Portland, Oregon to tackle housing crisis with approved tax

By Catherine Sturman
With house prices being out of reach for a lot of young buyers alongside a growing economy, rising rents, reduced vacancies and increased numbers of hom...

With house prices being out of reach for a lot of young buyers alongside a growing economy, rising rents, reduced vacancies and increased numbers of homelessness, Portland City Council alongside its voters have approved a one percent tax on all commercial and residential constructions in order to successfully fund future housing projects and support the local community, commencing from August 2016 in a $258 million bond.

Portland City Commissioner Dan Saltzman told Oregon Public Broadcasting that the new imposed tax will raise approximately $8 million per year. With a growth rate of 1.72 percent in Portland’s population, the housing crisis has recently become an issue that no one can ignore.

The tax accumulated through this scheme will help support families or those who earn less than the median family income, governed by the US Department of Housing and Urban Development. With the construction and acquirement of over a thousand affordable housing units, around 600 would be targeted for families or individuals who have incomes below 30 percent of the total median income for families, $22,000 for a family of four, or $15,000 for individual persons.

Follow @ConstructionGL

Read the June 2016 issue of Construction Global magazine

Share

Featured Articles

Egis acquires U+A’s Middle East business to grow portfolio

Acquisition will accelerate French giant’s strategic ambition of delivering end-to-end integrated solutions to clients in the region

Jindal Steel to set up US$3bn green steel facility in Oman

Green steel manufacturing facility will be built over two square kilometres within the massive Special Economic Zone at Duqm

Bechtel appointed as PM consultant for TROJENA at NEOM

Firm to provide technical, commercial and construction management services for development, while also supporting sustainability ambitions

Jeddah Corniche Circuit undergoes changes ahead of F1 return

Technology & AI

India’s L&T closes US$107m sustainability loan from SMBC

Construction Projects

SEVEN to invest US$13bn in KSA entertainment destinations

Construction Projects