The latest news of interest to multifamily housing investors in Oregon and Washington.
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Thursday, September 7, 2017
City Council to Review URM Policy Proposal October 19th
The URM Policy Committee is set to meet for a final time October 4th, before presenting their policy proposal to the City Council October 19th. The policy will determine what retrofits building owners are required to complete, as well as the timetable for completion. Building owners have expressed concern about the lack of available financing for retrofits, as well as the scope of retrofit projects. Seismic retrofits frequently require tenants to relocate, and landlords who own URM buildings are subject to the relocation ordinance passed earlier this year. The ordinance requires landlords to pay tenants $2,900-$4,500 upon issuing a no-cause eviction. Such evictions would be hard to avoid if the city requires landlords to add steel reinforcement throughout their buildings. Nonprofits, schools, and churches also own several URM buildings in Portland, and Central City Concern is urging the city to provide an exception for affordable housing. The URM Policy Committee is overseen by the Bureau of Emergency Management as well as Mayor Ted Wheeler's office. Read more.