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Cost Of Portland's Newest Affordable Housing Units Questioned

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.

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