The 30% set-aside policy helps ensure that a portion of the Tax Increment Financing (TIF) supports the preservation or creation of affordable homes within the Urban Renewal Area (URA; view maps). The Portland Housing Bureau (PHB) administers the set-aside and makes decisions regarding set-aside investments.
How will PHB invest the set-aside in the Education Urban Renewal Area?
The bureau’s top investment priority is the preservation and creation of rental housing that remains affordable to low-income families and individuals. Prior investments in the downtown core have focused on the rehabilitation of existing rental homes, and the preservation of buildings with federal rent subsidies. PHB staff analyze opportunities in new districts, and with community input set guidelines for investing the set-aside to best address the unmet needs of our community.
How does the community help shape PHB investments?
PHB releases an annual funding solicitation (Notice of Funding Availability, NOFA) to seek development proposals for investments. Proposals are reviewed by a public review committee, and the evaluation results are published for public review. The Portland Housing Advisory Commission (PHAC), PHB’s citizen advisory group, holds a public meeting every month, and members of the public are encouraged to attend and provide testimony.