March 11, 2011

Recently, Nick and the Portland Housing Bureau announced significant new investments in East and Northeast Portland to build and preserve affordable homes.

The City's investment will result in:

• 178 new homes

• Rehabilitation of 74 existing homes

• $10 million invested in trusted non-profit community partners

• The leverage of $12 million in additional private and public investment

The projects we're investing in were chosen through a competitive selection process and will serve some of our most vulnerable citizens - seniors on fixed incomes, people with disabilities, chronically homeless individuals, and families experiencing homelessness.

About 30% of this funding is federal grants. The rest is from what we call the "TIF Set-Aside." Urban Renewal Areas (URAs), parts of town targeted for economic revitalization, generate Tax Increment Financing (TIF). In 2007, the Council adopted a policy which directed that 30% of the TIF generated citywide should be set aside to support affordable housing in Portland. The TIF set-aside contributed $7 million to this investment fund.

Projects include:

• Gateway/Glisan Development, $5.9 million: 120 new affordable homes for working-class Portlanders and older adults on fixed incomes. A partnership of REACH, Human Solutions, Housing Development Center, and Ride Connection.

• Raymond Street Apartments, $2.1 million: Rehabilitation for 19 apartments in the Foster-Powell neighborhood. A partnership of ROSE CDC, JOIN, the Veteran's Administration, and Impact Northwest.

• MLK Cook Fargo Development, $975,000: 49 new apartments in NE Portland's Eliot neighborhood. A partnership of Innovative Housing, Inc. and community mental health provider Luke Dorf.

• Providence House, $375,000: 40 apartments serving low-income seniors will receive emergency capital repairs. Managed by Providence Supportive Housing.

• Beyer Court, $330,782: Located in the Lents neighborhood, this 14-unit apartment building will receive new roofs, windows, ventilation units, and other repairs. A partnership of ROSE CDC, Impact Northwest, and Bridges to Housing.

• Holgate House, $153,749: Portland's first modular multi-family affordable housing project brings 9 new homes to Lents. A partnership of NAYA Family Center and Guardian Real Estate.

Image: Artist rendering of the proposed development in the Gateway area. The project will provide housing for low-wage workers and seniors on fixed incomes.