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The Portland Housing Bureau has up to $1 million available for developers to tackle affordable housing efforts.

The bureau on Tuesday announced the availability of money to cover costs associated with construction or rehabilitation, land acquisition or other forms of site control. The money may also be used as partial financing to purchase multifamily housing for the purpose of restricting rents that previously were market rate.

鈥淥ne of the benefits of the Opportunity Fund,鈥� PHB spokeswoman Martha Calhoon said, 鈥渋s that it offers more flexibility than the way we typically put out money, and allows us to move more quickly on opportunities outside of our regular funding cycle and outside of urban renewal boundaries.鈥�

The bureau is 鈥渆ncouraging the speedy deployment鈥� of dollars, and hoping to have recipients chosen by March 31.

PHB officials identified six priorities that potential developers should try to integrate into projects, stating that those that meet more would be considered stronger applicants. Those priorities include implementing low-cost strategies, leveraging the current multifamily building boom by buying into existing apartments with unrestricted rents, pursuing projects that include mixed-income and mixed-use, preventing displacement in at-risk neighborhoods, creating family-size housing and creating housing for veterans and other vulnerable populations.

The PHB intends to begin awarding money as applications are received and evaluated, and will do so until March 31, or until the dollars are gone.

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