Skip to main content

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

Phil Hall
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."

 
Published
Jul 13, 2018
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021