2022 Portland Housing Bureau Notice of Anticipated Upcoming Funds Availability for Affordable Housing Development

News Article

Update: Upcoming PHB solicitation anticipated for September 2022 release. Resources include funding from the Metro Regional Housing Bond, Interstate Corridor URA (ICURA) Tax Increment Financing (TIF) district funding, and properties for affordable housing development.

This year, 2022, the Portland Housing Bureau anticipates releasing 4 sites for affordable housing development pairing ICURA TIF and Metro Bond resources.

September 2022

• Kaiser Permanente Property 3715-17 N. Interstate Avenue (located in ICURA)
• PHB's Strong Family Property at 4931-4947 N. Williams Avenue & 20-114 N. Alberta Street (located in ICURA)
• PHB's N. Carey Blvd Property at and adjacent to 6623/6631/6702 N. Syracuse Street, 7235 N. Minerva Avenue and 6634 N. Oberlin Street (located in ICURA)
• Metro-owned property at 10450 SW Barbur Blvd., currently the location of Portland Value Inn

Metro Bond

Portland has committed $122 million in Metro Bond funds in 14 projects to achieve 88%, or 1,297 units, of Portland's 1,475-unit production goal for the Metro Regional Housing Bond. The remaining $89 million in Metro Bond funds have been earmarked for five sites secured by PHB and/or jurisdictional partners and future homeownership projects. PHB does not anticipate funds available to support sponsored controlled developments other than the potential of homeownership developments.

ICURA TIF Resources

In 2021, City Council approved maximizing indebtedness in the ICURA TIF District, making $44M in development funds to create 300 to 350 new units or homes of affordable housing. PHB will commit development resources to 2 PHB owned sites (Carey Blvd. and Strong Property), a Kaiser Permanente donated site, and the N. Williams & Russell project. PHB will fund both rental and homeownership developments through this resource.

• Homeownership: Carey
• Rental: Kaiser Permanente
• Combination of Homeownership & Rental are being explored at: N. Williams & Russell and the Strong Property

All sites located in the ICURA boundaries will be subject to PHB's N/NE Housing Strategy Preference Policy.

Preservation

PHB anticipates a separate solicitation to release $5M in funds for sponsor-owned preservation projects of existing, regulated housing that have expiring regulatory agreements in Fall of 2022 to preserve 100-200 units. The source of funding is the American Rescue Plan Act (ARPA).

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