Council Sends Affordable Housing Bond To Voters And Gives The Go Ahead To Construction Tax

Dated: July 6 2016

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The Portland City Council had a sizable list of affordable housing to-dos this week, and two of them got the thumbs-up.


Yesterday, commissioners voted unanimously to send a $258.4 million bond measure to the November ballot that would fund the construction or acquisition of up to 1,300 rental units for low-income residents. According to the Oregonian,the 20-year bond measure would run about $75 a year for homes assessed at $178,320.


The city has enacted a construction excise tax and sent a $258.4 million bond measure to the November ballot, both of which are aimed at addressing the affordable housing challenges in Portland.Enlarge

The city has enacted a construction excise tax and sent a $258.4 million bond measure to…more

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And on Wednesday, the council voted, again unanimously, to enact a 1 percent construction excise tax on new commercial and residential construction. Revenue raised from the tax — estimated to be about $8 million a year, according to a story by Oregon Public Broadcasting— will help fund affordable housing and home ownership projects in the city.


Under a law enacted at the state level earlier this year, 50 percent of the the residential portion of the tax must be allocated for inclusionary zoning programs, 35 percent must be for affordable housing and 15 percent is for affordable home ownership. Fifty percent of the commercial portion must also go to affordable programs, but Commissioner Dan Saltzman proposed that 100 percent of the tax should be used for affordable housing.


The new tax kicks in Aug. 1.


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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

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