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The Portland Housing Bureau (PHB) announced today that it has $61.6 million in local and federal funds for affordable housing project proposals – the largest Notice of Funding Availability (NOFA) to date. This investment of public funds is expected to generate another $150 - $200 million in economic activity and produce at least 600 new affordable housing units.
The annual NOFA process is the primary means through which PHB solicits and funds affordable housing projects. This year’s NOFA includes five sites owned by the Housing Bureau, Multnomah County, and the Portland Development Commission (PDC). In addition to the sizeable amount of funds, the NOFA also draws from a broad diversity of sources, including City and County General Fund, Tax Increment Financing from six of the city’s urban renewal areas, and federal HOME and Community Development Block Grant (CDBG) funds, as well as 100 Project-Based Section 8 vouchers from Home Forward.
“Solving our housing crisis is going to take this kind of cooperative approach from our local agencies,” said Commissioner Dan Saltzman, who oversees the Housing Bureau. “We are in a critical moment as a city and I’m glad that we’ve been able to mobilize our collective resources to have the greatest impact possible.”
The notice outlines the City’s priorities for the funding, which include:
Recognizing the city’s housing emergency, Commissioner Saltzman directed the Housing Bureau to deploy all of its available resources, which included pulling forward Tax Increment Finance dollars budgeted for future years.
“The people of Portland can’t afford to wait,” Saltzman said. “Our city’s housing crisis demands thoughtful, immediate action.”
Interested proposers will need to attend a mandatory information session on November 12 and a mandatory contractor networking session will be held on December 3. Proposals will be due in January with award announcements expected to follow by March.
For details on the information sessions and for more information, click here to download the full NOFA.