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Portland Opening Affordable Housing Development in South Waterfront District

Portland Housing Bureau
A new apartment building will soon be home to many low-income Portland residents. The new six-story building in the South Waterfront District houses 209 rental units of which 42 will be for low-income veterans and the remaining units for people whose incomes are between 50 and 60 percent of median family income.

The new low-income housing is a $50 million project sponsored by the Portland Housing Bureau and REACH Community Development, a non-profit organization. Rents will be $480 to $775 with federal subsidies available to veterans who have been homeless within the past two years.

The goal of Portland's Housing Bureau is to provide a total of 5,000 affordable housing units throughout Portland. The new 209 housing apartment building, called Gray's Landing, is the first in Portland's South Waterfront District.

The low-income housing project is funded by the city's tax increment funds, tax-exempt bonds and tax credit equity. The Portland Housing Bureau supports the housing needs of Portland residents by building and renovating affordable housing and supporting programs that help low-income residents find affordable housing and even repair their homes.

For more information, visit http://www.portlandonline.com/phb/index.cfm?c=30142

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