Portland, OR — In a major push to address the city’s housing crisis, Metro, Home Forward, and the Portland Housing Authority have announced the purchase of three apartment buildings to convert them into affordable housing units.
The properties — Goose Hollow Lofts, Paramount Apartments in North Portland, and Acqua Apartments south of downtown — will bring 226 units into the affordable housing pool. The city spent over $25 million to acquire the market-rate buildings after soliciting proposals last year.
Some existing tenants will be offered financial incentives to vacate, making space for low-income residents. The Goose Hollow Lofts acquisition is being funded with $6 million from the voter-approved Metro Affordable Housing Bond, while the other two are supported by Tax Increment Financing.
“More affordable housing is critical,” said Gabriel Mathews, public information officer for the Portland Housing Bureau. “We are in the midst of a deep housing crisis and we are behind by many thousands of units.”
Most of the converted units will be reserved for tenants making 50% or less of the area’s median income—about $50,000 for a two-person household. Some units will be available by the end of summer.
Current tenants will be allowed to stay under existing leases or apply for affordable rent if eligible. They are also being offered up to $6,300 to vacate voluntarily, with options extended through November 2026.
Local residents have voiced mixed reactions. Joshua, a homeless man outside the Paramount Apartments, said, “It would be really nice to be able to shower when I want… and have a place where I can lock my door and feel safe.”
Another resident, Aaron, said, “I just hope it doesn’t change the dynamic of the building that already exists.”
“I support affordable housing. Everybody should have a chance to have a home,” said Constance Fowler, who recently moved into the Acqua Apartments.
Rachel, a neighbor to Goose Hollow Lofts and a housing voucher recipient, echoed the sentiment: “It’s been a lifesaver for me.”
City officials hope the conversion project will serve as a step toward alleviating Portland’s severe housing and homelessness crisis.
