The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Tuesday, June 5, 2018
City of Portland Using Bond Money on First Turnkey Project
The City of Portland has agreed to purchase a development on SE 105th Avenue and Burnside using $14.3 million from the affordable housing bond passed in November 2016. The purchase is part of the new "turnkey" pilot program the city began late last year, which allows the city to purchase new developments rather than starting from scratch on a new development project. This is the the third purchase made with affordable housing bond funds, after the Ellington Apartments and the Safari Club, a former strip club on Southeast Powell Boulevard slated for redevelopment. The development on SE 105th and Burnside is 51 units and will open in July. Read more.