The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Tuesday, October 31, 2017
Affordable Housing Bond Spending Delayed Until March 2018
Although the City Council recently approved its policy for how to spend money generated by the $258 million affordable housing bond, it is unlikely to receive any proposals from the Portland Housing Bureau until March of 2018, almost a full year and a half after voters approved the bond measure. Although the PHB has generated support for a turn-key pilot program that would allow developers to build projects and sell them to the city, it is currently soliciting proposals for land where it can build affordable units, as well as existing properties. Proposals will be vetted by Kurt Creager, Director of the PHB, and Mayor Wheeler before being presented to the City Council. Between its purchase of the Ellington Apartments and administration costs, the City Council now has approximately $205 million left to spend on housing. Read more.