The city announced a plan to spend $56 million on new housing assistance programs.
After discovering millions in unspent housing funds, the city of Portland approved a proposal to direct $56 million to housing programs including a new loan fund, rent assistance, and debt assistance for affordable housing landlords.
According to an article by Kale Williams in Axios, "A series of discoveries over the last few months revealed $106 million of unspent funds in the housing bureau that had accumulated over several years, but was never budgeted." Due to various restrictions, $56 million could be put toward new programs.
As Williams notes, "The scale of the unspent funds likely grew because revenue collection systems were in place, but the city lacked clear plans, authority or coordination to spend the money." The city recently changed its governance structure, where "information was siloed and there was a lack of accountability," according to Frankline Muthomi, a public administration professor at Portland State University.
Read the full story: Portland passes $56M housing plan using unspent money
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