In a recent government meeting, Portland officials approved a significant financing ordinance aimed at preserving affordable housing at the Belmont Dairy Apartments, a critical step in addressing the city's ongoing housing crisis. The City Council authorized up to $6 million in acquisition financing to support Vital Housing, a Seattle-based firm specializing in affordable housing preservation, in acquiring the property. This funding is expected to leverage an additional $18 million in private financing, ensuring that 67 units remain affordable for low-income households.

The Belmont Dairy Apartments, located in the Southern Side neighborhood, currently houses 65 low-income families under a regulatory agreement set to expire in December 2026. The potential conversion of these units to market rates could have displaced many residents, with rent increases estimated between $450 and $860 per month. The city's intervention not only prevents this displacement but also enhances the affordability of the project, which is seen as a vital strategy in maintaining the existing affordable housing stock.

Danelle Norby, the Housing Investment Manager at the Portland Housing Bureau, highlighted the importance of preserving affordable housing amidst rising operational challenges and expiring regulatory agreements. She noted that the city has been proactive in seeking preservation strategies to combat the risk of losing affordable units, especially in high-demand neighborhoods.

In addition to preserving affordability, Vital Housing plans to implement energy efficiency upgrades, including the installation of a solar array and the replacement of outdated heating systems, further enhancing the sustainability of the property.

The meeting also addressed a separate ordinance to vacate portions of Northeast Alameda Street and Northeast 58th Avenue to facilitate the establishment of a coffee shop with outdoor seating. This initiative aims to create a vibrant community space while ensuring public access and utility infrastructure are maintained.

Overall, the discussions underscored the city's commitment to affordable housing preservation and community development, reflecting a comprehensive approach to tackling Portland's housing challenges.