Federal Section 8 subsidies are set to expire for nearly 1,000 units of low income housing in Portland between December and 2013. Officials are looking to partner with private and non-profit groups to buy the housing before owners can raise rents.
"Once the contracts expire, the building owners are free to raise the rents, convert the apartments to condominiums or sell the buildings to developers who can do the same things - potentially forcing all of the current tenants to move."
"The buildings serve people earning 50 percent or less of the federally determined median family income for the Portland metropolitan area (for a single person, 50 percent of the median family income is $23,750). Under the contracts, the people pay about 30 percent of their adjusted gross income in rent and the U.S. Department of Housing and Urban Development pays the rest to the building owners."
"The funds needed to buy the 12 buildings and pay for any needed repairs probably will have to come from a variety of sources, including private financiers, the state of Oregon and the Portland Development Commission, the city's urban renewal agency."
"The city's share of preserving the buildings will probably total in the millions of dollars. Although the buildings have not yet been formally appraised, the PDC estimates they are worth anywhere from $1.5 million to $25 million each, depending on the size and location."
FULL STORY: Section 8 building stock set to expire
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