The City of Portland now has another figure to attach to the $258.4 million housing bond City Council will almost certainly put before voters this November: 1,300.
That's the approximate number of affordable housing units those millions would hope to create or preserve over the eight years the Portland Housing Bureau expects money from the bond, according to a memo [PDF] sent to council yesterday by Housing Director Kurt Creager.
The money would be used to purchase land and buildings, rehab existing housing, and construct new projects, Creager writes. The PHB estimates it would result in housing for 2,900 people.
Nearly half of the units the city hopes to create or preserve are for ultra-low-income Portlanders. Creager says the housing bureau will aim to make 600 of the 1,300 units affordable to people making 30 percent of the city's median family income or less. For a family of four, that's a maximum of $22,000 per year.
The remaining units would be affordable to people making at most 60 percent of the MFI— $43,980 for a family of four.
The memo, made public today, is the first estimate PHB has offered on its plans to spend bond money, should voters approve the measure in November. To put the 1,300 units into context, Portland is currently short roughly 24,000 affordable units, according to the city, and will require thousands more than that as more people move here.
Also new to the bond proposal: A cap of 7 percent on the costs of administrating the bond.
Portland City Council will consider a resolution to refer the measure to voters on Thursday afternoon. If enacted, it's expected to cost the average homeowner roughly $75 per year in additional property taxes.
Here's the complete lists of "program goals, outputs, and outcomes" from Creager's memo.
•Acquire and preserve or produce at least 1,300 affordable dwelling units against a current need of 23,845 units;
•100% of the beneficiaries will be low income (at or below 60% of the MFI) including seniors, veterans, families and people with disabilities (or combinations thereof);
•Goal to serve 600 of the households at or below 30% of the MFI (less than $22,000 for a family of four);
•Goal to serve 50% of the households whom are in need of family-sized (2 & 3 Bedroom)dwellings;
•Approximately 2,900 Portlanders would reside in the 1,300 bond-financed dwellings;
•Estimate that 50,000-58,000 Portlanders will benefit from 1,300 new or preserved dwellings over a sixty (60) year period;
•Affordable means rent restricted by designated household size and income level for the dwelling unit;
•City bond proceeds will enable existing market rate but affordable housing to be preserved,improved and stabilized for public benefit;
•Net cash flow (after operating expenses and depreciation) if any, will be dedicated for routine maintenance to ensure financial sustainability over the economic life of the properties;
•Ancillary community and resident support (wrap around) services will be proffered through contracts with community based organizations; and
•Some properties may have community rooms, neighborhood commercial or social service services accommodated on site to ensure resident health, safety and general welfare.