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City Council Approves Funds for 176 New Affordable Homes in South Waterfront

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Project is the Third Portland Project Approved Under Metro Housing Bond

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Today, City Council approved funding for 176 new units of affordable housing in the South Waterfront, focused on serving families and veterans. The project is the second phase of affordable housing development on a site known as RiverPlace Parcel 3. It will be adjacent to the phase one development, the Vera Apartments, completed in 2019.

The site is located across from the Portland Streetcar, and in close proximity to the MAX and Tilikum Crossing, in the amenity rich South Portland neighborhood. Of the 176 planned affordable homes, 17 will have rents restricted for extremely low income residents and 48 will be family-sized, including 18 three-bedroom units. Twenty of the units will provide Supportive Housing for veterans experiencing or at risk of homelessness. Through a partnership with Impact NW, the project will also provide on-site resident services to all residents, as well as early childhood development, youth programming, and parenting support.

“Everyone deserves to have a safe and affordable place they can call home,” Mayor Ted Wheeler said. “This new project advances Portland’s work to create affordable housing options for all Portlanders in our highest opportunity areas. This project provides a new opportunity for low-income households to live and thrive in a neighborhood close to job opportunities, transportation, and downtown core.”

The project is also one of three Portland projects recently approved for funding from Metro’s Housing Bond. Portland was allocated $211 million from the 2018 Metro Bond to create 1,415 units of affordable housing. The new South Waterfront development leverages $1.7 million in Metro Bond funds. Earlier this month, $1.9 million in Metro bonds went toward Findley Commons, another transit-oriented development planned for SE Powell Blvd that will also provide 35 units of Supportive Housing for veterans experiencing or at risk of homelessness.

Together with Dekum Court, a project being developed by Home Forward in the Kenton neighborhood with $22 million from Metro, the three projects combined will create 371 new units—or 25% of Portland’s goal under the Metro Bond.

“I congratulate the Portland Housing Bureau on the RiverPlace project. 176 individuals and families will soon have access to safe public transit and waterfront recreation. Veterans will have special priority in 20 of the apartments, and resident services by Impact NW will support tenant success. Metro is thrilled to be partnering with and supporting this project,” said Metro Councilor Sam Chase.

In addition to the Metro Bond goals, the new South Waterfront project furthers a number of Portland’s affordable housing production goals. Within the North Macadam Urban Renewal Area, it will bring the total affordable housing units to 626, exceeding the original goal of 582 established by the City in 1999, with funds remaining in the district for at least one additional project. It also contributes 20 units toward the City’s Supportive Housing goal.

“We’re pleased to be able to continue adding more affordable housing designed to meet the diverse needs of Portlanders,” said Portland Housing Bureau Director Shannon Callahan. “We’re especially glad to be providing a valuable community asset with on-site early childhood programming and a mix of two- and three-bedroom units that will allow more children and families to benefit from the amenity-rich area of the South Waterfront for years to come.”

Construction on the RiverPlace Parcel 3 development is expected to begin next month.

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