Portland to Pay $500K for Site to Build Affordable Housing – NMP
Industry News

Portland to Pay $500K for Site to Build Affordable Housing

Jul 13, 2018
The city government in one of the nation’s most expensive housing markets is planning to spend $500,000 to purchase a 19,000-square-foot site for the construction of a 50-unit affordable housing development

The city government in one of the nation’s most expensive housing markets is planning to spend $500,000 to purchase a 19,000-square-foot site for the construction of a 50-unit affordable housing development.
 
According to a Willamette Week report, the Portland Housing Bureau selected the site in Cully, the Northeast section of Portland, Ore., a neighborhood where 40 percent of households include at least one immigrant member. The site currently has a single-family residence, and the Portland City Council is expected to vote next week on whether to proceed with the purchase.
 
If the purchase is approved and the transaction is closed, this will be the fourth project financed by Portland's $258 million housing bond, which was approved by voters in November 2016. To date, the city has used the housing bond money to acquire two existing buildings that will be transitioned into affordable housing and it has purchased the site of a former strip club that will be used for housing development.
 
"This opportunity to bring new housing to a critically important and underserved area is another strong step forward toward our Bond goals," said Mayor Ted Wheeler in a statement. "With the 50 new units planned for this site, plus hundreds more under active negotiation, we are making aggressive progress to meet our commitment well ahead of schedule."
 
About the author
Phil Hall
Link copied
Published
Jul 13, 2018
Get the NMP Daily
Home Equity
Achieve Closes $261.5M HELOC Securitization Ahead Of Planned TPO Launch

The company expects to begin purchasing fixed-rate HELOCs from correspondent lenders during the third quarter

Achieve has completed a $261.5 million securitization backed by 3,129 fixed-rate home equity lines of credit as it prepares to begin purchasing HELOCs from correspondent lenders.ACHM Trust 2026-HE1 closed July 30 and was announced Aug. 6. It is Achieve’s first HELOC securiti...

Continue reading
Analysis and Data
Better Will Miss September Break-Even Target, Interim CEO Says

Platform volume overtook DTC, but costly enterprise integrations have yet to deliver, and new partnership growth is not expected until Q4

Better Home & Finance will miss its goal of reaching adjusted EBITDA break-even by the end of September, interim CEO Daniel Lewis acknowledged during his first earnings call leading the company.Rather than set another deadline, Lewis said Better must first show that it c...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026