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Portland considers affordable housing tax breaks

The city of Portland is considering offering developers up to $50 million in tax breaks to include affordable housing in their multifamily properties.

The tax breaks are targeted at the flood of projects that were submitted to the city’s Bureau of Development Services ahead of the Feb. 1 effective date for inclusionary housing rules. Projects submitted before that date do not have to include affordably priced apartments.

This accumulation of projects submitted under the city’s old rules means it could be two to three years before Portland sees any meaningful affordable housing supply.

City officials estimate there are 19,000 housing units vested according to the old rules. If those projects had been submitted after the inclusionary housing deadline, they could theoretically yield 3,000 to 4,000 affordable units.

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