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Rent board approves modest increase for 221 Woodford after capitalizing flooring costs, removing contributions
Summary
After capitalizing hardwood floor refinishing and removing contribution items from expenses, the board approved a rent increase for 221 Woodford; the allowable increase is $16.11 per unit per month.
The Portland Rent Board approved a recalculated rent increase for 221 Woodford Street (9 units) after board members agreed to capitalize several flooring/refinishing items and to exclude contribution/donation expenses from allowable costs.
Applicant representative Mr. Marin supplied updated capital and ledger documentation and confirmed that certain repair and refinishing work (including hardwood sanding and refinishing tied to unit repairs) could be treated as capital expenditures. The board agreed to amortize identified floor refinishing over a short useful life (members discussed five years for refinishing) and removed a contributions category that members said was unrelated to property operations.
With those adjustments, the board found the fair‑return calculation produced an allowable increase of $16.11 per unit per month. Members voted to adopt the findings and instructed staff to post the written decision. Board members noted that the exercise demonstrated how capitalization choices and expense classification materially affect allowable increases.
