2023-04-06 BOC Meeting (closed caption)

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test test test test test test test test test test test test test

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test test test test test test test test test test test test test test test it.

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>> STEVEN HOLT: We'll give it a minute or two since we don't have

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all of our members

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present, I don't see

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Annalise or Alan or Susan.

>> She

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won't be here today, she sends her apologies.

>> STEVEN HOLT: Thank you for letting

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me know.

So we'll give a moment for

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Alan

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and/or --

>> Here is Alan.

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>> STEVEN HOLT: Steven Green,

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good morning, how are you?

>> How

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are you, Mr. Holt?

Happy to be back in

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action.

>> STEVEN HOLT: I'm glad you're here.

We need to catch

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up.

So many things to do.

So many things to talk about.

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Well, good morning, everyone.

Welcome

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to Portland housing bond

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d Oversight Committee.

Welcome to spring in the Northwest.

A wonderful,

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cloudy, overcast,

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rainy, 45-degree morning.

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great day to be alive [laughter].

It's

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good for us to be together.

Let me go through roll call real

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quickly.

And we will get

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into our work for

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today.

I'm going to start with --

>> Recording in progress.

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>> I'm sorry, it went silent on me when it said recording in

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progress.

Did you say my

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name, Steven?

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>> STEVEN HOLT: We hear you now,

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sir.

>> Allan

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Lazo, here by video.

Happy

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fair housing month.

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Good morning, Todd

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Struble on the oversight committee.

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>> STEVEN HOLT: Wonderful.

I don't see anyone else.

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Annalise isn't here yet.

We will move

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to the minutes from our last meeting.

Any comment, or are we ready to approve?

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>> Dr. Holt, I move we approve the

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minutes as submitted from our last

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quarterly meeting in February.

>> STEVEN HOLT: Thank you, sir.

It's

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been moved that we approve the

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minutes.

Any second?

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Stephen seconds.

>> STEVEN HOLT: Stephen Green will second.

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If everyone is in agreement, I will call your name and you affirm

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that you're in agreement.

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Allan?

>> Aye.

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>> Todd.

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Aye.

>> Stephen.

>> Aye.

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>> STEVEN HOLT: Minutes have been approved and now we open it up for an opportunity for the

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public to have public testimony.

Our

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request is that the testimony be

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in relationship to the items being discussed.

We know there are always concerns

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beyond just this moment.

So I'm going to ask every person who

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works with -- thank you, if we could go to the full screen gallery just for a moment.

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If we can go back to the gallery view.

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Excellent.

I'm going to ask everyone who is a

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part of the Portland Housing Bureau to turn their camera on, if you can.

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I'll give you a moment to do so.

So that all of the

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public members who are watching can

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reach out to a

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Portland Housing Bureau staff person if you've got

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a concern or have an issue or topic

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that you want to address that's beyond what's in

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our meeting today.

So housing bureau

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folks, why don't you give a nice happy wave, big smile.

You look lovely.

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Thank you very much.

Wonderful.

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I see you're clapping hands.

If you have a concern that's beyond

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the scope of today, you are more

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than welcome to reach out and interact with

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them.

Now, in relationship to public testimony, you're

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going to have two minutes to share your testimony and your

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thought.

I'm going to time it.

At the end of those

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two minutes, you will hear a chime go off, and

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that's your indication that your time is up.

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Do we have any persons who signed up for public testimony?

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>> MEGAN GRILLO: I'll stop sharing.

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went backwards.

>> We have one person who

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had signed up for public

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testimony on the registration, Cynthia

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Rowe.

However I do not see Cynthia in the list

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of attendees.

>> STEVEN HOLT: I do not

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see a Cynthia either.

While we're here, let me just open it

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up to members who are here.

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there is a desire to

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do public testimony, let me afford you that capacity as well.

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You can merely unmute, identify yourself, and I will start the timer.

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Seeing none, we will move forward.

Annalise

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is now with us, Annalise,

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I'll give you an opportunity to identify yourself.

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>> Thank you very much, good morning.

