PHB's Metro Bond + TIF Opportunity Solicitation (M-BOS) for Affordable Housing Projects

News Article

The Portland Housing Bureau (PHB) has released a Metro Bond + TIF Opportunity Solicitation to provide up to $39.8 million in capital funding from the Metro Regional Housing Bond and Tax Increment Financing from the Interstate Corridor Urban Renewal Area (ICURA) for affordable housing development.

Published

September 19, 2022 3:33 pm

The Portland Housing Bureau (PHB) has released a Metro Bond + TIF Opportunity Solicitation to provide up to $39.8 million in capital funding from the Metro Regional Housing Bond and Tax Increment Financing from the Interstate Corridor Urban Renewal Area (ICURA) for development teams to create 220-280 new affordable housing units across the city. Proposals are due by 3:00 pm (PDT) on Friday, November 4, 2022.

Map of Portland showing the 15 current Metro Bond projects and their statuses, as well as the four sites released in this solicitation, and one land banked site. Sidebar reads: "$211 million allocated to Portland. 1,475 unit goal. 3,000+ Portlanders housed. 1,297 units open or in development. 35 units opened 2021. 307 units opening '22/'23. 955 units expected in '24/'25. 629 family-sized units. 288 Permanent Supportive Housing units. 497 deeply affordable units. — Map of Portland showing the 15 current Metro Bond projects and their statuses, as well as the four sites released in this solicitation (in red), and one land banked site. Sidebar reads: "$211 million allocated to Portland. 1,475 unit goal.

The  Metro Bond + TIF 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 and N/NE Neighborhood Housing Strategy for four development sites: two owned by PHB, one by Kaiser Permanente and one by Metro. The M-BOS offers capital funds from Metro Regional Housing Bonds, Interstate Corridor URA TIF, rent support from Home Forward, and Supportive Housing services funding from the City/County Joint Office of Homeless Services (JOHS). No funding will be available in this M-BOS for any other affordable housing developments controlled by sponsors.

Eligible projects shall advance the production targets of Portland’s Local Implementation Strategy (LIS) under Metro’s Affordable Housing Bond and the ICURA Maximizing Indebtedness goals set by City Council. In aggregate, the units and homes produced from the developments and sites released in this M-BOS are expected to meet or exceed Portland’s unit production goal of 1,475 units, with significant progress made in the family sized, 30% AMI restricted, and Supportive Housing unit sub-goals.

Selected projects will be given a funding commitment by the January 2023. Final awards will be subject to Metro approval.

The M-BOS and all associated information can be found online at: portland.gov/PHB/MBOS2022

View the full solicitation