December 5, 2012
This morning City Council unanimously approved an investment of $6.13 million to preserve affordable homes in the Park Tower and Lexington Arms buildings in downtown Portland.
The Park and Lexington buildings are home to more than 216 low-income older adults and people with disabilities. But the buildings were at risk of losing the federal subsidies that keep rents low.
Preserving and rehabilitating the buildings now will keep $40 million in federal subsidies right here in our community–for the people who need it most.
The Portland Housing Bureau’s investment of $3.5 million in Tax Increment Financing, and $2.63 million in federal Community Development Block Grant funds leveraged $34 million in additional public and private investment to keep these buildings affordable.
Special thanks to our partners, including the Schnitzer Family, the Oregon Jewish Community Foundation, Cedar Sinai, the Network for Oregon Affordable Housing, and the U.S. Department of Housing & Urban Development.
The Oregonian Editorial Board