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The City of Portland is planning to use part of the $258M in proceeds from the 2016 housing bond to develop affordable apartments at the site of a former strip club in Southeast Portland. Though detailed plans have not been released, the property will probably include 200 to 300 units.
Though Portland voters approved the bond over a year ago, this is the city's first planned expenditure of some of the funds, the Oregonian reports.
"Projects like this make good on the faith Portlanders placed in us when they approved the historic housing bond," Mayor Ted Wheeler said in a statement to The Oregonian.
The announcement came not long after the mayor ousted former Housing Bureau Director Kurt Creager from that position. Reportedly the two had disagreed over how best to spend the housing bond money.
The city bought the 50K SF site of the former Safari Showclub earlier this year.
The ballot requires that the funding be used to develop 1,300 units of housing affordable to those making less than 60% of area median income. Of that total, 600 units must be affordable to those making 30% less than area median income.
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