The Annex will address a critical gap in affordable and safe housing in Portland.
“Portland is in dire need of more housing. According to a report from the Portland Business Alliance, the shortage of affordable housing units in the area has grown to more than 23,000 since 2010. Along with that, 46% of Portland renter households are cost-burdened, meaning that they spend more than 30% of their gross income on housing.
The city needs more affordable housing units — and the funding to make them a reality. While there has been an increase in Portland city funds set aside for affordable housing, it costs $1M just to build four to six units. To make a real impact in the housing crisis, the city will need to explore more cost-effective strategies that will allow developers and builders to construct more units, and do so at a faster rate. One West Coast-based construction firm has partnered with a local developer to deliver a housing solution with the potential for rapid speed to market that does not increase overall construction costs.”
Read full article here: https://www.bisnow.com/portland/news/affordable-housing/truebeck-portland-affordable-housing-studiob-111264