Purchase and Sale Agreement to Acquire Property in Roseway-Cully
The Portland Housing Bureau has entered into a purchase and sale agreement to acquire a Northeast Portland property in the Roseway-Cully neighborhood for development under the Bond. The property has the potential to accommodate as many as 75 new units.
“This is a rapidly gentrifying area where we have had few affordable housing resources available to make a difference,” said Mayor Ted Wheeler. “Acquiring this property is exactly what the Bond was supposed to do—give us a tool to respond where we see families face a growing risk of being priced out.”
Under a community framework adopted by City Council, Bond investments should prevent displacement and provide new housing opportunity, with a focus on communities of color, those experiencing homelessness, immigrant and refugee communities, and other populations disproportionately impacted by the housing emergency.
PHB expects to bring a final acquisition to Portland City Council in June 2018. PHB is seeking proposals to acquire land and existing buildings on an ongoing basis.