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Four Development Teams Invited for Broadway Corridor Affordable Housing Proposals

Portland, ORLocal News

The Portland Housing Bureau (PHB) has taken a significant step towards addressing the affordable housing crisis by inviting four development teams to submit proposals for the Broadway Corridor project. These teams, which successfully qualified in response to PHB's December 2023 Request for Qualifications, will compete for up to $60 million in funding. The financial support includes up to $41. 75 million from Metro Affordable Housing Bonds and additional resources from the River District Tax Increment Financing. The development is set to create 200-250 affordable homes on Parcel 4A, located on the former U.

S. Postal Service site. This project is part of a broader initiative that aims to leverage $100 million in public investment to stimulate $1 billion in private investment. PHB Director Helmi A. Hisserich expressed pride in the strong teams that have emerged from this process, emphasizing the importance of community stability and engagement.

The announcement of the selected proposal is expected in June 2024, with construction slated to commence in early 2026. This initiative exemplifies Portland's commitment to inclusive growth and affordable housing solutions.

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