WASHINGTON, D.C. – October 1, 2015 – (RealEstateRama) — Home Forward is seeking proposals from developers and owners who wish to use the agency’s project-based rent assistance (Section 8) vouchers in their affordable housing. The agency hopes to make several awards for a total of up to 200 vouchers through the competitive request for proposals process.
Project-based vouchers attach to apartments and provide tenants with a deep rent subsidy. Tenants pay approximately 30 percent of their income for rent and the subsidy makes up the difference. Apartments with project-based voucher subsidy are affordable for people with extremely low incomes.
Home Forward announced its intent to project-base 500 vouchers from its tenant-based Section 8 voucher pool early this year. “We were concerned that the rental market was heating up so much that entire neighborhoods would be inaccessible to low-income families, and we knew these project-based vouchers would ensure footholds of affordability throughout Multnomah County,” said Michael Buonocore, executive director.
Since then, the agency has committed 108 vouchers to developments in South Waterfront, the Pearl District, inner northeast, and inner southeast Portland.
The current RFP priortizes the neighborhood the vouchers will be located in, the ability of the vouchers to create additional deeply affordable apartments beyond those provided by the subsidy, family-sized apartments, culturally specific partnerships for services, and reduced screening criteria. In addition to families, priority populations include seniors and persons with disabilities, victims of domestic violence, and households experiencing reentry or reunification.
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