So sorry I'm

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running late.

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Anneliese

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Koehler.

Apparently I'm in a place

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with unstable

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Internet so I'll keep the camera

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off.

>> STEVEN HOLT: We'll move forward

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with our first item.

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Updates.

>> I'm getting there.

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Okay.

Oh, my goodness.

All right.

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Here we go.

Thank you for your patience.

>> JILL CHEN: Thank you, Megan, and

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thank you, Dr. Holt.

For the record, my name

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is Jill Chen, housing investments and portfolio

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preservation manager at the Portland Housing Bureau

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and I use she/her pronouns.

Next slide,

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please.

I will go through

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the project dashboard and that dashboard is,

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again, that big, huge Excel spreadsheet that looks like a whole

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bunch of columns and a

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whole bunch of numbers.

And -- but I did want to

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just highlight a few items on the project

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dashboard.

You'll note that in this particular slide,

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you'll see that the completed units

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versus sort of those units that are

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in construction, we're seeing that

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flip, where we're seeing more unit that are actually complete

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or being leased up versus that which is in

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predevelopment or construction, which is great news, because that means more and

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more Portlanders can be housed in the

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Portland bond projects.

Since the last

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meeting, a few key events, and you'll see this more

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on the big spreadsheet, it's not

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here, because it's rather

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detailed, I highlighted the items that's changed

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on that big spreadsheet in the red.

And what

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you'll note is that there is a different

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project which is Hollywood HUB instead of

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Barbur Apartments.

And we'll go through that in a

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mew fins.

And the rationale, we'll discuss the swap.

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Along with other red items, those

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are the changed items.

You'll

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note that under Francis+Clare, we've noted

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that it is targeted to close end of June this

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year, this calendar year.

The

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parish has asked for some additional

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requests related to the land transfer as well as

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amenities, which is seeking --

which will require additional

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PHB funding as well as potential resolution

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with bureau of Bureau of Development Services

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related to the parking.

So that is an item that the team and I

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are still working through with the developer

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and with the different entities.

My guess is

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that the overall cost to the bureau

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is probably going to be another $1 million,

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plus/minus.

And we're trying to limit

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that.

Hollywood HUB,

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I mentioned we will discuss that a little bit.

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You'll see that there are a number of items that are red, and

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this is all to do with the

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lease-up, meeting of completion.

There has been

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delays across all of our outstanding projects.

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And we'll go into that

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in a few minutes.

The good thing

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since last

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Bond Oversight Committee meeting is that

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Hacienda's

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Las Adelitas project had a grand opening on march 9th,

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there was a lot of positive press, much

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credit to you all who approved this.

Next slide, please.

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Well, as always, I never bring in just only

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the good news.

So we have risks

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and issues.

And some of the risks and issues have not changed since

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our last oversight committee

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meeting.

There has been continued construction risk with

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delays in anything from supply chains,

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with PPLPPG issues,

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inspection issues.

Result of all these

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construction risks or construction delays, what we've

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seen is an increase in

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interest during construction.

Because of that, a number of

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our projects have come back, not necessarily to

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PHB because we can't increase our funding, but we

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are releasing our funds earlier

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so that -- because our funds

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are low cost or no cost, so that

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they, the developers, are able to reduce that interest during

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construction.

We have seen

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outside increase --

additional

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ask, meaning asks for additional grant

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funding, asks for additional tax credit

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equity and private activity bonds, requests for

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additional senior debt.

So, many of our projects that

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are in construction are still also

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in processes of revising their

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financing because of the delays and

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interest.

This is also an impact on our predevelopment

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projects.

These are the two that

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I mentioned, Francis+Clare and

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Hollywood HUB, especially as we

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are still in this environment of high

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uncertainty on construction costs as well as interest

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rates.

We also are seeing

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increasing or continuation of

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risk on operations.

As mentioned

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previously, there is risk related to permanent supportive

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housing as well as just straight up

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operations.

There is additional needs

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of the residents coming from coordinated access.

