The total development cost for the project is $50.37 million, with the Portland Development Commission kicking in $23 million worth of urban renewal money. The six stories reserve 42 units for veterans who make 30 percent less than median family income (so making about $15,000) and its developers note that it's a convenient tram-ride away from the VA hospital. An estimated 23 percent of the nation's homeless people are veterans.
When the city first turned South Waterfront into an urban renewal area, the planning bureau pitched it as becoming a "diverse, inclusive riverfront neighborhood" that would include 700 units of affordable housing. Eleven years later, one major affordable housing project is still a gravel lot and now Block 49 is set to break ground this spring and be open by the fall.
Funding breakdown and another photo of the project below the cut!
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