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Portland Unveils More Than 61 Million Worth Of Funding For Affordable Housing Projects
Dated: October 7 2015
With the affordability issue quickly rising to the top of the boiling housing and development market in Portland, the Portland Housing Bureau has rounded up potential funding for affordable housing to the tune of more than $61 million.
PHB recently issued an early guidance memo regarding its next Notice of Funding Availability. The agency occasionally issues such opportunities for the development, acquisition and rehabilitation and preservation of affordable housing through competitive NOFAs.
In this year's round, PHB has partnered with the Portland Development Commission and Multnomah County to boost available funding for a total of $61.6 million.
According to the memo released by PHB, the agency plans to advertise for a range of funding opportunities in mid October. They include:
To address the priorities of the community-wide "A Home For Everyone" plan, the city will kick in $2.5 million and the county will add $5 million from the general fund for affordable housing development.
A joint PHB and county committee will evaluate proposals for: $3 million in the federal HOME Investment Partnerships program; $5 million from the federal Community Development Block Grant program; $15 million from the Downtown Waterfront Urban Renewal Area; $10 million from the South Park Blocks URA; $5.1 million from the Convention Center URA, including PHB's property at the corner of Northeast Grand Avenue and Hassalo; and $5 million from the Lents URA, including PDC's property at Southeast Foster and 72nd.
Separate committees may also evaluate proposals for a PDC-owned site at 10520 N.E. Halsey St., which would include $1 million from the Gateway URA, and another $10 million from the Interstate Corridor URA, which includes a PDC property at the corner of Northeast Martin Luther King Jr. Boulevard and Rosa Parks Way and also a county-owned property at North Williams Avenue and Tillamook Street.
In its memo, PHB notes that the projection are preliminary and could change without notice. The agency expects that award decisions will be made in early 2016 in alignment with the start of Oregon Housing and Community Services 2016 NOFA cycle.
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 25+ years in the industry, Mark has gained experience in....
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