In a
@wweek article today, it is reported that the city's affordable housing portfolio is quickly falling into insolvency. Mayor Wilson stated: “The risk we face is not distant or hypothetical. Barring swift action, major housing assets may cease operations in as little as six months.”
We have reported on issues facing affordable housing properties for over 2 years. Residents are reporting that the properties often taken over by drug traffickers and squatters, and often report significant damages caused by other residents in the middle of drug and mental illness crises. The residences are often very dangerous places to live.
In the last year, the city has agreed to give over $16 million in funds to 11 affordable housing properties for PSI (Property Stabilization Investments). Many of these properties are under the Central City Concern portfolio, an organization that already receives $160 million per year in funding.
This announcement comes at the heals of Portland's public housing authority's, Home Forward, CEO resigned after it was found she had used over $100k of agency-funded money in order to travel.
Below is a list of affordable housing properties and what they are receiving in fund over the next year.
Portland's affordable housing portfolio all follows Housing First guidelines. Many cities, including San Francisco, are moving away from Housing First because it continues to not only fail the people it is supposed to help, but it also is incredibly costly for cities like Portland, which are quickly falling into economic crisis themselves.