City Council to Vote on Extending Housing State of Emergency by 18 Months

City Council to Vote on Extending Housing State of Emergency by 18 Months

Portland’s Housing State of Emergency, declared in October 2015 and extended for an additional year in 2016, could be extended by another 18 months. Mayor Wheeler is submitting an ordinance to city council for consideration prior to the October 6th expiration date. The ordinance includes the following provisions:

  • The Housing State of Emergency will be extended by 18 months, until April 4, 2019, unless the City Council chooses to extend or terminate it
  • Affordable housing projects will be subject to Type IIX rather than Type III design review
  • The Portland Housing Bureau and Joint Office of Homeless Services will decide what criteria must be met to end the Housing State of Emergency within 180 days
The mayor’s push for this extension is a result of a continued housing shortage in Portland. Rents have continued to rise at a rate of 7% per year, and while the vacancy rate has been increasing it is still under 5% in most of the city. Many of the largest rent increases have been in East Portland, and rents for 1-, 2-, and 3- bedroom units have increased in every neighborhood in the city. Read more.
HFO Investment Real Estate specializes in multifamily brokerage sales and advisory services for commercial real estate investors and apartment owners throughout Oregon and Washington. Build your legacy at http://www.hfore.com