The Portland Housing Bureau (PHB) and Vital Housing have taken a collaborative step to maintain affordable housing in Southeast Portland, with a significant $6 million investment earmarked to keep the Belmont Dairy Apartments and Lofts within financial reach for residents. In a strategy funded by the City's Construction Excise Tax revenue, this move is set to ensure that the affordability of 67 units at Belmont Dairy will be preserved for a near-century duration of 99 years. For full details on the project, interested parties can visit the Portland Housing Bureau's announcement.
The investment will benefit a wide spectrum of the local populace, specifically those earning up to 60% of the Area Median Income, which presently stands at $63,720 for a three-person household. The Belmont Dairy complex, spreading over two city blocks, includes options ranging from studios to two-bedroom apartments. Applauding the endeavor, Senator Ron Wyden highlighted how "Affordable housing plus energy efficiency equals a winning equation for southeast Portland," recognizing the dual impact on housing access and environmental responsibility.
Amid the looming potentiality of Belmont Dairy's affordable status expiring next year, Vital Housing, with support from AOF Pacific, has steadfastly ensured the property's transition from a potential market-rate fate to a beacon of long-term affordable housing. This commitment has been emphasized by Vital Housing Founder and Managing Partner, Robert Sheppard, who clarified that "The long-term preservation and decarbonization of Belmont Dairy is a testament to our commitment to delivering lasting social impact for the communities we serve," as stated in the Portland Housing Bureau press release.
Vital Housing's comprehensive plan for Belmont Dairy involves a shift toward green energy, showcasing the implementation of heat pumps, solar panels, and LED lighting. These improvements aim not just to cut down on carbon emissions, but also to assert the property's energy independence, demonstrating a blueprint for future sustainable housing efforts elsewhere. As Sadie McKeown, President of CPC, noted, "This milestone exemplifies our unwavering commitment to addressing the housing crisis while breaking down the financial barriers to energy efficiency," confirming CPC Climate Capital's role in backstopping the project's funding.
