Tuesday, July 30, 2019

Oregonian: Developers Hope to Access Clean Energy Funds for Affordable Housing

Today's Oregonian/Oregonlive reports on a New York/DC-based company that intends to raise $150 million to launch investment funds that purchase, rehab and finance construction of affordable housing in Portland. The firm, Centri Capital, plans to buy large, aging apartment complexes where rents are low because of the units’ location or state of disrepair.

According to The Oregonian, the company would rehab the buildings, improve their energy efficiency, then commit to holding rent increases modest for decades while turning profits for investors.

While supporters of the clean energy tax cited energy-saving retrofits as a prime expenditure, "voters were told the money, raised by a 1 percent tax on retail sales by large corporations operating in Portland, would be spent on renewable energy infrastructure, energy efficiency retrofits and green jobs training," according to the paper.

The news story also explores various political ties that include Chloe Eudaly's Chief of Staff, Marshall Runkel. Read more.

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