FOR IMMEDIATE RELEASE:
June 11, 2025
CONTACT:
Gabriel Mathews (PHB) – (503) 865-6867; gabriel.mathews@portlandoregon…
(PORTLAND, ORE.) – The Portland Housing Bureau (PHB) is facilitating the acquisition of three existing, formerly market-rate apartment buildings for conversion to affordable housing, taking advantage of current market conditions to bring new affordable homes online more quickly and cost-effectively than new development. In total, these acquisitions will bring 226 new affordable homes online by the end of the summer. The buildings to be acquired are the Goose Hollow Lofts, the Paramount Apartments, and the Acqua Apartments.
The three projects were selected via PHB’s Fall 2024 Rapid Acquisition Request for Proposals. The Goose Hollow Lofts was awarded Metro Affordable Housing Bond funding; the Paramount and Acqua Apartments acquisitions are funded with Tax Increment Financing (TIF) dollars. The Metro Bond is now funding 2,154 affordable homes in Portland, 146% of the original target.
“Safe, secure, and affordable housing is the end goal for all Portlanders who pass through our City’s shelter and outreach systems,” said Mayor Keith Wilson. “The addition of 226 affordable homes on an expedited timeline is a huge win for Portland, and I thank the Housing Bureau for their leadership in the critical effort to keep our neighbors housed.”
Most units at the three projects will be restricted at 50% of area median income (AMI) to offer deeper affordability. With current vacancies and minimal improvements needed for conversion, vacant units will begin leasing to income-qualified tenants shortly after acquisition. As occupied units turn over, each new resident must meet the income requirements. Existing residents will have the option to continue living at the properties or receive relocation assistance.
“When market conditions are right, acquisition of existing buildings can be a critical tool in our affordable housing belt, allowing us to bring new affordable homes to the community with the urgency the moment demands,” said PHB Director Helmi A. Hisserich. “We are grateful to our partners for working alongside us on this innovative new acquisition strategy in support of the City’s affordable housing goals.”
These acquisitions follow PHB’s award of Metro Bond funds to Home Forward for the acquisition of the Cesar Apartments in December 2024, which will create 47 new units of Permanent Supportive Housing (PSH) after renovations are completed this fall.
Learn more about the three acquisition projects below:
PHB Funds: $6,000,000 (Metro Bond)
Total Development Cost (Acquisition, Minor Renovations, and Soft Costs): $14,347,040
Affordable Homes: 61
Owner/Operator: Home Forward
Additional Partners: Pinehurst Property Management, Property Manager; Cornerstone Community Housing, Service Provider
Council District 4
Address: 1450 SW Jefferson St.
Acquisition Date: May 2025
Home Forward has acquired the 61-unit, six-story Goose Hollow Lofts. The project was built in 2018 as a market-rate property with studios, one- and two-bedroom units. Following conversion, all units will be income-restricted at 50% of AMI (equivalent to $49,650 for a two-person household in 2025). Ground floor amenities will include property management and resident services offices staffed by Home Forward, a resident lounge, and secure bike parking. Residents will be served by TriMet bus lines, Streetcar, and MAX light rail just outside their doors, Safeway and Lincoln High School are both within half a mile, with Washington Park and cultural resources like Providence Park and the Portland Art Museum within easy walking distance. Read Home Forward's press release.
PHB Funds: $5,469,000 (ICURA TIF, Inclusionary Housing fees)
Total Development Cost (Acquisition, Minor Renovations, and Soft Costs): $13,430,000
Affordable Homes: 65 (66 total units)
Owner/Operator: Albina Vision Trust
Additional Partners: 1803 Fund, Investor; Quantum Residential, Property Manager; Portland Opportunities Industrialization Center + Rosemary Anderson High School (POIC + RAHS), Service Provider
Council District 2
Address: 253 N Broadway
Acquisition Date: August 2025
Through a catalytic investment from 1803 Fund, Albina Vision Trust (AVT) will purchase the Paramount Apartments, preserving one of the last remaining affordable residential buildings in Lower Albina and maintaining the historic and cultural legacy of Portland’s Black community. This 1923 building, a mix of 66 studios and one-bedrooms, is located next door to AVT’s inaugural affordable housing development, Albina One. Residents at the Paramount will share Albina One’s courtyard and resident services from POIC + RAHS and will also benefit from great transit access. Fifty-four units will be income restricted at 50% AMI (equivalent to $49,650 for a two-person household in 2025), and 11 will be income restricted at 60% AMI (equivalent to $59,580 for a two-person household in 2025). AVT will target lower rent limits in the units, ranging from 44 to 52% AMI, in order to make these units even more affordable for new tenants. On turnover, all units will be subject to PHB’s N/NE Preference Policy, prioritizing applicants with generational ties to the area.
PHB Funds: $14,500,000 (North Macadam TIF)
Total Development Cost (Acquisition, Minor Renovations, and Soft Costs): $23,490,792
Affordable Homes: 100
Owner/Operator: College Housing Northwest
Council District 4
Address: 2615 S Water Ave.
Acquisition Date: Summer 2025
College Housing Northwest (CHNW) is purchasing the Acqua Apartments, a 100-unit South Waterfront building completed in 2020 that underwent foreclosure in 2024. CHNW’s acquisition preserves the building’s residential use and will result in 100 newly regulated affordable homes, a mix of studio through 3-bedroom units. The project will be targeted to serve housing-insecure post-secondary students and their families with services by CHNW. The property was selected for its proximity to educational institutions including the Oregon Health & Science University and Portland State University, as well as nearby transit and neighborhood amenities. A portion of the units will be prioritized for nursing students to address Oregon’s healthcare worker shortage. Building amenities include 27 parking spaces, a fitness center, a rooftop terrace, and a community room/study space. All 100 units will be income restricted at 50% AMI (equivalent to $59,580 for a two-person household in 2025). CHNW will target lower rents (30% AMI) in some units with rent assistance from the Oregon Department of Human Services and Multnomah County’s Homeless Services Department.
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About the Portland Housing Bureau
Guided by a vision that all Portlanders should have equitable access to affordable housing and to the opportunities that a safe, stable home can deliver, the Portland Housing Bureau leads housing policy for the City of Portland and administrates programs to produce affordable rental housing, expand homeownership and stabilize homeowners, and regulate and assist tenants and landlords in the rental housing market. The Portland Housing Bureau is one of several bureaus and programs in the Community and Economic Development service area. This service area aligns City programs focused on building prosperity for all Portlanders. We aim to create and deliver efficient, transparent, and equitable solutions for a resilient built environment – as well as services, resources, and experiences for our community.