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Metro Bond Solicitation (M-BOS Last Gap Round 2) – Spring 2024

Bids and Proposals
The M-BOS invites proposals from housing development partners with affordable multifamily projects in predevelopment and identified acquisition projects that can help meet Portland’s goals for the Metro Housing Bond, in particular for 30% AMI and Supportive Housing units.
A banner image reading "Portland Housing Bureau's 2024 Metro Bond Opportunity - April 30, 2024." Features the Portland Housing Bond logo, over a background image of an apartment building.

Metro Bond Opportunity Solicitation

Release date:  Tuesday, April 30, 2024

Due date:  Tuesday, May 14, 2024, at 3:00 pm (PST)

*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.


Download application package

Screenshot with arrow to select "Download Entire Folder" to download the application package.

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 a list of all the forms and appendices included in the application package, scroll down to the bottom section on this page.

Developer Information Session

An optional developer information session was held on Thursday, May 2nd, 2024, at 2:30 PM – 3:30 PM (PST). Meeting materials can be downloaded here.



Map of Portland showing the locations and statuses of all 24 Metro Housing Bond projects and thelandbanked Broadway Corridor site in Portland. Includes sidebar with metrics.

In November 2018, Metro area voters in Washington, Clackamas and Multnomah Counties approved Measure 26-199, the first ever regional bond for affordable housing. The Measure authorized Metro to issue up to $652.8 million in general obligation bonds for the development or acquisition of affordable housing. Leading up to the vote, Metro conducted a series of public engagement activities. From those emerged the regional investment strategy for the Metro Housing Bond (Metro Bond).

The Metro Bond’s goal is to create at least 3,900 new affordable homes across the region, of which:

  • At least 1,600 will be affordable to households making 30% of area medical income (AMI) or below; and
  • At least 1,950 will be sized for families, with 2 or more bedrooms; and 
  • No more than 10 percent will be provided for households making 61-80% of area median income.

The Portland Housing Bureau (PHB) is the lead bureau for the City of Portland (City) responsible for Metro Bond implementation. PHB’s work is guided by the four principles from conversations with key stakeholders who participated in a six-month public process prior to the referral of the Measure:

  1. Lead with racial equity. Ensure that racial equity considerations guide and are integrated throughout all aspects of program implementation.
  2. Create opportunity for those in need. Create housing opportunities for priority communities facing housing insecurity, including but not limited to Black, Indigenous and Communities of Color, families, people living with disabilities, seniors, Veterans, and households experiencing or at risk of homelessness.
  3. Create opportunity throughout the region. Ensure investments are distributed across the region.
  4. Ensure long-term benefits and good use of public dollars. Provide for community oversight to ensure transparency and accountability in program activities and outcomes.

Using a formula based on assessed (real property) value, the City’s share of the Metro Bond is approximately 38 percent, or $211 million, to create a least 1,475 units of affordable housing within the City. Of this total, 605 units will be for households with incomes at 30% AMI, 737 will be family-sized units, and 300 units will be for supportive housing.

This Metro Bond Opportunity Solicitation (“M-BOS Last Gap Round 2”) invites proposals from housing development partners with affordable multifamily projects in predevelopment or identified acquisition projects (of existing unregulated housing) that can help meet Portland’s Local Implementation Strategy goals for the Metro Housing Bond, in particular the 30% AMI restricted unit and Permanent Supportive Housing unit goals.

The M-BOS Last Gap Round 2 offers capital funds from the Metro Affordable Housing Bond, Multnomah County General Funds, and Portland Clean Energy Fund (PCEF), Supportive Housing Services funding from the City/County Joint Office of Homeless Services (JOHS), and Project Based Section 8 vouchers from Home Forward. 

To be considered, affordable rental projects must include 30% AMI units and/or Supportive Housing units and demonstrate readiness to proceed to construction or acquisition by the end of 2024. Affordable homeownership projects, land-banking proposals, and projects already in construction are not eligible for award under this solicitation.

Capital Funding | Up to $20,000,000 (excluding PCEF)

  • Up to $8,268,967 in Metro Housing Bond funds for new construction or acquisition/rehabilitation of previously unregulated housing units.
  • Up to $6,805,660 in Metro Housing Bond funds for capital expenses for new construction of previously unregulated, permanent supportive housing (PSH) only.
  • Up to $4,925,373 in Multnomah County general funds for new construction or acquisition/rehabilitation of previously unregulated 30% AMI or Supportive Housing units.
  • 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 $15,000 per unit per year in Supportive Housing Services funds from the Joint Office of Homeless Services (JOHS).
  • Up to 25 Project Based Section 8 payment (PBS8) vouchers from Home Forward. Regional long-term rent assistance (RLRA) vouchers from JOHS may also be available for Supportive Housing units upon request after projects are identified.

For full details, view the solicitation


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.

Download application package


Download forms
*No Form D or F for this solicitation.

  • Form A – Sponsor Cover Page
  • Form B – PHB Funding Application
  • Form C – Project Overview Narrative
  • Form E – Supportive Housing Services Plan Narrative
  • Form G – Sponsor Statement of Financial Capability
  • Form H – Pro Forma
  • Form I – Proposed Project Schedule
  • Form J – Readiness to Proceed Checklist
  • Form K – PCEF Eligible Costs Application
  • Form L – Acquisition & Relocation Questionnaire


Download appendices
*No Appendix C or K for this solicitation.

  • Appendix A – Portland’s Local Implementation Strategy
  • Appendix B – PHB Underwriting Metrics
  • Appendix D – PHB Equity in Contracting, Section 3 and Apprentice & Workforce Diversity Program Requirements
  • Appendix E – PHB Affordable Housing Green Building Policy
  • Appendix F – PHB Air Conditioning Requirements
  • Appendix G – Metro Community Engagement Requirements and reporting template
  • Appendix H – PSH Services: Definitions, Guidelines, Delivery Structure, Eligible Activities
  • Appendix I - Pro Forma Instruction Guide
  • Appendix J – PCEF Funds Grant Agreement
  • Appendix L – Low Barrier Screening Guidelines for Supportive Housing Units


Lindsay Brown (PHB)

Solicitation Coordinator