The Portland Housing Bureau (PHB) has released a Metro Bond Opportunity Solicitation to provide up to $80.5 million in capital funding from the Metro Regional Housing Bond and Tax Increment Financing from the Central Eastside Urban Renewal Area for development teams to create 525-575 new affordable housing units across the city.
Proposals are due by 3:00pm (PDT) on Friday, July 2, 2021.
The Metro Bond Opportunity Solicitation (M-BOS) invites proposals from private and non-profit development partners to help meet and exceed the affordable housing goals established under the City of Portland’s Local Implementation Strategy. In addition to Metro Regional Housing Bond funds, the M-BOS offers additional sources of capital funds from the Portland Housing Bureau, two development sites, incentives from Metro, rent support from Home Forward, and services from the City/County Joint Office of Homeless Services (JOHS) for Supportive Housing units.
Eligible projects shall advance the production targets of Portland’s Local Implementation Strategy (LIS) under Metro’s Affordable Housing Bond, particularly for Supportive Housing, Family Sized units, and 30% Area Median Income (AMI) affordability goals. PHB will use a racial equity lens at the forefront when assessing opportunities for new affordable housing. Projects funded by Portland’s Housing Bond are not eligible to apply.
Selected projects will be given a funding commitment by the fall of 2021. Final awards will be subject to Metro approval.
M-BOS issued: April 30, 2021
Mandatory Developer Information Session:
May 12, 2021
3:00 pm - 5:00 pm
Register for the Zoom meeting here
Proposals Due: July 2, 2021 by 3:00PM