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And what we've seen is our

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owners, developers, asking joint

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office to review their standard

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of 10,000 per unit per annum for

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service support, because it

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trickles down.

If there isn't a service delivery,

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our residents can't be as stabilized and as

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sort of --

we can't provide as much of the wraparound services as needed.

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So that is also some things we are

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seeing in the operations of the

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projects.

One of the other things that I did want to highlight

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is the need for

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alignment of State, regional and local

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resources.

Part of this is as we're seeing in our construction, with the construction

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risk, with the predevelopment risk,

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the State, the region, and

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PHB as a local, all need to work together to make sure

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that these projects, once a project

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has been awarded, they can be brought to

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financial close, as well as construction

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completion.

So that all of

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the projects, especially those at the local priorities for

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homelessness, for example, for reaching out to communities of color,

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those are addressed and are

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met in a way that has required all of our

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resources.

And I did want to say, we'll

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talk a little bit in a minute about Barbur Apartments

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and the Hollywood HUB swap, because that

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is a classic case in which the

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alignment of resources didn't quite align, which

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required some reshuffling from

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PHB in the funding source.

And then last but not least is the

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closing of the Portland housing

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bonds.

With the swap with Hollywood HUB, we

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anticipate all of the Portland housing

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bonds would be 100% committed, not just

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awarded or reserved, because Hollywood HUB will

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close before June 30th

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, 2024.

And

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Francis+Clare will be closing in the next three months.

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So all of our projects except Francis+Clare and

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Hollywood HUB would also have been completed

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construction.

So there is a number of -- I didn't want to just raise

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that so that you all as Bond Oversight Committee

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members are apprised

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that at least on the development

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side, our work, I

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guess, would be complete.

Next slide, please.

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Oh, I'm sorry.

I see Todd's hand.

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Yes, Todd.

>> Yeah, just -- I

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mean, I think just functionally, what does that

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mean for the oversight

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committee once the Portland housing

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bonds funds are 100%

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committed?

Is that a sunsetting of these meetings

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or is there a role to continue oversight

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in some form or fashion?

>> JILL CHEN: There may be some continued

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oversight.

I think this is maybe something for you all, and we can discuss

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this in the executive session, but something for you

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all to consider, especially as

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you are going to see these projects complete their

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lease-up.

There will be report-outs

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on demographics and incomes.

And

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that kind of information.

But

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in terms of continuing, once these residents are

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stabilized in their homes,

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ideally, you know, they're not going to be continuing

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changing.

So that may be something

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for you all to discuss, as to the

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frequency, the type of meetings, that kind that is needed going forward.

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I didn't want to -- any other, especially

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from other members of the Bond Oversight Committee?

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>> Jill, it's Stephen, a question for you.

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As cost of money goes up,

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do you anticipate that the allocation of

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affordable units will move a little bit as developers look at

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their financial stack and what cash flow looks like in a world where, you know,

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the cost of funds is a little bit

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higher, do you see them saying,

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oh, we'll go for 40%, come up with 50

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or 60 to kind of move things around?

>> JILL CHEN: Great question,

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Stephen.

And we are seeing that.

When we first

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started with the Bond Oversight Committee and

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with you all, we originally said, hey, our cap

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is $150,000 per

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unit.

As mentioned, we've seen

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these projects require more money.

And not so much

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with the Portland housing bonds, because we only have two

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left that are still not fully

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funded or not closed.

We've seen this especially true

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with the metro housing bond that we are

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implementing, just as a basis.

Last year

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this

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time, we had over $750

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million in predevelopment total project

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cost.

At that time we also had $1.5

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billion in total project costs, in

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construction, you know, in construction, in predev as well as

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in lease-up, 40 projects,

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plus/minus.

Out of the the $750 million in

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at that time the estimated cost, we had a

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funding gap of over $70 million, which made sense because costs

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were increasing at 1% per month.

And we just

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had a ton of projects that

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had not closed.

But those were

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mostly, this goodness, metro bond funds,

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not Portland housing bond funds.

