The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Monday, February 12, 2018
Bureau of Planning and Sustainability: Development Pipeline Represents Just 18-24 Months of Potential Activity
Tyler Bump, Senior Economic Planner at Portland's Bureau of Planning and Sustainability, issued a memo on Friday summarizing a twelve-month review of Portland's Inclusionary Housing requirements. According to the memo, there are only 10,000 units across 81 projects remaining in the development pipeline, with half of those currently under review or approved. The current development pipeline represents only 18-24 months of potential projects, and between February 2017 and February 2018, only 17 projects subject to IH requirements have been submitted. Only 12 of these were privately financed. The memo also summarized feedback from focus groups and interviews with development professionals, many of whom cited uncertainty and lack of available financing as major roadblocks resulting from the IH requirements. Read more.