The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Friday, November 2, 2018
Fewer Inclusionary Housing Units Likely to Get Built than City Predicted
The DJC published an article today that looks at how many Inclusionary Housing units are actually likely to be built in Portland. Since February 2017, 8,758 units have entered the city's permitting pipeline, but it is unlikely that all of these units will actually get built. Two projects by Urban Asset Advisors should receive building permits soon, and may be the first market rate projects built with inclusionary units. But a provision introduced by former city Commissioner Steve Novick allows developers to count bedrooms rather than units when calculating the affordability requirement. At the 39-unit Multnomah Station apartments, one three bedroom unit will be affordable at 60% AMI, satisfying the inclusionary housing requirement. Urban Asset Advisors President Tim O'Brien said he believes the slowdown in multifamily construction will result in another housing shortage in about two years. Read more.