Portland Apartment Developments Converted to Affordable Housing

Portland Apartment Developments Converted to Affordable Housing
News| June 16, 2025| Jasmine Kilman
Seattle & Northwest + Apartment Buildings

The Portland Housing Bureau (PHB) is acquiring three existing apartment buildings with plans to convert the properties into affordable housing, adding 226 income-restricted units.

The move includes the acquisition of the Goose Hollow Lofts, Paramount Apartments, and Acqua Apartments as part of an effort to address the city’s housing crisis. Goose Hollow Lofts will be funded by the Metro Affordable Housing Bond, while the Paramount and Acqua Apartments are being financed with Tax Increment Financing.

Most units will be restricted to 50% of the area median income (AMI). Leasing for vacant units will begin shortly after acquisition, with current residents being able to stay or accept relocation assistance. “These 226 homes are a major step forward in our fight to keep Portlanders housed,” said Mayor Keith Wilson.

This effort follows PHB’s December 2024 acquisition of the Cesar Apartments, which will deliver 47 new Permanent Supportive Housing units later this year.

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