Metro Bond Opportunity Solicitation
Release date: Friday, August 25, 2023
Due date: Monday, September 25, 2023, at 3:00 pm (PDT)
*All proposals must be received by the date and time proposals are due to be considered. PHB reserves the right to change any dates to serve the goals of the M-BOS.
Apply
How to download application zip file:
1. Follow the link.
2. Click the "Download Entire Folder” button to download to your computer. Avoid "Save to my files" as that will ask for a login.
To view individual forms and appendices included in the application package, scroll down to the bottom section on this page.
Mandatory Developer Information Session
Thank you to all who attended!
Watch the recording of the M-BOS Info Session
Development teams wishing to be considered through this M-BOS must have had at least one team member attend.
If you do not see your organization on the list, but did register and attend the Mandatory Information Session, please contact PHB.
Overview
In November 2018, voters in Washington, Clackamas and Multnomah Counties approved Measure 26-199, the Metro Affordable Housing Bond (“Metro Bond”), the first ever regional bond for affordable housing. The measure authorizes Metro to issue up to $652.8 million in general obligation bonds for the development or acquisition of affordable housing.
Within the city limits of Portland, $211 million in Metro Bond funds have been made available to create 1,475 units of affordable housing. Of this total, the City will make funding commitments to create at least 737 family-sized units (two or more bedrooms), and 605 deeply affordable units for households with incomes at or below 30% AMI to serve people who earn low wages, live on fixed incomes, have experienced homelessness and/or have other special needs. The City will also create 300 Supportive Housing units for households experiencing chronic homelessness. The City has already made substantial progress on its Metro Bond goals, and this solicitation seeks proposals to help further its progress.
This Metro Bond Opportunity Solicitation (“M-BOS Last Gap”) PHB invites proposals from housing development partners with affordable multifamily projects in predevelopment that can help meet the City’s Local Implementation Strategy goals for Portland’s share of the Metro Housing Bond, in particular the 30% AMI restricted units and Permanent Supportive Housing unit goals.
The M-BOS Last Gap will offer capital funds from the Metro Affordable Housing Bonds, Multnomah County General Funds and Portland Clean Energy Fund (PCEF), rent support from Home Forward, and Supportive Housing services funding from the City/County Joint Office of Homeless Services (JOHS). To be considered, projects must be able to demonstrate “readiness-to-proceed" including permit submissions, general contractor bids, and committed financing such as awarded Private Activity Bonds.
Capital Funding |Up to $28,838,000
- Up to $10,000,000 in Metro Housing Bond funds for capital expenses for new construction of previously unregulated housing units.
- Up to $9,088,000 in Metro Housing Bond funds for capital expenses for new construction of previously unregulated, permanent supportive housing (PSH) only.
- Up to $9,750,000 in Multnomah County general funds for capital costs and acquisition costs for new units of regulated affordable housing, no program delivery fees are associated with this funding.
- Eligible Costs under the Portland Clean Energy Fund (PCEF) program with PHB for up to 10% of total hard construction costs.
Rent Support and Service Funding
- Up to 50 Project Based Section 8 payment (PBS8) vouchers from Home Forward.
- Up to $10,000 per unit per year from the JOHS, directly or through partnerships with Multnomah County departments, to fund support services for projects with Supportive Housing (SH) units designed to serve people with serious disabling conditions, extremely low-incomes, and who have experienced long-term homelessness, with a focus on outreach to groups most in need of services, including but not limited to Black, Indigenous, and People of Color (BIPOC), LGBTQIA+ households, families in reunification process, and/or families of multiple generations. JOHS may supplement such amounts at its sole discretion.
For full details, view the solicitation
Related
- Learn more about the Metro Housing Bond.
- To receive email updates and additional information about PHB funding, sign up here.
M-BOS Application Package
Includes the solicitation and all of the following materials, including forms and appendices. Follow the link to download as a zip file. Avoid "Save to my files" as that will ask for a login.
Forms
Download forms or select from the list
*No Form D or F for this solicitation.
Appendices
Download appendices or select from the list
*No Appendix C for this solicitation.