobilizing $ 12.1 million in bond funds.

• hollywoodHUB: 199 units drawing $ 28.4 million in bond funds.

• Albina One: 94 units operating $ 13.4 million in bond funds.

• PCC Killingsworth: 84 units using $ 2.5 million in bond funds.

• Village Tistilal: 58 units (34 existing, 24 new) using $ 3.4 million in bond funds.

In progress:

The Portland Housing Bureau also wants to fund two projects already in pre-development that have stalled due to funding gaps. They are:

• Powellhurst Place: 64 units using $ 4 million in bond funds.

• Garden Park Estates: 117 units (54 new, 63 existing) using $ 1.3 million in bond funds.

Zane Sparling
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