<< backHousing Plan Profile: Portland River District, ORPlan title: River District Housing Implementation Strategy (update) [PDF], available on the Portland Development Commission's website.
Issued: April 1999
Overview:
This update report was written by the Portland Development Commission,
with the Bureau of Planning, in response to concerns about changing market conditions and the
perceived dislocation of low-income residents from the area since the
original housing strategy was written in 1994. The plan is part of a
larger urban renewal plan for the area, which also addresses issues
such as development of parks and open space, retail and commercial
activity, and public transit. This update contains the results of a
housing inventory for the area, and offers amended recommendations that
respond to these findings.
Selected Strategies:
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Photo courtesy of McCormack Baron Salazar
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- Allow partial property tax abatements and fee and system development charge waivers when applicable, to promote housing development.
- Property Tax Exemption Program for New Rental Housing—allows a 10-year property tax abatement on the improvement value of eligible multi-family rental developments located within the Central City district or an urban renewal or redevelopment area.
- Charitable, non-profit property tax abatement—qualifying non-profit or City-owned affordable housing developments receive an annually renewable property tax exemption on the value of the land and improvements.
- Multi-Unit Housing Revenue Bond Program—the sale of tax-exempt revenue bonds is used to offer below market-rate financing for construction and/or permanent financing of multi-family rental housing.
- Use of retention and recapture mechanisms to maximize the use of public subsidies for rental and owner housing.
- Recalibrate income categories and housing targets to maintain the current income balance in the area.
Financing Sources Identified:
Background:
Written by the Portland Development Commission and Bureau of Planning.
The lead agency is the Portland Development Commission, other public partners include the Bureau of Housing and Community Development, the River District Housing Implementation Strategy Advisory Group, the Bureau of Planning, Portland Housing Authority, and the Oregon Housing and Community Services Department.
A timeline is identified; the plan establishes actions for a 20-year period. Goals for new development have been established, with progress reported annually. The target population includes housing targets set for five income categories (amended from the previous version of the strategy, which established 3 broad income categories): Households earning 0 to 30 percent of the median family income (MFI); Households earning 31 to 50 percent of the MFI; Households earning 51 to 80 percent of the MFI; Households earning 81 to 120 percent of the MFI; and Households earning more than 120 percent of the MFI.
