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Hales Wants To Boost Affordable Housing Funding By 67 Million
Dated: October 26 2015
Continuing the push to address escalating affordable housing issues in Portland, Mayor Charlie Hales has outlined a plan to boost funding for projects in Portland's Urban Renewal Areas by nearly $67 million.
According to an announcement, the $66.7 million would come in the form of tax increment financing in five URAs: Gateway, Interstate, Lents, North Macadam and the River District. At present, 30 percent of the TIF in those areas is set aside for affordable housing; under the plan devised by Hales and Commissioner Dan Saltzman, that percentage would be boosted to 45 percent.
The $66.7 million would come in addition to $202.3 million already in place in those URAs.
“We have great projects in various stages of planning, in each district,” Hales said in the release. “But we are in a housing crisis. Given that, we have scrubbed each URA in detail, looking at both opportunities and costs, in an effort to direct money toward affordable housing while maintaining projects to enhance jobs, livability and equity.”
Two other plans already approved by the city council, the Old Town Chinatown Five-Year Action Plan in the River District and the Lents Action Plan, would not be impacted by the changes.
This latest plans come a few weeks after the council declared a housing state of emergency. The city and Multnomah County also unveiled more than $61 millionin potential funding to entice developers to build affordable housing projects.
The council will take up Hale's proposed changes at its Oct. 28 meeting and is expected to vote on the plan the next week.
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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