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Details released on proposed affordable housing bond

The $258.4 million Portland affordable housing bond proposed by Commissioner Dan Saltzman would build or preserve 1,300 units — at an average cost of $198,769 per unit.

Those are the figures included in a memo released by Salesman’s office Tuesday. The City Council is expected to consider and place the measure on the Nov. 8 general election ballot on Thursday.

The proposed bond measure is only the latest city response to the affordable housing crisis that has arguably become the number one issue in the city in recent months. The council has already prioritized hundreds of millions of dollars for more affordable housing.

Saltzman is in charge of the Portland Housing Bureau, which would spend the bond money. According to a memo released Tuesday by PHB Director Kurt Creager, “It is estimated that the typical single family homeowner would pay $75 a year, if the bonding authority were approved, at an expected rate of $.4208 per thousand of assessed value.”

The memo also says, that all of the units acquired or built with bond proceeds would be affordable to households under 60 percent of the federally-determined Median Family Income (MFI), which is currently $43,980 for a family of four. Of the 1300 proposed total units, 600 would be targeted to people with incomes below 30 percent of the MFI which is $22,000 for a family of four or $15,400 for a single person.

In addition, the memo says, PHB is planning on 50 percent of the new dwellings to be family-sized, consisting of a mix of two and three bedroom units not usually found in the private market.

You can read the memo at www.portlandoregon.gov/saltzman/article/582101.

You can read a previous Portland Tribune story on the housing issue at pamplinmedia.com/pt/9-news/312877-190544-new-poll-numbers-help-city-rethink-roots-of-homelessness.