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Portland Community Reinvestment Initiatives is the silver lining that emerged from a housing crisis in Portland鈥檚 inner north and northeast neighborhoods. Years of redlining by financial institutions left families unable to secure conventional mortgages and, as a result, hundreds of properties became vacant and neglected. Property values plummeted and an unscrupulous mortgage firm scammed hundreds of unsuspecting families.
The brokerage firm was convicted of racketeering and fraud, and the nonprofit PCRI was created to acquire endangered homes, help families secure conventional mortgages to buy them back, and retain the other properties as long-term affordable rentals.

While the homes are no longer vacant and neglected, gentrification and displacement continue to force some people into situations of housing instability and affordable rentals are needed now more than ever. PCRI鈥檚 Homeownership Initiative and Resident Programs allow people to move into a continuum of self-sufficiency.

Its Pathway 1000 program, which received Bank of America鈥檚 2018 Innovator Award, has completed construction on 84 homes, 80 of which are rental housing.

鈥淲e currently have 76 units under construction, 70 of which will also be rental housing. Next year our construction will shift focus and we鈥檒l be working primarily on the development of affordable homeownership opportunities,鈥� said Rachel Loftin, senior housing developer.

Among its recent projects, PCRI last November celebrated the grand opening of the Beatrice Morrow Cannady Building, a mixed-use building with ground-floor retail and 80 affordable rental units. Construction is currently underway on the King + Parks Apartments, which will bring 69 more units of affordable housing to the area.

鈥淭his project is being built with funding from the Portland Housing Bureau, which will allow us to bring families back to the neighborhood that have been historically displaced or are currently at risk of displacement due to rising housing costs in the area,鈥� Loftin said.

PCRI, which earned the Governor鈥檚 Livability Award and recognition in the city鈥檚 Build It Green! homes tour, also recently had a change in its executive leadership. After 28 years of building PCRI into what it is today, Maxine Fitzpatrick handed over the executive director reins to Kymberly Horner. Horner comes from Oxnard, California, and has an extensive background in community and economic development.