Portland Housing Bureau to Preserve Nearly 500 Affordable Homes with 23M in Funding Awards

The Portland Housing Bureau (PHB) awarded $23 million to seven projects, preserving 484 affordable housing units across eight sites. This funding will facilitate capital improvements that extend the buildings' lifetimes, increase energy efficiency, and address tenant safety concerns. Among the projects, health and life safety repairs will be prioritized, along with modernization efforts to enhance residents' livability. Four projects will incorporate renewable energy improvements, thanks to the Portland Clean Energy Community Benefits Fund (PCEF). The initiative aligns with the City of Portland’s Climate Investment Plan, which targets carbon reduction and protection for vulnerable communities.

The preservation effort will establish regulated affordability periods of 60 years or more for the units. PHB oversees over 17,000 affordable housing units, highlighting the significance of reinvestment in maintaining safe housing. The awarded projects will not only preserve housing but also support community resilience in the face of the climate crisis.