New Housing Bond Development Planned for Cully Neighborhood
NE Prescott in the Cully Neighborhood
FOR IMMEDIATE RELEASE
The acquisition of a NE Portland property for development adds at least 50 new homes to a pipeline that now tops 560 Bond-funded housing units.
July 12, 2018 – The Cully neighborhood will be the site of a new Housing Bond development, the Portland Housing Bureau (PHB) announced today. PHB is acquiring a 19,000-square foot property at 5827 NE Prescott to build at least 50 new units of affordable housing with funds from Portland’s Housing Bond.
The property is the fourth Bond project announced in the last 18 months, totaling more than 560 units of permanently affordable housing planned or purchased to date under the Bond.
“This opportunity to bring new housing to a critically important and underserved area is another strong step forward toward our Bond goals,” said Mayor Ted Wheeler. “My pledge to the public is to deliver the 1,300 units promised under the Bond by 2023. With the 50 new units planned for this site, plus hundreds more under active negotiation, we are making aggressive progress to meet our commitment well ahead of schedule.”
The property’s location in one of the city’s most diverse neighborhoods follows criteria for Bond expenditures established in a community framework adopted by City Council. Under the framework, the Bond should serve to prevent displacement and provide new housing opportunities, with a focus on communities of color, those experiencing homelessness, immigrant and refugee communities, and other populations disproportionately impacted by the housing emergency.
“This is a rapidly gentrifying area where families are facing a growing risk of being priced out,” said Portland Housing Bureau interim director Shannon Callahan. “Acquiring this property with the Bond allows us to create a permanent foothold of affordability in this neighborhood and stable housing for as many as 200 people.”
PHB will bring a final acquisition to Portland City Council for approval on July 18th at 10:35 am, and design work for the site is expected to begin next summer. For more information, visit www.portlandhousingbond.com