hollywoodHUB | 120' | 12 floors | U/C

[maccoinnich]

Portland City Council approves $33M for affordable housing project



Portland City Council Wednesday morning approved $33 million from the Portland Housing Bond and American Rescue Plan funds to finance a 12-story, 224-unit affordable housing project in Northeast Portland.

Nonprofit affordable housing developer Bridge Housing is behind the project at 4160 N.E. Halsey St., along with Hacienda Community Development Corp. and equity investor KeyBank. Together, the three entered into a ground lease with TriMet for the site dubbed Hollywood Hub that will offer 43 studios, 53 one-bedroom units, 95 two-bedroom units and 33 three-bedroom units.

More than 70 of the units will be affordable for families at 30% of the area median income (AMI), more than 150 will be affordable for families at 60% AMI while 55 units will be supported by project-based Section 8 vouchers. The project will also include two manager's units.

...continues at the Portland Business Journal ($).