HBA, Partners Advance Middle Housing Incentives in Portland

Along with our partners at the Portland Metro Chamber, Smart Growth, and PMAR, HBA is leading an effort to expand incentives to builders constructing middle housing projects. See attached our letter of support. The City of Portland has an existing, and mostly underutilized SDC Waiver program at their disposal for builders developing housing at 100% Median Family Income (MFI) for homeownership and 60% MFI for rentals (with a 60-year income restriction). Given the increasing cost of capital and mortgage interests, we are proposing a change in that incentive scheme to up to 120% MFI for homeownership and 80% for rentals (while shortening the income restriction to 15-years). This would incentivize new housing production while encouraging naturally occurring homeownership opportunities in the sub-$450k housing market. We are requesting that council include this provision in their January 10th Council Meeting that will hear a variety of other housing proposals including Commissioner Rubio’s Housing Regulatory Relief Project and reforms to how the city manages its Inclusionary Housing program.