Downturn inspires city

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From the private efforts of the to the publiclh funded PortlandDevelopment Commission, the city’a affordable housing community is setting higherd goals as the economy squeezesa more out of home “(There are too) few opportunities in today’s especially when you’re talking abouft a home large enough for a family,” said Jesswe Beason, executive director of Portland Community Land “They don’t fit in a one-bedroo condo for $130,000 to $140,000.” Between 1990 and 2008, median familgy income in Portland increased 82 percent from $37,10o0 to $67,500, according to the Portlandf Development Commission.
The median home priced jumped more than 250 percent inthat time, puttingb affordable housing out of reacu of more Oregonians. The median home price is now upfrom $79,700 in 1990. The reportsw that there are 29 homes available for ever 100extremely low-income families in Oregon. That translates to a need for aboutr 150,000 units for low- and very low-income Falling home values and rising inventorg could be beneficial to affordablehousing developers, who just a few yearz ago depended on luck and donorsa for land. “It’s easied to get land for sure,” said John executive director of Home Ownership a Street at aTime (HOST) Development Inc.
The organization hasn’g taken advantage of the markett yet. Steve Messinetti, executive director of , which recentlgy merged with a separate affiliatre inMount Hood, also said market conditions are bette r for banking land. Statewide, Habitat’s 34 affiliates have constructede750 homes, which are sold at cost to low-incomwe buyers. It wants to hit 1,000 home by 2010. “There’d a hurricane every day and a tsunami ever day in our citiesw in terms of people struggling with poverty and affordable Messinetti said. also is developinyg affordable housing.
Charged with promoting home ownershiopamong low-income and minority the agency is issuing more mortgages, providing down payment assistance and, new this a mortgage credit that turns mortgage interest into a tax crediyt and reduces the cost to borrow The program began in June and already has approved sevehn applications. The agency wrote 41 mortgages for the year that just up from 14 theprevious year. Portlandd Community Land Trust, which sells houses but not the land theysit on, is lookingh at the down market as an opportunity to buy land. It’s also launched its first condominiumk project, which should be done in early 2009.
The company’s approach takes $75,000 to $100,000p off the price of a home by insulating buyers from soaringland values. Buyers benefit from the lower price and a break onpropertyy taxes. HOST is working on Helensview, a 52-home sustainablr subdivision inNortheast Portland. Ten of the 18 units in constructiojn in the first phase have sold for prices rangingfrom $180,0000 to $220,000. The nonprofit wantd clients to build wealth throughhome appreciation, Mille r said. It recently sold its 350th home and serves familied earning 70 percent to 100 percentof Portland’ median income.
It keeps costs down with a program that waives system development chargesfor low-income housing, whicuh shaves about $12,000 off the purchase It focuses on neighborhoodsw that qualify for property tax abatements.