Portland to Push Tax to Pay for Affordable Housing

The Portland City Council will vote on a plan to ask voters to approve a new tax that would help pay for $250 million worth of apartments for low-income residents.

The council will vote on June 30th, according to the Oregonian, which first reportedon the proposal.

The paper reports the proposal, which would be the "single-largest financial investment in city history for affordable housing construction," could end up funding 1,000 units.

The measure would likely increase taxes by a by about 42 cents per $1,000 of assessed value meaning for a home assessed at about $178,000, that would be about $75 per year.

The Oregonians quotes Commissioner Dan Saltzman saying backers of the measure hope to raise between $500,000 and $1 million to help convince residents.