October 10, 2017 (Portland, OR) – On Wednesday, the proposed Policy Framework plan for spending Portland’s Housing Bond will go before City Council for approval.
The $258.4 million general obligation bond for affordable housing was passed by Portland voters last November and financed the acquisition of 263 units the following month when Council approved the purchase of the Ellington Apartments.
Under direction from Mayor Wheeler, the Portland Housing Bureau began a robust community process in April, convening an 18-member public advisory body to develop a policy framework to guide the City in further Bond investments.
On Wednesday, City Council will vote on the final Framework, which establishes production goals for Portland’s Housing Bond and outlines the community priorities that will inform decisions about the location of bond projects and other criteria for building and land acquisition, as well as the priority populations to be served through bond-financed housing. It also provides guidelines for development, operations, services, and ongoing community engagement, as well as reporting metrics.
“This is the community’s Bond,” said Mayor Ted Wheeler. “Portlanders passed it and I’m proud of the significant efforts made by the Housing Bureau and our partners to include as many diverse Portland voices as possible in determining how we use it.”