A cluster of 50 new townhomes will offer affordable homeownership opportunities for 190 people who have been displaced or are at risk of displacement in the University Park neighborhood of North Portland.

Portland City Council on Wednesday authorized a land transfer of a three-acre property to Habitat for Humanity Portland Region for construction of the True North project. The Portland Housing Bureau issued a Notice of Funding Availability and subsequently chose True North in 2022. The total project cost estimate is $29.1 million, according to the bureau’s website.

Previously known as Carey Boulevard, the property is adjacent to 6631 N. Syracuse St. The site was formerly the home of the Belmont Goats and then a Safe Rest Village until last year.

OnPoint Community Credit Union will offer affordable 30-year fixed-rate loans and Proud Ground will provide permanent affordability and lower purchase prices through the Community Land Trust model.

Councilor Mitch Green said the project is an example of the impact of land banking.

“The result of that is we were able to build a number of … family-sized units at a cost that pencils out for these families,” he said.

MWA Architects designed the project for Habitat for Humanity, which is serving as both the developer and general contractor.

True North will include 20 two-bedroom units, 19 three-bedroom units, and 11 four-bedroom units.

Homes will be regulated to maintain affordability for 60 years. At initial sales, 25 units will be for households earning up to 60 percent of median family income (MFI) and the other 25 for those earning up to 80 percent of MFI. After initial sales, all 50 units will be for people earning up to 80 percent of MFI.

All units will be subject to the city’s North/Northeast Preference Policy, in which preference is given to applicants who are current or former residents of North or Northeast Portland or who have been displaced or are at risk of displacement from the area.

“Right now, with Portland being in a housing crisis, we need more pathways,” Councilor Candace Avalos said, “not just into housing but into stable affordable homeownership for Oregon families.”

Five common areas will be developed with playgrounds, community gardens, picnic or gathering areas, as well as three access points to the Peninsula Crossing Trail. The homes will also have energy efficiency features and be Earth Advantage Net-Zero Energy Ready certified.

The Portland Housing Bureau plans to close on financing with partners on May 28, said Kara Hamilton, housing portfolio finance coordinator for the bureau. Habitat for Humanity plans to begin site development shortly thereafter.

Construction is scheduled to start in June and finish in 2029. Home sales will begin in 2028.

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