June Newsletter: Bond projects reach major milestones

June 2022 Newsletter

Dear Fellow Portlanders,

Lately, I find myself reflecting on hope. I believe that for hope to exist, we must be able to see a pathway to change—we must be willing to innovate and be determined to create better results that serve our most vulnerable. We know that the lack of affordable housing is one of the greatest crises we face as a city. We see the crisis of chronic homelessness on our streets and increasingly—especially with record inflation hitting every household—more and more Portlanders are stretched to the limit to remain housed.

Thanks to the voters and those paying property taxes in Portland, the successful 2016 Housing Bond is producing results beyond the original promise. In fact, the housing progress we’ve made in the first months of 2022 should give us all reason to hope!

In February, three new projects were awarded funding from Portland’s Housing Bond, bringing the total number of permanently affordable homes created through the city’s first housing bond to 1,859 units across 15 developments. Thanks to efficient management from the Portland Housing Bureau and their partners, this represents 559 (or 43%) more units than voters were promised in 2016. These will provide homes to roughly 3,800 Portlanders. The Bond is also set to exceed all its goals across the board, including the numbers of deeply affordable units, Permanent Supportive Housing units, and family-sized units. This was a strong start to what promises to be a landmark year for the Portland Bond.

Going forward, the Crescent Court Apartments began welcoming residents this month, becoming the first of 10 new Bond projects under construction to open its doors. Five more developments are set to open this year, and another three are on track to open in 2023.

The homes we are producing with the Bond over the next two years will continue to house thousands more Portlanders at rates they can afford for decades to come. This progress just goes to show when we come together as a community to forge a pathway for change, there is always cause for hope.

Sincerely,