**Portland Housing Bureau Converts Market-Rate Apartments into Affordable Housing**
The Portland Housing Bureau (PHB) is taking a major step to address the city’s housing affordability crisis by acquiring three existing apartment properties and converting them into affordable housing. The conversion will create a total of 226 income-restricted units across the city.
The properties involved in this initiative are the Goose Hollow Lofts, Paramount Apartments, and Acqua Apartments. Goose Hollow Lofts will be funded through the Metro Affordable Housing Bond, while the acquisition of Paramount and Acqua Apartments will be supported by Tax Increment Financing.
Most of the units will be designated for households earning no more than 50% of the area median income (AMI). Leasing for vacant units is expected to begin soon after the acquisition process is complete. Current residents of the acquired buildings will be offered the choice to remain or receive relocation assistance.
“These 226 homes are a major step forward in our fight to keep Portlanders housed,” said Mayor Keith Wilson, emphasizing the city’s ongoing commitment to affordable housing.
This latest acquisition builds on PHB’s broader strategy to combat housing insecurity. In December 2024, the bureau acquired the Cesar Apartments, which is expected to deliver 47 new Permanent Supportive Housing units by the end of this year.
The City of Portland continues to seek innovative approaches to maintain and expand affordable housing options for its residents.
