The Portland Housing Bureau (PHB) has unveiled its fourth location for a major affordable housing complex funded by the city's housing bond. According to Mayor Ted Wheeler's office, the bureau's in the process of acquiring a 16,000-square foot lot on Northeast 58th and Prescott and turning it into a permanent affordable housing complex with up to 75 apartments. Per the bond's requirements, the new building will only rent to families or individuals who are earning no more than 60 percent of the region's median income.

Shannon Callahan, PHB interim director, says this location in Portland's Cully Neighborhood was selected for its vulnerability. "This is a rapidly gentrifying area where families are facing a growing risk of being priced out,” Callahan said.

The land, which would cost the city $500,000, is currently occupied by one single-family home. Here's the bird's eye view:

If Portland City Commissioners vote to purchase this lot next week, it'll be the fourth development bankrolled by the city's first-ever housing bond, which was approved by voters in 2016. Since the vote, PHB has announced plans to build a complex on Southeast Powell (famously replacing a strip club), one on Southeast 66th and Halsey and another built specifically for families transitioning out of homelessness on 105th Ave and East Burnside. If this latest project gets a green light, the city will have created almost 600 housing units for lower income Portlanders.

The $258.4 million bond promised to create 1,300 units of affordable housing by 2023. In a media statement, Mayor Wheeler said the city may meet that deadline before schedule.

"We are making agressive progress," Wheeler said.