December 6, 2017 (Portland, OR) – Portland City Council has approved funding for a new South Waterfront development, known as RiverPlace Parcel 3, that will bring more than 200 units of affordable housing to Southwest Portland’s RiverPlace neighborhood.
The project will feature 201 affordable apartments, including 90 for very-low income households at 0-30 percent of Area Median Income (currently up to $17,940 a year for a family of two), thanks to a commitment of 80 rent-assistance vouchers from Home Forward. Of the 90 deeply affordable units, 10 will serve veterans under the Veteran Affairs Supportive Housing (VASH) program, and 20 will provide permanent supportive housing in partnership with Multnomah County and the Joint office of Homeless Services. Another 111 apartments will be affordable for households up to 60 percent of the Area Median Income (or $35,880 a year for a family of two).
The project comes as the result of a joint effort between the Portland Housing Bureau and Prosper Portland to develop an 88,000-square foot parcel owned by Prosper Portland on the corner of SW River Parkway and Moody Avenue with affordable and market-rate housing, as well as commercial space. The nonprofit BRIDGE Housing was selected to develop the site in 2015.
The approval today of up to $21.7 million in North Macadam Urban Renewal Area funds will allow construction to begin on the 13-story tower in January.
“This is an exciting opportunity to realize another shovel-ready development that gives more families the chance to live and work in a great area with strong transit connections,” said Mayor Ted Wheeler. "RiverPlace Parcel 3 furthers our commitment to providing affordable housing and supportive services for our most vulnerable neighbors, and building vibrant, diverse neighborhoods for all Portlanders.”