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So we are expecting that the capital

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stack, for example, in Hollywood HUB is probably going to be the most

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complex anyone has ever seen.

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I think right now it's almost

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ten different funding sources.

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And the needs are pretty

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extensive from

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PHB.

Right now we also

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have, separate from Portland housing bond and the metro housing

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bond, PHB is working with other bureaus

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on an initiative about the total cost

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of producing housing in City of Portland,

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and preliminarily, we're having a consultant called

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BAE work on that effort.

And in order

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to address not just why

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is it so difficult to build affordable

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housing in Portland but why is it so difficult to build,

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period, in Portland.

And one of the things we're

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finding on a preliminary basis is that

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cost across the board

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has been increasing

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insanely, I think on a preliminary

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basis, the consultants are seeing

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per unit cost almost at a

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half million dollars.

I hope that

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helps, Stephen, put some of that in context.

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Gotcha.

No, it definitely does, I guess, for us

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as a committee, something to think about as things move forward.

I know

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we always talk about the top number of how many units we're getting

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out there.

But I wonder at what point

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we start having the conversation of making sure there's a good

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amount of affordability so that there's a wide

[Captioner] 09:51:21

range of representation there, not all soaked up as costs are

[Captioner] 09:51:24

going forward, but also

[Captioner] 09:51:27

hopefully gives us some data points to go

[Captioner] 09:51:30

and leverage others to continue to build

[Captioner] 09:51:33

affordable housing.

Again, I leave in Northeast

[Captioner] 09:51:36

Portland, not too far from interstate and Lombard, where I

[Captioner] 09:51:40

continue to see this vacant lot that's right on the max

[Captioner] 09:51:43

line, that could be hundreds

[Captioner] 09:51:46

of units of affordable

[Captioner] 09:51:51

housing that PPS owns.

I think we have

[Captioner] 09:51:54

to continue to stress the needs that are out there.

[Captioner] 09:51:57

Thanks for the clarification.

>> JILL CHEN: Thank you, Stephen.

[Captioner] 09:52:00

And I agree with you, having more units at that middle between

[Captioner] 09:52:03

30% AMI and 60% AMI is critical.

[Captioner] 09:52:08

We don't have it in the Portland housing bond.

[Captioner] 09:52:12

But many of our other -- and even

[Captioner] 09:52:16

in some of the units, the developers, owners, are

[Captioner] 09:52:19

trying to keep it so that it's affordable at, say, a 50%

[Captioner] 09:52:22

AMI.

But it is hard to make

[Captioner] 09:52:25

those numbers pencil.

Allan?

[Captioner] 09:52:32

>> Thank you, Jill.

I just wanted

[Captioner] 09:52:35

to see if we could get more clarification around the statement you made about the need for

[Captioner] 09:52:39

alignment between the State, regional, and local funding resources.

And I don't know

[Captioner] 09:52:42

if that would be better saved for after the

[Captioner] 09:52:45

conversation on Barbur and Hollywood HUB,

[Captioner] 09:52:49

because maybe you'll be able to explain some of kind of the

[Captioner] 09:52:52

specifics.

I'm curious about, particularly for us, from a risk

[Captioner] 09:52:55

perspective, what kind of risk is

[Captioner] 09:52:58

that lack of coordination creating.

And so

[Captioner] 09:53:02

maybe we'll highlight it during -- is it the timeline, is it

[Captioner] 09:53:06

the requirements for the different funding sources?

So that's what

[Captioner] 09:53:10

I'm curious about.

>> JILL CHEN:

[Captioner] 09:53:14

Allan, that's a great segue into the next

[Captioner] 09:53:17

slide.

Next slide,

[Captioner] 09:53:20

please.

This is the rationale for the swap.

We had

[Captioner] 09:53:24

not necessarily intended it.

Both

[Captioner] 09:53:27

projects were awarded through 2021 competitive

[Captioner] 09:53:31

solicitations.

One was a Portland Housing Bond

[Captioner] 09:53:35

solicitation, the other was a Metro Bond

[Captioner] 09:53:38

solicitation.

