PHB releases annual 30% set aside report
February 8, 2010
Last week, the Portland Housing Bureau (PHB) released the annual Tax Increment Financing Affordable Housing Set Aside Annual Report. The report "provides an annual update of accomplishments and challenges under the set aside during FY 2008-09 and highlights the City and PDC's cumulative efforts for the first three years of the set aside program."
In 2006, City Council and the Portland Development Commission (PDC) created the "TIF Set Aside," which dedicates a minimum of 30% of tax increment financing (TIF) in urban renewal areas to develop, preserve and rehabilitate affordable housing for Portland individuals and families.
In the first three years of the TIF program, $67 million was spent on new affordable housing in Portland's urban renewal areas, in addition to the $178 million in other TIF funding invested in those urban renewal areas.
TIF funding contributed to a large number of affordable housing developments, including Pardee Commons, Rivergate Commons, Lents Landing, University Place, in 2008/09.