421 SW 6th Avenue, Suite 500, Portland, OR 97204
The Portland Housing Advisory Commission (PHAC) is meeting from 3 to 5 p.m. tomorrow, Nov. 4 at Portland Housing Bureau, 421 S.W. Sixth Ave. Materials are posted here.
Commissioner Dan Saltzman, Portland Housing Bureau Director Traci Manning and others from the Bureau and community celebrated the grand opening of Innovative Housing Inc.’s Magnolia Apartments, in the vibrant Eliot neighborhood.
PHB invested $975,000 of HOME funds for financing gap, which provided a 12-1 leverage of directly invested City funds. The City is also providing $531,315 of SDC exemptions. We invest in changing neighborhoods with high opportunity that are at risk of gentrification. That way, residents can continue to live in places with access to vibrant cultural resources, great schools, fresh food, living wage jobs and excellent public transit.
Magnolia offers new, all brick construction of 50 affordable housing units and 1,400 square feet of commercial office space in the close-in Northeast Eliot neighborhood. Rents will be less than half of nearby market rate housing that is quickly becoming inaccessible to lower–income households.
Magnolia puts a focus on affordable, workforce housing. There are 42 one-bedroom units and eight two bedroom/one bathroom apartments. Five units are set aside for people who have experienced homelessness and will be restricted as Permanent Supportive Housing (PSH).
The project is expected to receive Silver LEED certification and will comply with PHB requirements for sustainability and energy efficiency.
Innovative Houing Inc.’s Resident Service Program will provide comprehensive resident services, including new tenant orientations, information and resource referrals, eviction prevention and tenant education with a strong sustainability focus.
The units are completely leased up and tenants will move in this month!
The reports are in and they confirm what we already know about Portland’s tight housing market. It has tightened further in the last six months.
Our partners at Multifamily Northwest presented the Apartment Report yesterday, a bi-annual publication that includes rent and vacancy data collected from the Portland metro area and throughout the state. Data and market perspectives are garnered from appraisers, lenders, brokers, economists and developers specializing in the multifamily industry.
According to the survey, apartment vacancy is down in the last six months, from 3.55 percent in April to 3.11 percent today.
Meanwhile, rents are continuing to climb in this landlord’s market. Market rate rents have increased on an average of 6.8 percent in Portland since April. Rents in older buildings have risen closer to 4 or 5 percent. This presents heightened challenges for those living in poverty who are already struggling to afford a home.
At the Portland Housing Bureau, we have developed the Portland Housing Growth and Opportunity Analysis, a locational framework that guides our investments. We invest in changing neighborhoods with high opportunity that are at risk of gentrifying. That way, residents can continue to live in places with access to vibrant cultural resources, great schools, fresh food, living wage jobs and excellent public transit.
In this tight rental market, we are working to counteract the effects of displacement so communities of color and other vulnerable people have equitable access to desirable neighborhoods and housing stability.
At the same time, through our Mortgage Credit Certificate (MCC) Program and Down Payment Assistance Loan, we are helping to provide more purchasing power for first time homebuyers so they can build wealth and stability in the communities of their choice.