Portland Housing Bureau approves $42M, 230-unit apartment project for Broadway Corridor
A rendering of a 14-story affordable housing project planned for Broadway Corridor.
ARCHITECTURE
By Christopher Bjorke – Digital Producer/Associate Editor, Portland Business Journal Aug 9, 2024 Updated Aug 12, 2024 10:28am PDT
The Portland Housing Bureau has awarded more than $40 million for the construction of 230 units of affordable housing at the long-vacant Broadway Corridor.
The Housing Bureau announced Thursday that it will provide up to $37.5 million in Metro Affordable Housing Bond money and $4.5 million in tax increment financing to Home Forward and the Urban League of Portland to build the 14-story mixeduse building.
The project will be the first for the 34-acre corridor, overseen by Prosper Portland, bordering the Pearl District and Old Town. Redevelopment of the property has been a high priority but slow-moving process for years.
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"We are proud to support this transformative development, which will root the new Broadway Corridor neighborhood in a commitment to service and support for lowincome Portlanders for decades to come," Housing Bureau Director Helmi A. Hisserich said in a news release about the funding award.
The project will house more than 400 income-qualified residents. It will also include wrap-around supportive housing services, an affordable early-learning center and a workforce development center, according to the news release.
Planners expect to break ground on the project in summer 2026 and have it complete two years later.
"I am convinced the Broadway Corridor will be a major catalyst to improve this historically underserved neighborhood," Urban League of Portland President and CEO Nkenge Harmon Johnson said in the announcement. "And I am pleased the City of Portland recognizes Urban League’s ability to transform lives through our unique blend of wraparound services and advocacy while improving our community, block by block, from the ground up."