1221 S.W. 4th, Room 240, Portland, OR 97204
An affordable housing development planned for Block 49 of the South Waterfront district has been put on hold at the recommendation of Portland Housing Bureau Director Margaret Van Vliet. In a memo to
Commissioner Fish, Van Vliet wrote "the project as currently structured should not move forward."
The proposal included 209 units dedicated for veteran housing, a priority for Commissioner Fish.
Earlier this week Van Vliet told the Portland Business Journal, "It's a big disappointment if we don't get this.”
Financial concerns, though, outweighed the strong desire to see this project break ground.
Van Vliet advised the Commissioner by adding "the current structure presents long-term risks to the City that have not been adequately mitigated," suggesting that the project's timeline be extended to explore alternative funding mechanisms.
Van Vliet’s recommendations are highlighted in the memo available here.
Thanks to southwaterfront.com for the image.