Barbur, when it came in for

[Captioner] 09:53:42

the Portland housing bond solicitation, it specifically

[Captioner] 09:53:45

said we'll be seeking

[Captioner] 09:53:48

LIFT funding is and we had a

[Captioner] 09:53:53

$4.6 million funding gap.

They knew they would have

[Captioner] 09:53:56

to go to LIFT.

They applied for

[Captioner] 09:53:59

LIFT and heard in fall of

[Captioner] 09:54:02

2022 they were not awarded any LIFT

[Captioner] 09:54:05

funds.

Both ourselves and the

[Captioner] 09:54:09

developer, Innovative Housing Inc., was like,

[Captioner] 09:54:12

OACS, what happened, I thought you were

[Captioner] 09:54:15

supposed to help us, I thought there were supposed to be alignment of resources.

[Captioner] 09:54:18

This is a critical project, it's in the southwest, we all wanted a

[Captioner] 09:54:23

southwest project for the PortlandPortland

[Captioner] 09:54:28

Housing Bond.

They were

[Captioner] 09:54:31

like, well, we, OHCS, actually

[Captioner] 09:54:35

apportioned LIFT and housing trust funds

[Captioner] 09:54:41

in April 2022, totaling almost $40

[Captioner] 09:54:44

million.

But it was only

[Captioner] 09:54:47

for metro funded projects.

And they

[Captioner] 09:54:50

decided to give that $40 million to only

[Captioner] 09:54:53

Metro funded projects.

And we asked, why didn't

[Captioner] 09:54:56

you include Metro and Portland bonds?

[Captioner] 09:55:00

Maybe it was an oversight.

[Captioner] 09:55:03

It's -- whatever it is, it was agreed

[Captioner] 09:55:06

they would fund only for the Metro Housing Bond

[Captioner] 09:55:11

projects.

Metro worked with local jurisdictions, including PHB, to

[Captioner] 09:55:15

determine the need and ability

[Captioner] 09:55:18

of each local jurisdiction to use these funds.

[Captioner] 09:55:21

Portland was very lucky.

We had a huge need,

[Captioner] 09:55:25

as I mentioned, we had $70 million in

[Captioner] 09:55:28

gap.

So they granted us almost $10

[Captioner] 09:55:31

million in housing Trust Fund

[Captioner] 09:55:37

and $11 million in LIFT in 2022.

[Captioner] 09:55:41

Then they had some more LIFT in early

[Captioner] 09:55:44

2023 and we got another almost $2.2

[Captioner] 09:55:47

million.

So because of our

[Captioner] 09:55:51

needs, and we explained to Metro

[Captioner] 09:55:54

that Barbur did not get any LIFT

[Captioner] 09:55:58

because it was all being allocated to

[Captioner] 09:56:01

Metro ETRO HOUSING BONDetro housing bond

[Captioner] 09:56:13

s, Metro also understood we needed other projects

[Captioner] 09:56:16

funded.

We asked them for the swap.

[Captioner] 09:56:19

Hollywood HUB is a transit

[Captioner] 09:56:23

oriented development right at the Hollywood

[Captioner] 09:56:26

Trimet site, I

[Captioner] 09:56:29

guess the max line.

It's right next to

[Captioner] 09:56:32

Target, it's that little site.

[Captioner] 09:56:35

It's a 222-unit

[Captioner] 09:56:38

building.

It is larger than Barbur,

[Captioner] 09:56:41

but all the Barbur units, meaning 30%

[Captioner] 09:56:45

units, family sized

[Captioner] 09:56:48

units, there is no PSH in either

[Captioner] 09:56:51

of them.

Essentially, it

[Captioner] 09:56:54

could have been a direct swap with

[Captioner] 09:56:58

the extra 73 units that

[Captioner] 09:57:01

sort of didn't meet a one for

[Captioner] 09:57:05

one, would be kept on the Metro side,

[Captioner] 09:57:08

without changing any of the allocation in

[Captioner] 09:57:11

units at Barbur.

