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Portland voters made history yesterday by passing Measure 26-179, the city's first ever affordable housing bond. The $258 million bond passed with 62% of the vote, and will allow the city to build and preserve an additional 1,300 units of affordable housing. It is the largest General Obligation Bond ever passed by Portland voters.
Portland Housing Commissioner Dan Saltzman praised the result, saying “Portlanders have stepped up in this time of need to be part of the solution to our city’s housing crisis. I am extremely grateful to Portland voters for the compassion they have shown their neighbors and their community by supporting this bond.”
The housing bond will raise property taxes 42 cents per $1,000 of assessed value. The funds will be administered by the Portland Housing Bureau with a focus on building and preserving deeply affordable housing for households between 30-60% of the area median income (currently $22,000 to $43,080 for a family of four).