Portland-area voters on Tuesday approved a $652.8 million bond measure to build thousands of homes affordable for low-income residents.
Measure 26-199, referred to the ballot this year by the Metro regional government, was ahead 58 percent to 42 percent as of 9 p.m. It held a majority in each of the three metro-area counties in partial returns, though the margin in Clackamas County was less than one percentage point.
Metro said the bond would build as many as 3,900 homes affordable to households that make 80 percent or less of the region’s median income for their family size.
Property owners in the tri-county Portland area would pay the bond back through higher property taxes over the next 30 years. Property taxes would rise 24 cents per $1,000 in assessed value, Metro says, or $60 a year for a home with an assessed value of $250,000. (Although the region’s average home market value is far higher than $250,000, the average home’s assessed value was $231,000 last year.)