No, $20 million won’t go far enough to repair the historic and ongoing impact of displacement on the community. But it’s a starting point for how we as city government begin to address that legacy and move forward with a new way of doing business so that it doesn’t have to happen again.
This money will also leverage – or attract – other funds. For every dollar the Portland Housing Bureau puts in, two to three more dollars will likely be invested by other funders and lenders. In the end, the actual value of the investment will amount to much more than $20 million.
We also understand that the community has concerns and priorities beyond “sticks and bricks,” so as we developed our housing plan, we included new policies that would work together with our investments to further help mitigate and reverse displacement. Read more about those here.
Beyond the $20 million, the Portland Housing Bureau is requesting additional money from the city’s General Fund (which can be used for more than building construction and can also be used outside of the URA boundaries), which would allow us to further our anti-displacement work and reach more neighborhoods throughout North and Northeast Portland. We will find out whether we have gotten that extra funding in June when the City of Portland’s budget is finalized.
Question 3: Where did the money come from?