Portland’s Housing Bureau is responsible for ensuring that the City’s portfolio of about 280 multifamily affordable housing projects serves the intended population, is maintained in good condition, and remains financially viable over time. To do this Housing Bureau staff monitor all properties annually.
In a 2014 audit of the Housing Bureau’s loan programs we found there was a significant backlog of annual reviews, and payments were inconsistent. Since that time, Portland passed an affordable housing bond and added a requirement that certain new apartment developments include affordable units. As new units from those initiatives are developed, the Housing Bureau’s annual monitoring will be critical to ensure the intended benefits are achieved.
Given the increasing importance of the annual monitoring, we followed up to see if Housing Bureau had implemented the improvements identified in the 2014 audit. It had. We found updated policies, consistent verification of tenant eligibility, and routine loan payments, indicating an increased focus on ensuring Portland’s housing investments are protected. While we also noted some continuing challenges, we believe those can be addressed by paying attention to annual monitoring requirements when projects are approved.