City of Portland directs $5.5 million toward affordable housing
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Last week, the Portland City Council adopted this year's budget which includes $5 million of its "one-time money" for affordable housing. Additionally, the Council designated $500,000 for the Transitions-to-Housing program, an emergency rent assistance program, as an on going budget item. Since creating Affordable Housing NOW! three years ago, this brings the total new investment in the City's Housing Investment Fund to $14 million!
In other Portland affordable housing news, Mayor Potter and Commissioner Sten sent a memo to the Portland Development Commission reinforcing the firm deadlines for PDC to report to Council about the establishment of an affordable housing set aside for urban renewal areas. If created, this set aside could direct as much as 30% of urban renewal funds toward the development, preservation and rehabilitation of housing that is affordable to households with incomes below 80% of the median in the City.
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