The Portland City Council has recently approved a $2.5 million investment aimed at expanding affordable homeownership opportunities in North and Northeast Portland, supporting efforts to prevent displacement and help more families build generational wealth.
The council voted 10-2 during its second reading to approve an ordinance sponsored by Councilor Loretta Smith that directs funding to two housing developments expected to create 61 new homeownership opportunities in communities historically affected by displacement.
The ordinance allocates $1.5 million to Self Enhancement, Inc. to support construction of 49 homeownership units and $1 million to the Williams & Russell development for 12 townhomes. The projects are intended to expand access to homeownership for households earning between 65% and 120% of the Area Median Income, with a focus on first-time homebuyers and culturally appropriate outreach efforts.
City leaders said the investment is designed to increase housing stability, promote equitable development and create pathways to long-term wealth building for Portland families.
The ordinance also acknowledges the historic displacement of Black families from North and Northeast Portland and seeks to expand opportunities for residents to remain rooted in their communities through affordable homeownership.
“Homeownership changed the trajectory of my life,” said Smith. “As a single mother, buying my first home was my turning point out of poverty. It provided stability, opportunity, and a foundation for building wealth that could be passed on to future generations. Every Portland family deserves the chance to build that same foundation.”
For many families, homeownership remains one of the primary ways to build wealth and pass assets from one generation to the next. Supporters of the ordinance said expanding ownership opportunities in North and Northeast Portland is an important step toward addressing longstanding barriers to homeownership while helping residents remain in neighborhoods facing ongoing housing pressures.
The funding is expected to support the development of new affordable homeownership opportunities while advancing the city’s broader goals of housing stability, displacement prevention and economic opportunity for Portland residents.
