The cost of the newest affordable housing project approved by the Portland City Council is raising questions about other projects to be funded by the $285.4 million affordable housing bond approved by Portland voters in November 2016.
The same questions also apply to the $500 million affordable housing measure being considered by Metro for the November 2018 ballot.
The 240-unit apartment complex to be built at Northeast Grand and Hassalo will cost just under $74 million. Deducting the cost of the ground-floor retail space, that averages to more than $285,000 per unit — $85,000 more than the $200,000 average promised for units to be funded by the affordable housing bond.
Although the city is contributing only $5.6 million in urban renewal funds and the $1.4 million cost of the land to the project, the high per-unit price was an issue during the council deliberations.
Read the whole story at Pamplin Media.