The Portland Housing Bureau (PHB) is bracing to unleash a new wave of funding aimed at tackling the city's housing shortage head-on. Come the final week of April, PHB's "Last Gap Round 2" funding initiative is set to roll out, providing a fresh opportunity for developers with shovels nearly in the ground to bring more affordable housing online.
In a recent announcement, the PHB revealed plans to release the Spring 2024 Metro Bond Opportunity Solicitation, dubbed "M-BOS Last Gap Round 2," which seeks to quickly funnel capital into projects that are prepared to either break ground or snap up existing structures for transformation. This critical move is designed to help fast-track the creation of housing that's affordable to those whose wallets are stretched thinnest. According to a news release on the PHB's website, this initiative is all about finding partners "with affordable multifamily projects in predevelopment or identified acquisition projects that will deliver new affordable units."
This includes cash from the robust Metro Housing Bond, the Multnomah County General Fund, and the Portland Clean Energy Fund, as well as support from the City/County Joint Office of Homeless Services. This diverse financial backing aims to ensure the hammer comes down on projects ready to address the stark needs of the community, especially those teetering on the edge of homelessness or already engulfed by its harsh realities.
Of course, the gravy train only stops for those with their act together. To get a slice of the funding pie, developers must have their funding ducks in a row, ensuring that other capital and operating sources have been awarded or reserved, and be ready to swiftly act upon construction or acquisition within the year. It's a call to arms, or rather, a call to hammers and hard hats, for partners who can demonstrate they're ready, willing, and able to add more homes to Portland's inventory—especially those reserved for residents at 30% of the Area Median Income or earmarked for Permanent Supportive Housing.
The city's leadership is clearly set on a course to meet—and hopes to exceed—the targets outlined in Portland’s Metro Housing Bond's Local Implementation Strategy. The "Last Gap Round 2" isn't just a stopgap—it's a strategically laid stone in the foundation of Portland's future, one where affordable housing isn't a scarce gem but a basic right accessible to all. Indeed, the intent is clear: from April 29, it's time to build, both in literal structures and in the spirit of community resilience.
