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The city of Portland has accepted $9.75 million from Multnomah County and authorized an intergovernmental agreement (IGA) between the county and the Portland Housing Bureau for development and acquisition of affordable housing.

The ordinance, passed Wednesday by the Portland City Council, appropriates the funding into the housing bureau鈥檚 budget for the 2023-24 fiscal year.

Both affordable housing and market-rate housing developers have informed the housing bureau, according to the ordinance, that many multifamily projects are on hold with funding gaps due to cost increases and/or interest rate increases. The has also reported a drop in building permit submittals, the city states.

To assist projects in the pipeline, the housing bureau this year launched the Metro Bond Opportunity Solicitation to help close funding gaps for projects with affordable housing. In addition to Multnomah County鈥檚 $9.75 million, the program dedicates $10 million in Metro bond funds plus approximately $9.08 million in Metro interest earnings for permanent supportive housing. The money will help increase the scale and speed of the housing bureau鈥檚 housing development and acquisition, the city states.

As of the third quarter of 2023, the housing bureau is on track to produce more than 1,500 newly regulated affordable housing units in 21 projects throughout the city, Jill Chen, housing investments and portfolio preservation manager for the bureau, stated during Wednesday鈥檚 meeting. Many are already open or are set to open soon. Many units will be for families.

鈥淭he purpose of the IGA with the county is to build on this work, creating new affordable housing as quickly as possible within reasonable cost and unleash the city鈥檚 development pipeline,鈥� Chen said.

The county funds and Metro bond money will go toward three affordable housing projects: 73Foster, PCC Southeast, and Gooseberry Trails. Construction of each one is set to start next year.