Most of the financial tools and subsidies we have to support housing development are only available for housing that is affordable to households with incomes at or below 60% of area median income (AMI). Most of these tools are competitive, which means that each proposed housing development is competing for the funds against other housing developments. The financial demand regularly exceeds the available funds. Additionally, there are few tools available to construct housing for moderate-income households that earn between 60% AMI and 80% AMI—yet those households have difficulty finding housing within their budget.
The 1059 Willamette property is unique in that we had an opportunity to use a resource specific to this location – Downtown Urban Renewal funds. The proposed mixed-income housing project is an innovative use of local resources to create housing for people earning incomes at a level that makes it difficult to find housing that is affordable. This project is not using the limited federal and state resources that are available to lower-income housing, which will allow those resources to fund other housing projects in our community.
See Question 7. What are the tools available to support lower-income Affordable Housing? for information on Affordable Housing tools. See Question 8. Is the City doing anything else to create Affordable Housing? to learn more about how the City supports development for households with incomes less than 60% AMI.