Portland voters have passed a $258 million housing bond that will raise property taxes to fund 1,300 units of affordable housing. The bond will go toward alleviating the city’s current shortage of 23,845 affordable units, as determined by the Portland Housing Bureau.
Supporters hailed the passage of the bond as a victory for low-income households. The measure enjoyed rare joint support from housing activist groups like Street Roots and business groups like the Portland Business Alliance.
The bond will raise property taxes 42 cents per $1,000 of assessed value. A home with Portland’s median home value of $394,800 will pay about $190 more in annual property taxes under the measure.