PORTLAND, OR, December 6, 2017---The Portland City Council has approved funding for a new South Waterfront development, known as RiverPlace Parcel 3, that will bring 201 affordable apartments to Southwest Portland’s RiverPlace neighborhood.The property is being developed by BRIDGE Housing, a leading nonprofit developer, owner and manager of affordable housing.
The 13-story building will offer 201 affordable apartments, including 90 for very low-income households at 0-30% of Area Median Income (currently up to $17,940 a year for a family of two), thanks to a commitment of 80 rent-assistance vouchers from Home Forward. Of the 90 deeply affordable units, 10 will serve veterans under the Veteran Affairs Supportive Housing (VASH) program, and 20 will provide permanent supportive housing in partnership with Multnomah County and the Joint office of Homeless Services. Another 111 apartments will be affordable for households up to 60% of the Area Median Income (or $35,880 a year for a family of two). Two additional units will be designated for managers, for a total of 203 apartments in all.
The project comes as the result of a joint effort between the Portland Housing Bureau and Prosper Portland to develop an 88,000-square foot parcel owned by Prosper Portland on the corner of SW River Parkway and Moody Avenue. BRIDGE was selected to develop the site in 2016.
The approval today of up to $21.7 million in North Macadam Urban Renewal Area funds will allow construction to begin in January.
“This is an exciting opportunity to realize another shovel-ready development that gives more families the chance to live and work in a great area with strong transit connections,” said Mayor Ted Wheeler. "RiverPlace Parcel 3 furthers our commitment to providing affordable housing and supportive services for our most vulnerable neighbors, and building vibrant, diverse neighborhoods for all Portlanders.”
“We’re proud to be part of a transformative development that will enhance the neighborhood and change people’s lives,” said Cynthia Parker, President and CEO of BRIDGE Housing.
For more information about BRIDGE, visit bridgehousing.com.
# # #