The Albina Vision Trust, a nonprofit community development organization, plans to acquire the Paramount Apartments in Portland’s historic Lower Albina neighborhood. The acquisition is being supported administratively by the Portland Housing Bureau, which recently issued a public notice outlining its intent to authorize a request for the release of federal funds from the U.S. Department of Housing and Urban Development (HUD). The project aims to preserve affordability in an area undergoing significant redevelopment.
Slated to take place after May 15, the transaction allows for the Albina Vision Trust (AVT), a nonprofit development group, to acquire the 66-unit building. The project aims to maintain long-term, regulated affordable housing for households earning up to 60% of the Area Median Income (AMI). As part of the acquisition, AVT will also prioritize re-leasing to historically displaced residents, in an endeavour to sustainably manage to preserve the neighborhood's cultural legacy.
The Paramount Apartments is a five-story structure that contains a distinctive architectural facade, indicative of the rich history that envelopes Portland’s Black cultural heritage in Lower Albina. Sharing an expanse with Albina One, another of AVT's affordable housing projects, residents will benefit from a newly designed, communal courtyard meant to bolster a sense of belonging and community.
It has been established that the project will not have a significant environmental impact, thus bypassing the requirement for an Environmental Impact Statement as per the National Environmental Policy Act of 1969 (NEPA). According to the Portland Housing Bureau, the City of Portland has fulfilled all necessary procedural requirements. The City is prepared to formally to accept the jurisdiction of the Federal Courts if an enforcement action regarding the environmental review process is initiated.
Members of the public who wish to comment or disagree with the determination have until May 14, to submit written comments. These can be directed to Anna Shook at [email protected]. In addition, HUD will accept objections to the fund release, if they relate to certain procedural deficiencies or legal oversights as outlined in their notification. Any potential objections should be sent directly to HUD at [email protected], following the specified procedures.
Editor's Note: This article has been updated to reflect the correct party responsible for the acquisition.
