Home Forward Converts Market-Rate Apartments to Affordable Housing with Acquisition of Goose Hollow Lofts
Located in the heart of SW Portland and close to public transit, the centrally located apartments will make rents affordable for people working and living in the community.
PORTLAND, OR – Home Forward, Metro and Portland Housing Bureau today announced the acquisition of Goose Hollow Lofts, a market-rate apartment rental community built in 2018 in SW Portland’s historic Goose Hollow neighborhood. The 61-unit, 6-story apartments will offer modern, open-concept studio, 1-, and 2-bedroom units. This acquisition reflects Home Forward’s growing strategy to increase the number of affordable housing options in Multnomah County by leveraging favorable market conditions.
“Creating tangible housing solutions for working Portlanders requires urgency, creativity, and partnership,” said Ivory Mathews, CEO of Home Forward. “We’re seizing the moment to invest in quality buildings that can be converted into affordable housing in a matter of months. We also know that affordable housing in and around downtown Portland is scarce. This community offers affordability, convenience, and a higher quality of life, while also helping to stimulate economic activity in downtown.”
Purchased using $6 million from the voter-passed Metro affordable housing bond, this community will offer an affordable housing option for community members who earn up to 50% of the Area Median Income, or $49,650 for a 2-person household. Rents are below-market rate at $984 for studios, $1,027 for 1-bedrooms and $1,226 for 2-bedrooms. The community is ideal for working Portlanders seeking to live close to work, school, parks, and cultural experiences. The apartment community is conveniently located just steps away from TriMet bus lines, Portland Streetcar, and MAX Light Rail Service.
“The current housing market makes it possible to deliver affordable housing at a savings to taxpayers with the purchase of pre-existing buildings,” said Metro Councilor Mary Nolan. “Given the severity of the housing crisis we face, it’s great to see Home Forward taking advantage of this opportunity to leverage affordable housing bond dollars to quickly and efficiently expand the availability of safe and affordable homes in my district.”
The apartments include stainless steel appliances, large windows with a view of the Southwest hills, a resident lounge and ample bike storage. Residents will live within walking distance to downtown Portland, Portland State University, Lincoln High School, Portland Art Museum, Washington Park and Providence Park.
Home Forward prioritized ensuring all residents currently residing at Goose Hollow have the option to continue living there without disruption. Current residents can also apply for a rent reduction if they qualify based on income. The transition to affordability will happen gradually as units become vacant or as current residents qualify for rent assistance.
Home Forward’s due diligence included environmental reviews and structural inspections, which confirmed the building is a solid, high-quality addition to its portfolio.
Home Forward will manage the building via Pinehurst Management. Resident services will be provided by Cornerstone Community Housing. New residents will begin leasing units later this summer, with additional outreach coordinated through local nonprofit partners.
View Portland Housing Bureau’s press release for more informtion on this and other projects announced today. Media kit with photos for reporting available here.
About Home Forward
Home Forward believes that everyone should have a safe, stable and affordable place to call home. As the Housing Authority for Multnomah County’s 790,000 residents, we are the largest affordable housing provider in Oregon. Home Forward owns 115 affordable housing communities, serves more than 18,000 County residents, and manages 7,200 units of affordable housing. We also develop new rental housing, offer rent assistance and provide resident services at nearly every property we own. Home Forward prioritizes serving people with disabilities, seniors, veterans, people exiting homelessness, families with limited incomes, and other special populations. Go to homeforward.org or call (503) 802-8300 for more information.
About Metro Housing Department
Metro is working to create new affordable housing and to reduce homelessness through the oversight of two measures: In 2018, voters in greater Portland approved the affordable housing bond to generate $652.8 million to create homes for approximately 12,000 people, and in May 2020, voters approved a supportive housing services fund to expand services for people experiencing or at risk of homelessness. Metro collaborates with local cities and counties to implement these local solutions.
