Committee forwards $35 million HUD Section 108 loan appropriation to council
The committee recommended full council passage of an ordinance to appropriate a $35,000,000 HUD Section 108 loan award for an affordable housing loan fund aimed at projects serving households earning 0–80% AMI; members pressed staff on underwriting, repayment risk, and program design.
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City grants staff told the committee that HUD notified the city of a $35,000,000 Section 108 affordable housing loan award that the Portland Housing Bureau plans to use for acquisition, rehabilitation and preservation of regulated affordable housing. "HUD notified the city of the Section 108 affordable housing loan fund award to the city in the amount of $35,000,000," Carrie Mosden said during her presentation.
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