Portland’s growth and attractiveness since rising out of the recession has largely been a blessing, but also a big challenge for the livability and affordability of our fair city. With diminishing new home and apartment construction, and large in-migration, this has made for some of the highest rising rents and home values of any market in the country. Now we are playing a dire game of catch-up in trying to provide affordable housing for our growing population, especially as wages have not kept up with housing costs.
At the center of this effort is the Portland Housing Bureau, who with substantial financial commitments from the county and the city, and $260 million in a recently passed affordable housing bond, is energetically trying to facilitate the construction of both new units and conversion/preservation of existing housing units. PHB, though, did not have the manpower, understanding of the market and process to acquire sites or units for this much-needed mission.
Todd and Cascade Commercial approached their real estate people with his ability and experience to find and secure sites for PHB in one of the most competitive development markets in the country. This has resulted in PHB finding and purchasing two sites totaling over $6 million in their targeted areas that could eventually accommodate over 400 units of affordable housing.
PHB is working with Todd on multiple projects and properties that will continue to help in their efforts to alleviate the affordable housing crisis in Portland.