Recently, Nick and the Portland Housing Bureau announced significant new investments in East and Northeast Portland to build and preserve affordable homes.

The City's investment will result in:

• 178 new homes

• Rehabilitation of 74 existing homes

• $10 million invested in trusted non-profit community partners

• The leverage of $12 million in additional private and public investment

The projects we're investing in were chosen through a competitive selection process and will serve some of our most vulnerable citizens - seniors on fixed incomes, people with disabilities, chronically homeless individuals, and families experiencing homelessness.

About 30% of this funding is federal grants. The rest is from what we call the "TIF Set-Aside." Urban Renewal Areas (URAs), parts of town targeted for economic revitalization, generate Tax Increment Financing (TIF). In 2007, the Council adopted a policy which directed that 30% of the TIF generated citywide should be set aside to support affordable housing in Portland. The TIF set-aside contributed $7 million to this investment fund.

Projects include:

• Gateway/Glisan Development, $5.9 million: 120 new affordable homes for working-class Portlanders and older adults on fixed incomes. A partnership of REACH, Human Solutions, Housing Development Center, and Ride Connection.

• Raymond Street Apartments, $2.1 million: Rehabilitation for 19 apartments in the Foster-Powell neighborhood. A partnership of ROSE CDC, JOIN, the Veteran's Administration, and Impact Northwest.

• MLK Cook Fargo Development, $975,000: 49 new apartments in NE Portland's Eliot neighborhood. A partnership of Innovative Housing, Inc. and community mental health provider Luke Dorf.

• Providence House, $375,000: 40 apartments serving low-income seniors will receive emergency capital repairs. Managed by Providence Supportive Housing.

• Beyer Court, $330,782: Located in the Lents neighborhood, this 14-unit apartment building will receive new roofs, windows, ventilation units, and other repairs. A partnership of ROSE CDC, Impact Northwest, and Bridges to Housing.

• Holgate House, $153,749: Portland's first modular multi-family affordable housing project brings 9 new homes to Lents. A partnership of NAYA Family Center and Guardian Real Estate.

Image: Artist rendering of the proposed development in the Gateway area. The project will provide housing for low-wage workers and seniors on fixed incomes.