Portland mayor plans additional $66 million for affordable housi - KPTV - FOX 12

Portland mayor plans additional $66 million for affordable housing projects

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Saying the city is in a housing crisis, Portland Mayor Charlie Hales announced plans for an additional $66.7 million to be directed to affordable housing projects.

The mayor's proposal would be in addition to more than $202 million already in place for projects in five urban renewal districts over the next five years.

Those areas of the city – Gateway, Interstate, Lents, North Macadam and the River District – have frozen land values, with all subsequent increases in value funneled into specific projects for the district.

Under the proposal, 45 percent of that money, known as tax increment financing, would go toward affordable housing projects. It is currently 30 percent.

Hales and Commissioner Dan Saltzman said 45 percent will still "maintain the city's commitment to neighborhoods, keeping intact substantial non-housing projects," according to a release from the mayor's office.

The city council will have a hearing on the proposed changes Oct. 28.

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