The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Monday, April 8, 2019
Portland's Inclusionary Zoning Policy Isn't Producing Enough Units, Housing Bureau Working on Changes
The Daily Journal of Commerce reports that the city has received permit applications for 66 projects that would include 422 affordable units to Portland since inclusionary zoning went into effect in 2017. But city officials believe a total of 23,000 units affordable to low- and moderate-income residents are needed. Tim O'Brien of Urban Asset Advisors says he was able to make his projects work by counting bedrooms rather than units, but he was only able to get financing from local investors willing to agree to an ROI of 5.2%. In response to the program's less-than-optimal results, the Housing Bureau is working to draft changes to the policy, including writing separate rules for apartments and condos. Read more.