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Metro explores regional land‑banking models to speed affordable housing development
Summary
Metro briefed the subcommittee on a study to explore land‑banking frameworks to acquire and prepare sites for affordable housing, citing brownfield remediation and infrastructure readiness as key barriers. Staff seeks a preferred framework by fall to inform the 2027 legislative session.
Metro staff described an exploratory land‑banking study they are carrying out to support housing production and reduce barriers to site assembly and pre‑development.
Brian Harper and Andrea Pastor said land banking can lower the cost and risk of acquiring sites, allow coordinated pre‑development and environmental cleanup for complicated parcels, and help leverage funding sources such as housing bond dollars, state housing innovation funds, tax increment and philanthropic capital. Metro staff noted prior regional experience with acquisition programs and said Metro has in‑house capacity in transit‑oriented development, brownfields remediation and parks acquisitions that inform the study.
Why it matters: Committee members and staff said a regional land‑banking function could help quickly assemble catalytic sites, reduce delays caused by environmental cleanup or infrastructure gaps and leverage multiple funding streams to deliver affordable housing.
Project approach and timeline: Staff said they are convening regional partners in early June, will examine models used elsewhere and will seek a preferred framework by fall so that any legislative or funding asks could be prepared for the 2027 Oregon legislative session. Phase three would design program details, acquisition/disposition criteria and a business plan.
Questions from members: Councilor Pratt asked whether "development‑ready" includes soils testing, environmental determinations and utility readiness; staff said that pre‑development and remediation are in scope. Members raised the possibility of acquiring existing multifamily properties for upgrade and asked about revenue sources; staff said revenue generation depends on the model chosen and will be part of the phase‑two and phase‑three analyses. A Clackamas County representative and others emphasized concerns about how land acquisition affects local tax rolls and how quickly sites are removed from the tax base.
Next steps: Metro plans regional convenings in June, a fall framework decision, and a spring follow‑up to design program rules and funding strategies; staff asked committee members to advise on outreach and partner inclusion.
