On January 12, Home Forward held a groundbreaking celebration in the Lloyd District for a 12-story affordable housing project on a vacant lot along Grand Avenue between Hassalo and Holladay streets, across the street from the recently completed Hotel Eastlund.
The city’s largest affordable housing development in 50 years will offer 88 studios, 109 one-bedroom units and 43 two-bedroom units. Ground-floor commercial space will include on-site property management and retail shops.
“We are building a new Portland,” said Multnomah County Commissioner Loretta Smith, who spoke at the event. “In the heart of a growing, mixed-use urban center, we are seeing permanent public housing and infrastructure that will create stable, affordable homes. Portland can be a city of inclusion. We can be a place where people of all incomes and backgrounds can find a place to call home inside of our urban core. This project today is taking one big step in that direction.”
The building is planned to maintain below-market rents for nearly a century. All 240 apartments will be affordable. 217 of the units will be available for households at or below 60 percent of Oregon’s median family income – roughly $32,000 per year – and 23 units will be available for households at or below 50 percent of Oregon’s median family income – roughly $27,000 per year. Twenty units will be assigned Section Eight vouchers to assist with rental subsidy for those recovering from domestic violence.
“The housing we build would mean nothing without the people who live in it,” said Shannon Callahan, interim director of the Portland Housing Bureau. “With a 99-year guarantee of affordability, 375 people will soon be living on this plot of land in safety and in security.”
An interior courtyard will be named the Jim Smith Garden to honor the recent chair of Home Forward’s board of commissioners. 126 long-term bike parking spaces will be located in a secure basement bicycle room, and 240 spaces will be located within the units. No vehicular parking is proposed.
Partners in community services include Multnomah County’s Domestic Violence Coordination Office, Gateway Center, Raphael House and the YWCA.
“The affordable housing that will be built here will be big. It will have presence. It will be beautiful and it will affirm that the people who live here belong here,” said Michael Buonocore, executive director of Home Forward. “This is a great neighborhood to live in if you are an entrepreneur, or an architect or a healthcare professional. It’s also a great place for the guy who polishes the floors at the convention center, for the woman who pulls shots at Dutch Brothers or for the kid who checks people in at the Hotel Eastlund across the street. This city and this neighborhood belong to them as much as it belongs to any of us. The 240 apartments being built here will help us make sure that continues to be true.”
The building is slated for completion in October of 2019 and is anticipated to be 100 percent leased by October of 2020.
For more information, call 503-802-8300 or visit www.homeforward.org.