Rapid Acquisition RFP
Release date: Tuesday, August 27, 2024
Due Date: Accepted continuously from September 9 to October 7, 2024
*All proposals must be received by the date and time of consideration. PHB reserves the right to change dates to meet the objectives of the RFP.
Apply
Download application package
To download the ZIP application file:
1. Follow the link.
2. Click the button “Download entire folder” button to download to your computer. Avoid “Save to my files” as this requires login.
To view a list of all forms and attachments included in the application package, scroll to the bottom section of this page.
Information session for developers
An optional developer information session will be held online. Please register to attend.
Thursday, August 29, 2024
2:00 p.m. – 3:00 p.m. (PST)
Register here
Frequently Asked Questions
The meeting will be recorded and responses to questions asked during the meeting or submitted via email by Friday, August 30, will be posted here no later than Wednesday, September 4, 2024.
overview
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In November 2018, voters in the Washington, Clackamas, and Multnomah County metropolitan areas approved Measure 26-199, the first regional affordable housing bond. The measure authorized Metro to issue up to $652.8 million in general obligation bonds for the development or acquisition of affordable housing. In the lead-up to the vote, Metro conducted a series of public engagement activities that resulted in the Metro Housing Bond (Metro Bond) regional investment strategy.
The aim of the Metro Bond is to create at least 3,900 new affordable homes across the region, including:
- At least 1,600 of these will be affordable for households earning 30% or less of the region’s medical income (AMI); and
- At least 1,950 of them are suitable for families and have two or more bedrooms.
- For households earning 61–80% of the median income in the region, no more than 10% will be provided.
The Portland Housing Bureau (PHB) is the lead agency for the City of Portland (City) responsible for implementing the Metro Bonds. The PHB’s work is guided by four principles derived from discussions with key stakeholders who participated in a six-month public process prior to referral of the measure:
- Move forward with racial equality. Ensure that racial equity considerations guide and are integrated into all aspects of program implementation.
- Create opportunities for those in need. Create housing opportunities for priority communities experiencing housing shortages, including, but not limited to, Black, Indigenous and communities of color, families, people with disabilities, seniors, veterans, and households experiencing or at risk of homelessness.
- Create opportunities across the region. Make sure investments are spread across the region.
- Ensuring long-term benefits and sensible use of public funds. Provide collaborative oversight to ensure transparency and accountability of program activities and results.
Using a formula based on assessed value, the city’s share of the Metro bond is approximately 38 percent, or $211 million, to create at least 1,475 units of affordable housing in the city. Of that total, at least 605 units are for households earning 30 percent of AMI, 737 units are for families, and 300 units are for assisted living.
This rapid procurement request invites housing partners to submit proposals with identified acquisition projects (of existing, non-regulated housing) this can help Portland’s Local implementation strategy Targets for the Metro Housing Bond and respond promptly to current market conditions.
The projects must be taken into account through the new purchase of previously unregulated residential properties, which can be completed by June 30, 2025. New builds, currently regulated projects and land acquisition proposals are not eligible for funding under this call for proposals.
Capital financing
- Up to $15,000,000 in Metro Housing Bond funds for the acquisition of previously unregulated housing units.
Detailed information can be found in the tender
Related
Application package
Contains the prompt and all subsequent materials, including forms and attachments. Follow the link to download as a zip file. Avoid “Save to My Files” as this requires you to log in.
Download application package
Forms
Download forms
*No Form D, E, F, J or K for this call.
- Form A – Sponsor Cover Sheet
- Form B – PHB funding application
- Form C – Project Overview
- Form G – Sponsor’s Statement of Financial Capacity
- Form H – Pro Forma
- Form I – Proposed Project Schedule
- Form L – Questionnaire on acquisition and relocation
Attachments
Download attachments
*No Appendix E or H for this call.
- Appendix A – Portland’s Local Implementation Strategy
- Appendix B – PHB Underwriting Metrics
- Appendix C – Forms required for approval and final approval of the Metro Concept
- Appendix D – Fairness in contracting
- Appendix F – PHB requirements for air conditioning
- Appendix G – Metro Community Engagement Requirements and Reporting Template
- Appendix I – Pro forma instructions
