Metro Affordable Housing Bond

Metro Government leaders have heard growing voices for the need for more affordable housing within the tri-county Metro service area.  In response, late last year Metro convened stakeholders and affordable housing practitioners to participate in planning and structuring for a potential Metro Housing bond.   

Based on this the Metro Council has referred a $652.8 million general obligation bond to Portland-area voters for consideration on the November 2018 ballot.  The proposed bond measure could fund the construction, acquisition and renovation of affordable housing for approximately 7,500 to 12,000 people in the greater Portland region.  The measure defines affordable housing as land and improvements for residential units occupied by low-income households making 80 percent or less of area median income, which in 2018 for a family of four was $65,120.

If approved, the bond is expected to cost the region’s homeowners an average of $5 a month, or 24 cents per $1,000 of assessed property value.

A large emphasis of the bond will be towards advancing racial equity and reaching underserved communities of color; addressing homeless or at-risk households, and preventing further displacement.  The bond will focus on providing deep affordability, larger units for families and multigenerational households, and units for the elderly and those living with disabilities.    

Also on the ballot will be a technical amendment to the Oregon Constitution, allowing housing bonds of this nature to be used with Low Income Housing Tax Credit (LIHTC) equity investment, commercial loans and other private funding sources.  Currently bonds are restricted to government ownership only, such as housing authorities.  If the constitutional amendment passes, the amount of affordable housing produced by the Metro Bond (if approved) and the Portland Housing Bond passed last year will more than double, and non-profits, community development corporations, for-profit developers (many of whom are our clients) will be able to develop and own projects funded by the bond.

More information is available on their website https://www.oregonmetro.gov/public-projects/affordable-housing-bond-information

It’s great to see our local governments step up to find solutions to the affordable housing crisis, so come out to hear more from those involved, have a chance to learn more and ask questions.

 

Speakers

    Alison McIntosh

 Alison recently re-joined Neighborhood Partnerships in May 2016 as the Deputy Director for Policy & Communications. Prior to re-joining NP, Alison spent two plus years as the Government Relations and Communications Liaison at Oregon Housing and Community Services, where she helped to lead the agency's legislative work and served as the Spokeswoman for the agency.

Alison served at NP from 2006 - 2014, and in that role assumed increasing responsibility in advocacy, communications, and policy analysis. She coordinated the work of the Housing Alliance and advised NP's initial work on asset building.

Alison began working for non-profit organizations in 2001 as a community organizer in Minnesota. After moving to Portland in 2003, Alison gained experience in local housing issues as a volunteer and Board member for the Portland-based Community Alliance of Tenants.  In 2010, Alison was selected to pate in Robert Wood Johnson’s Ladder to Leadership fellowship program. She participated in NP's first Advocates College. She holds a BA in Political Science from Macalester College in St. Paul, MN.

 

  Kari Lyons

Kari Lyons is the Director of the Welcome Home Coalition, a coalition of sixty-five organizations committed to ensuring a future where everyone has a safe, stable, affordable home and we take collective responsibility to eliminate the affordable housing gap. The Coalition is the only organization in the Portland tri-county region fully dedicated to continuously seeking new revenue sources for affordable housing and supportive services. In the past three years, the Coalition has brought in approximately $270 million to the City of Portland through its community engagement and policy advocacy efforts. Ms. Lyons has worked in program development, policy advocacy and community organizing for 20 years, with an emphasis in the public health arena. She is a contributing author of Multnomah County's Equity and Empowerment Lens and believes that incorporating community voice, knowledge and wisdom into change processes is vital and necessary to ensure equitable and just change. 

 

 Ross Cornelius

Ross Cornelius is the Client Services Manager with Walsh Construction Company.  Ross joined the WALSH team after 21 years of work in affordable housing and development. He has led the financing and development of new construction and adaptive reuse projects, many with WALSH, including affordable housing, mixed use, historic re-use, commercial, office, industrial and public use. He has extensive experience with public and private funding sources including LIHTC and historic tax credit equity, energy incentives, tax abatements and others. Previously, he worked for the Portland Development Commission in areas of housing development, urban renewal, and project management, as well as serving as the assistant director and division administrator for planning and community development for the Oregon Housing and Community Services Department.

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