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Council presses Prosper Portland on oversight after 'Made in Old Town' workout
Summary
Councilors questioned Prosper Portland leaders about underwriting, governance and community representation after underperforming investments such as Made in Old Town; Prosper described audits and structural changes to reduce future risk.
Councilors used the Prosper Portland reappointment hearing to press agency leaders on oversight and governance following underperforming investments including the Made in Old Town loan. Executive Director Cornel Westley acknowledged the loan had not performed as hoped and described agency actions to protect the public's secured position: the board pursued a deed in lieu of foreclosure and reclaimed the collateral rather than extend additional inducements.
Board chair Gustavo Cruz and Westley said Prosper has audited program lanes, commissioned independent studies, and reorganized internal leadership by separating capital access and real‑estate functions. "We audited every programmatic lane — every grant, every loan," Westley said, adding the agency would reflect structural changes in underwriting and procedures. Several councilors said the public's confidence depends on transparent oversight and asked Prosper to return to the council with lessons learned and opportunities for improving community representation in project decisions.
