Metro Increases Proposed Bond to Build Affordable Housing to $652 Million

That’s up from the $516 million the agency floated last month.

(Rosie Struve)
By Elise Herron

Metro today increased the amount of funds they're proposing to seek from voters for affordable housing to $652.8 million, a more than 25 percent increase.

The figure Metro released last month, as part of its initial framework for a ballot initiative, was $516 million.

Related: Metro Proposes a $516 Million Bond to Build Affordable Housing.

Metro's new bond proposal would cost Portland-area homeowners an average of $60 per year and would create roughly 3,900 new units to house around 12,000 people, according to Metro documents.

That's significantly more than the $258 million housing bond Portland voters approved in 2016, but it will be spread across more jurisdictions.

Multnomah County, under the proposal, is expected to receive 45 percent of the bond proceeds (or or just under $294 million).

Should the bond pass, a maximum of 10 percent of the units would be for families and individuals making 60 to 80 percent of the median family income and 1,600 of the homes would be reserved for households making 30 percent of the median family income.

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