Executive summary
- This Ordinance requests City Council approval of financing in an amount up to $30,364,500 consisting of $27,231,500 in Portland Housing Bonds and $3,133,000 in Central Eastside Tax Increment Financing (TIF) funds from fiscal years 2022-25.
- The purpose of the funding is to enable Related Northwest and Centro Cultural to construct 159 new units of affordable housing at 888 SE Alder Street in the Central Eastside/Buckman neighborhood (the Project).
- Approval of the Ordinance will authorize the Interim Director of the Portland Housing Bureau to execute all funding and related documents needed to advance the Project including construction and operation of the development as affordable housing. Given inflation and cost increases, closing expeditiously and adherence to construction timelines are critical; however, the City’s funding will not be increased
Climate implications
- Alder 9 is on track to earn the Earth Advantage Multifamily Gold certification.
- This project will contribute to the City’s goals of reaching 100% of energy needs with renewable energy by 2050.
- All units and spaces will have Energy Star appliances, LED lighting, zoning controls for lighting, upgraded windows, high efficiency boilers, low VOC materials, and low flow plumbing fixtures.
- While all units will have air conditioning, the development team is pursuing a grant to upgrade to high efficiency mini-splits to the top 5 floors.