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The Portland Housing Bureau on Wednesday opened the application process for developers interested in receiving subsidies for projects with affordable housing.

The bureau each year offers a competitive 鈥�Opportunity Fund鈥� to encourage projects that 鈥減rovide a minimum of 60 years of housing affordable to low-income working families in areas with access to great schools, transportation and fresh food; countering displacement in gentrifying neighborhoods,鈥� according to information from the PHB.

A total of $1 million is available from the city’s general fund, which means development can be anywhere in Portland. Developers awarded money can use it in conjunction with other dollars, though the majority of the city money must be spent on construction or rehabilitation of buildings, development costs directly related to construction or rehab, land acquisition or financing for a building acquisition.

The PHB will begin reviewing applications on Dec. 15 and continue to do so as they are submitted until all dollars are awarded or March 31, 2015 鈥� whichever comes first. The first awards will likely be announced during the week of Jan. 12, 2015.

Project eligibility will be dependent upon several criteria being met. These include containing costs, leveraging the current building boom by 鈥渂uying into鈥� existing apartments with unrestricted rents, developing in neighborhoods with mixed-income levels, preventing displacement in at-risk neighborhoods, developing housing suitable for families and prioritizing veterans and other groups vulnerable to homelessness.

The complete notice of funding availability is available at: . Questions about the Opportunity Fund can be directed to the solicitation coordinator, Javier Mena, at 503-823-1524 or by email at [email protected].