Prosper Portland: Disciplined property management needed to achieve future revenue goals, equitable outcomes

Report
A photograph of vehicles approaching the Union Station train station in downtown Portland, Oregon.
Prosper Portland is at a crossroads, transitioning both where its resources come from and who benefits from its work . Real estate will be a major part of that transition.
Published

On the resources side, Prosper Portland anticipated that revenue from real estate would increase from a minor source (about $2 million a year) to the agency’s largest source of funding at $16 .2 million in 2031.

On the benefits side, Prosper Portland has acknowledged a legacy of gentrification and displacement and committed to alleviating disparities by becoming an agency that prioritizes building an equitable economy.

We reviewed Prosper Portland’s real estate management in 2016 to determine if practices aligned with strategic goals and how staff oversaw the day-to-day management of third-party operators.

We found that Prosper Portland was not yet positioned to make its transition. Staff did not:

  • create financial and strategic goals for each property and for the portfolio as a whole
  • document equity considerations
  • perform risk assessments
  • adequately monitor third-party operated properties

To transition successfully, Prosper Portland must improve real estate management.

View our audit report and recommendations

View the audit highlights

Contact

Elizabeth Pape

Performance Auditor II

Tenzin Gonta

Performance Auditor III

Minh Dan Vuong

Principal Performance Auditor