Homeless & Housing Committee - 2026-02-24
Meeting Intelligence Preview
Meeting Summary
The Portland Homelessness and Housing Committee received a progress report on the social housing study mandated by Resolution 37703, which passed unanimously in April 2025. Staff reported on research into alternative financing models, limited equity cooperatives, and community land trusts, with consultant teams CSG Advisors and Edlen & Co. beginning work this month. Panelists from Home Forward, Albina Vision Trust, and Proud Ground highlighted acquisition opportunities in the current market, with examples including Home Forward's purchase of Goose Hollow Apartments at $183,000/unit and Albina Vision Trust's acquisition of a 66-unit building at $166,000/unit using city rapid acquisition funds.
Key Decisions (1)
January Committee Minutes Approved
The committee approved the January 2025 meeting minutes without objection.
Development Activity (4)
Goose Hollow Apartments Acquisition
61-unit acquisition (mostly studios and one-bedrooms), purchased at $183,000 per unit, rents being bought down to 50% AMI ($44,000 for single person, $50,000 for couple)
Lower Albina Multifamily Acquisition
66-unit naturally occurring affordable housing building acquired fall 2024 at $166,000/door with $82,000/unit from city rapid acquisition RFP; units to serve 50-60% AMI tenants with existing tenants allowed to stay regardless of income
Cathedral Park Cohousing
23 units total; 11 units for 80% AMI or below; 5 units with preference for households with intellectual/developmental disabilities; includes PSEF grant and state LIFT funding
Mount Tabor Annex Site
Former school building acquired from Parks Bureau for future affordable housing development; building demolished due to asbestos, lead paint, and failed boiler system; RFP forthcoming
Market Signals (5)
Housing Demand
Current market conditions present rare acquisition opportunities with buildings available at less than half the cost of new construction, as private capital retreats from Portland.
Housing Demand
From 2010 to 2023, median rent in Portland increased 43% while median renter income increased only 20%, creating severe affordability gaps.
Sentiment
Panelists emphasized that Portland's 8% non-market housing stock compared to Vienna's nearly 50% represents a structural disadvantage requiring long-term policy commitment.
Infrastructure
Multnomah County's proposed budget will result in loss of approximately 700 shelter beds through wholesale closures of multiple shelter programs due to SHS funding decreases.
Commercial Demand
Cooperative housing ecosystem in Portland is described as vibrant and growing, with existing infrastructure including the Pacific Northwest's largest community land trust (Proud Ground) with 602 ownership units.