Portland, OR – The Portland Housing Bureau (PHB) has announced $11.1 million in funding decisions for affordable rental and homeownership developments in the Interstate Corridor Urban Renewal Area. Together, the selected projects will create 125 new housing units, including 21 units for households earning 30 percent or less of the area median income ($22,000 a year for a family of four in 2016), and more than 50 affordable homeownership opportunities.
Households displaced from N/NE Portland, or those who are at risk of displacement now, will be prioritized for these units through the housing bureau’s preference policy.
“This slate of projects furthers our commitment to the North/Northeast Portland community and takes another step toward redressing the actions that denied housing opportunity to many who called these neighborhoods home,” said Mayor Ted Wheeler, who oversees the Portland Housing Bureau. “I’m grateful to the esteemed members of the evaluation committee who gave their time, expertise, and thoughtfulness to this process in service to that vision.”
The committee members were:
The bureau released a Notice of Funding Availability (NOFA) for Interstate Corridor Urban Renewal Area funds on January 23, 2017, with funding available for both rental and ownership housing proposals. The solicitation also made available a PHB-owned property at 5020 N. Interstate Avenue for condominium development. PHB received six proposals for the rental housing funds and one proposal each for the ownership housing funds. The final project selections are as follows:
Rental Housing – Funded
Project: Magnolia 2; Developer: Innovative Housing Inc. (IHI); Units: 50
The project at 3250 NE Martin Luther King Jr. Blvd will be an extension of IHI’s existing Magnolia Apartments (also funded in part by PHB). Thirty-three of the 50 units will be sized to accommodate families, at two and three bedrooms. The project will also include indoor and outdoor play areas, and a “maker space” for residents to work on small projects (assembling or refinishing furniture, potting plants, painting, etc.). Resident services will focus on supporting employment training in the trade fields.
Project: New Meadows; Developer: Bridge Meadows; Units: 15
New Meadows will be developed on property nearly adjacent to the Bridge Meadows apartment community (also funded in part by PHB) and will serve youth transitioning out of foster care. Programming will assist these youth, ages 17-25, with life skills development, including money management, employment assistance, and parenting skills. Operations costs will be supported by an anonymous donor. As such, all rents will be regulated at 0-30% AMI, and residents will pay only what they can afford.
“Scattered Site” Homeownership – Funded
Developer: Habitat for Humanity; Units: 12
The project will be comprised of two six-plex three-story buildings. Each unit will have three bedrooms. New homeowners will be required to contribute 300 “sweat equity” hours, working side by side with volunteers to build their neighbors’ homes and their own. Buyers will have a 1% down payment, and mortgages will be set at no more than 30% of the homeowner’s gross monthly income.
5020 N. Interstate Ave. Homeownership – Sponsor Selected for Exclusive Right to Negotiate
Project: 5020 Condos; Developer: Proud Ground and Habitat for Humanity; Units: 48
5020 Condos will be a mixed-use development, with 48 homeownership units and 2,400 square feet of commercial space, to be developed on a PHB-owned site at 5020 N. Interstate Ave. Forty of the condominiums will be made available to households earning 100% AMI or less ($73,300 a year for a family of four in 2016). The remaining eight one-bedroom condominiums will be sold at market prices to help “cross-subsidize” the project. Discussions are underway between PHB and the project sponsors to hone details of the proposal before a final award is made.
“Many capable nonprofit developers proposed competitive projects that are worthy of support, and deserve further consideration as additional funding becomes available,” said PHB Director Kurt Creager. “We’re pleased to be moving forward with a mix of projects that provides a range of housing options to meet the diverse needs of the community.”