Affordable Multifamily Development

Source: PDF pp. 338-340 ↗ · raw: 338 · 339 · 340

Breadcrumb: Service Area Summaries > Community & Economic Development > Portland Housing Bureau > Affordable Multifamily Development

City of Portland Fiscal Year 2026-27 Proposed Budget Community & Economic Development > Portland Housing Bureau > Affordable Multifamily Development Affordable Multifamily Development Budget Revenues by Fund 2023-24 Actuals 2024-25 Actuals 2025-26 Revised Budget 2026-27 Proposed External Revenues $0 $56,559,695 $176,406,093 $113,453,666 Affordable Housing $0 $2,630,772 $26,877,441 $804,331 Development Fund Community Development Block $0 $6,342,816 $7,599,415 $4,784,577 Grant Fund Grants Fund $0 $16,917,570 $56,659,600 $41,710,262 HOME Grant Fund $0 $2,067,333 $7,299,994 $3,390,493 Housing Investment $0 $175,092 $180,228 $611,810 Fund Housing Property Fund $0 $20,932 $10,262 $0 Inclusionary Housing $0 $2,298,905 $2,824,670 $2,178,424 Fund PDX Clean Energy Community Benefits $0 $0 $29,262,789 $34,364,414 Fund Tax Increment Financing $0 $26,106,276 $45,691,694 $25,609,355 Reimbursement Fund Internal Revenues $0 $5,206,488 $10,289,321 $89,704,673 Affordable Housing $0 $1,113 $0 $6,515,292 Development Fund General Fund $0 $4,869,690 $1,130,181 $1,157,030 Housing Investment $0 $335,685 $2,921,965 $25,624,186 Fund Housing Property Fund $0 $0 $5,668 $2,944,205 Inclusionary Housing $0 $0 $4,565,187 $24,803,891 Fund Tax Increment Financing $0 $0 $1,666,320 $28,660,069 Reimbursement Fund Grand Total $0 $61,766,184 $186,695,414 $203,158,339 Program Expenses by Major Object 338

City of Portland Fiscal Year 2026-27 Proposed Budget Program expenses only include personnel, internal materials and services, external materials and services, and capital. 2023-24 Actuals 2024-25 Actuals 2025-26 Revised Budget 2026-27 Proposed Capital Outlay $0 $0 $0 $0 External Materials and $0 $101,780,922 $154,927,610 $129,581,512 Services Internal Materials and $0 $846,813 $7,479 $544,093 Services Personnel $0 $2,877,207 $4,247,959 $3,794,995 Grand Total $0 $105,504,943 $159,183,048 $133,920,600 Program Description and Goals The Affordable Multifamily Development Program aims to produce and preserve regulated affordable housing for low-income Portlanders. Led by the multifamily production team, this program reflects all of the Housing Bureau's investments in multifamily affordable housing projects to fund new construction of regulated affordable housing and the preservation/rehabilitation of existing buildings – typically subordinated loans or grants. The multifamily production team also secures additional funding from federal, state, regional, and local agencies, such as HUD, Metro, Multnomah County, and the Portland Clean Energy Community Benefits Fund. Each funding source has unique policies, requirements, and targets that may be audited by funders like HUD. Program Goals: Provide services and funding to ensure the long-term success of multifamily affordable housing with Housing Bureau partners. Leverage City resources to finance the development and preservation of high-quality, long-term rent-regulated housing (up to 99 years) Address homeownership affordability by focusing resources on subsidizing multifamily homeownership development Promote access to economic opportunities for workers in the construction trades and related businesses Promote green building standards and climate action goals through multifamily investments? Services Facilitate funding solicitations; underwrite loans/grants; execute regulatory agreements and restrictive covenants; disburse loan and grant funds; monitor construction activities; implement workforce, green building and wage requirements; acquire/hold/convey land for housing development; own and manage housing projects Equity Impacts The Multifamily Affordable Housing Production team supports the Housing Bureau mission of addressing the housing needs of the people of Portland through building and preserving quality, affordable housing; and supporting programs that help low-income Portlanders find, rent, buy, retain, and repair their homes. The program also ensures access for Portlanders, including communities of color, to participate in the economic opportunities that quality housing investments create. For this program, Housing Bureau tracks development partners' efforts to provide contracting opportunities to disadvantaged, minority, women, and emerging small business, and service-disabled veterans (DMWESB-SDV). The Bureau also monitors compliance with federal and local low-income workforce utilization goals and wage requirements for projects prevailed under BOLI 339

City of Portland Fiscal Year 2026-27 Proposed Budget or Davis Bacon. Data of resident demographics is also collected for projects receiving development funding from Portland's Housing Bond program.? Changes to Program Changes due to external factors: Financial restructures and stabilization needs for projects in PHB portfolio Changes in resources: Reduction in Housing Bond, TIF, and federal sources? 340

Parent: Portland Housing Bureau · PDF: pp. 338-340 ↗