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The Portland Development Commission (PDC), in partnership with the Portland Housing Bureau (PHB), released a Request for Proposals today for a new South Waterfront development that aims to create at least 200 affordable homes, as well as market-rate housing and commercial space. PDC, who owns the land, has made the site available for a joint mixed-use mixed-income development with PHB. As many as 90 of the housing units will be affordable to households earning less than 30% of the Median Family Income ($24,250 or below for a family of four) thanks to a commitment from Home Forward to dedicate 80 rent assistance vouchers to the project, including 10 for homeless veterans. Home Forward’s contribution will also leverage other resources to support deeply affordable housing within the project.
“Through innovate thinking and collaboration, we are able to maximize affordable housing opportunities on this site,” said Commissioner Dan Saltzman. “South Waterfront offers many amenities and opportunities that should be available to Portlanders of all income levels.”
The project is another step toward furthering the City’s affordable housing goals in the North Macadam Urban Renewal Area. “We offer our full support for this project, which is a key piece of our efforts in South Waterfront as we work to build a vibrant, diverse neighborhood,” said PDC executive director Patrick Quinton.
The project also aligns with the broader A Home For Everyone initiative. Earlier this year, the A Home For Everyone Executive Committee—including Commissioner Saltzman, Mayor Hales, and Michael Buonocore, Home Forward's executive director—approved a set of action plans to end Veteran homelessness across Multnomah County, and reduce unmet housing need among people experiencing homelessness by half over the next two years.
The vouchers from Home Forward are part of the agency's new initiative dedicating 500 rent assistance vouchers over the next several years to projects that provide housing opportunity for low-income families in neighborhoods with good schools and amenities.
“We are pleased to support an effort that gives more low-income families the ability to live in a great area,” said Michael Buonocore, Home Forward executive director. “In addition, the development will provide at least another 10 apartments for very low-income residents beyond the 80 our vouchers will create. This is the multiplier effect we hoped committing our resources could have.”
The PDC-owned site, known as Riverplace Parcel 3, is nearly 88,000 square feet located on the southwest corner of SW River Parkway and SW Moody Avenue in Portland’s central city RiverPlace neighborhood. It’s also in close proximity to the Oregon Health and Science University campus, where many Veterans access critical services through the Portland VA Medical Center.
Download the full RFP here.