Funding for eight affordable housing projects awarded

The Portland Housing Bureau (PHB) has awarded approximately $47 million dollars for affordable housing projects, the largest funding award in PHB history. The $47 million, made up of local and federal funding, will be given to eight proposed affordable housing projects. The selected projects include six new developments and two renovation projects, which come as a result of the bureau’s 2015 Notice of Funding Availability (NOFA). The NOFA included five sites owned by PHB, Multnomah County, and the Portland Development Commission (PDC). In addition to the publicly owned sites made available for affordable housing projects, the NOFA drew from a broad variety of resources, including City and County General Fund, Tax Increment Financing (TIF) from six of the city’s urban renewal areas, and federal HOME and Community Development Block Grant (CDBG) funds, as well as 100 project-based rent assistance vouchers from Home Forward. 

PHB expects these eight projects to create 585 new units of affordable housing, as well as preserve 255 units through renovation projects. The eight proposals were selected based on financing considerations, alignment with current housing initiatives, including the priorities of A Home for Everyone initiative, and how each proposed to serve priority populations. The selected projects are from REACH, Home Forward, Central City Concern, Meta Housing Corporation, and Bridge Housing Corporation. For more information on the individual projects, please visit the Housing Bureau’s 2015 NOFA Award Announcement page.