Portland City Council has approved guidelines for Portland’s Housing Bond, putting in place a policy framework for the City to begin seeking funding proposals later this month. Portland voters passed the $258.4 million general obligation bond for affordable housing last November.
“Portland’s Housing Bond is a historic opportunity to stabilize families and mitigate displacement,” said Mayor Ted Wheeler. “This is the community’s bond, so we took the time necessary for a deliberate and thoughtful community process to get it right. The result is better because of it.”
Following a robust community process, City Council was presented with a Policy Framework on Wednesday establishing production goals and accountability measures for Portland’s Housing Bond, as well as community priorities that will inform the location and other selection criteria for bond-funded housing.
The Framework was developed by an 18-member stakeholder advisory group, with input from nearly 1,000 community members. Among other priorities, it reaffirms the Bond Measure goals of creating 1,300 affordable housing units, including 600 for very-low income households and 650 for families. Further, the plan sets a target for 300 units of supportive housing, provided that external funding for services is secured.
The plan also prioritizes strategies to mitigate displacement, and advance housing opportunities for Communities of Color, families, and households facing homelessness or imminent displacement. Visit www.portlandhousingbond.org to read the full Framework.