Rapid Acquisition RFP
Release date: Tuesday August 27, 2024
Due date: Accepted on a rolling basis from September 9 – October 7, 2024
*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 RFP.
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 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, August 29, 2024.
Watch the info session recording
Overview
View graphic in a larger size.
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:
- Lead with racial equity. Ensure that racial equity considerations guide and are integrated throughout all aspects of program implementation.
- 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.
- Create opportunity throughout the region. Ensure investments are distributed across the region.
- 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, at least 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 Rapid Acquisition Request for Proposals invites proposals from housing development partners with identified acquisition projects (of existing unregulated housing) that can help exceed Portland’s Local Implementation Strategy goals for the Metro Housing Bond and respond in a timely manner to current market conditions.
To be considered projects must be new acquisitions of previously unregulated housing that can close by June 30, 2025. New construction, currently regulated projects, and land-banking proposals are not eligible for award under this solicitation.
Capital Funding
- Up to $15,000,000 in Metro Housing Bond funds for acquisition of previously unregulated housing units.
For full details, view the solicitation
Related
- Learn more about the Metro Housing Bond.
- To receive email updates and information about PHB solicitations, sign up here.
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
*No Form D, E, F, J, or K for this solicitation.
- Form A – Sponsor Cover Page
- Form B – PHB Funding Application
- Form C – Project Overview Narrative
- Form G – Sponsor Statement of Financial Capability
- Form H – Pro Forma
- Form I – Proposed Project Schedule
- Form L – Acquisition & Relocation Questionnaire
Appendices
Download appendices
*No Appendix E or H for this solicitation.
- Appendix A – Portland’s Local Implementation Strategy
- Appendix B – PHB Underwriting Metrics
- Appendix C – Metro Concept Endorsement and Final Approval Required Forms
- Appendix D – Equity in Contracting
- Appendix F – PHB Air Conditioning Requirements
- Appendix G – Metro Community Engagement Requirements and reporting template
- Appendix I - Pro Forma Instruction Guide