The Portland Housing Bureau is moving forward in its quest to develop affordable housing within the city’s high-profile Broadway Corridor project. In an announcement, the bureau disclosed that four development teams have cleared the initial hurdle by responding to its invite from late last year. They are now in the running to take on the development of Parcel 4A, a prime piece of the former Portland U.S. Postal Service site that's ripe for affordable housing benefits, according to a report by the Portland Housing Bureau.
All four applicants were deemed fit to proceed by a panel of industry experts, and will soon have a crack at the official Request for Proposals, expected to hit their inboxes in early April 2024. The contenders managed to impress across several metrics, such as aligning with the Broadway Corridor Master Plan and understanding the intricacies of site development, the Housing Bureau's equity goals, as well as boasting a respectable track record in leveraging additional funding resources for past projects, the bureau specified.
The competitive edge doesn't stop there; the selected developer will have the envious task of injecting life into a growing area backed by notable investment figures. The Portland Housing Bureau is putting substantial financial support on the table, up to $41.75 million from the Metro Affordable Housing Bond, as much as $4.5 million in River District Tax Increment Financing, along with a helping hand of up to 10% of hard construction costs courtesy of the Bureau of Planning and Sustainability's Portland Clean Energy Fund.
Nestled in an area expected to attract nearly $1 billion in private investment, amplified by $100 million in public investment including a recent $6 million state allocation, the development site sits snugly within the Master Plan area's larger vision. Details of this forward march were released in a statement from the Portland Housing Bureau dated April 1st, 2024. With the clock ticking towards an anticipated RFP release, the public awaits to see which team will ultimately spearhead this ambitious housing venture.
