Portland to Pay $500K for Site to Build Affordable Housing – NMP Skip to main content

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
Published
Jul 13, 2018
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026