Now, if we

[Captioner] 09:57:15

did not do the swap, Barbur

[Captioner] 09:57:18

would probably have to wait until

[Captioner] 09:57:21

2024 to apply for LIFT,

[Captioner] 09:57:24

and therefore it wouldn't close

[Captioner] 09:57:27

until sometime 2025,

[Captioner] 09:57:31

end of 2025.

Also

[Captioner] 09:57:34

we realized Hollywood HUB was not an efficient

[Captioner] 09:57:37

user of LIFT, mainly because of the way

[Captioner] 09:57:41

they needed to maximize their developer

[Captioner] 09:57:44

fees and reinvest that.

LIFT had requirements that didn't

[Captioner] 09:57:47

make it work so easily.

[Captioner] 09:57:50

if we swapped it and

[Captioner] 09:57:53

allowed Barbur in,

[Captioner] 09:57:56

we could actually expedite the process by over a year.

[Captioner] 09:57:59

And it could be fully

[Captioner] 09:58:02

funded.

So what does that mean

[Captioner] 09:58:05

in terms of alignment?

[Captioner] 09:58:10

my estimation, I thought Barbur was the example of what

[Captioner] 09:58:13

could go wrong if we didn't align the

[Captioner] 09:58:16

resources, because our developers would have to go

[Captioner] 09:58:20

one by one to each funding source,

[Captioner] 09:58:23

each competitive cycle.

And if they didn't make it,

[Captioner] 09:58:27

they had to wait another year.

And each year

[Captioner] 09:58:30

it would mean a 10% increase

[Captioner] 09:58:33

in costs, which

[Captioner] 09:58:36

it does not serve anyone, like Stephen mentioned, just doesn't serve anyone.

[Captioner] 09:58:43

So now we have Barbur

[Captioner] 09:58:46

closing, hopefully end 2024, early

[Captioner] 09:58:51

2025.

Hollywood HUB, which is still --

which would be

[Captioner] 09:58:54

a Portland bond project and a small portion of it, a

[Captioner] 09:58:57

Metro Bond project, would close before

[Captioner] 09:59:01

June 2024.

And

[Captioner] 09:59:04

we would be able to tell everyone, all the public, that

[Captioner] 09:59:08

PHB and the Portland housing ORTLAND HOUSING BOND

[Captioner] 09:59:13

ortland housing bond met every single metric.

Next slide, please.

[Captioner] 09:59:26

>> Jill, thank you so much, that's a fantastic explanation.

[Captioner] 09:59:29

Frankly, despite the machinations you had to all

[Captioner] 09:59:32

go through, it's a good outcome, right?

[Captioner] 09:59:36

And I think it does highlight how those things

[Captioner] 09:59:39

trickled down to what you all are experiencing, if we cannot

[Captioner] 09:59:42

figure out how to coordinate better or how to align these resources.

[Captioner] 09:59:45

Yeah, it would be really interesting to go back and understand how

[Captioner] 09:59:49

that decision was made and, you know, where

[Captioner] 09:59:52

it was made and why, just so we can learn from

[Captioner] 09:59:55

it a little bit.

It's pretty specific, right?

But it does highlight

[Captioner] 09:59:58

this need for us to say, is there a better way

[Captioner] 10:00:01

for us to, like you say, align these resources.

And

[Captioner] 10:00:04

we're all pushing in the same direction

[Captioner] 10:00:07

generally speaking, right?

[Captioner] 10:00:12

But there are little journeys we take with each of

[Captioner] 10:00:15

them.

It would be nice if we could push in

[Captioner] 10:00:18

the same direction.

It's great that Stephen

[Captioner] 10:00:21

is here, maybe he's the person who can bring it all together if he

[Captioner] 10:00:24

needs another project on his plate.

I still can't get my

[Captioner] 10:00:28

hands around how complicated it is

[Captioner] 10:00:32

to fund affordable

[Captioner] 10:00:37

housing, frankly

[Captioner] 10:00:40

[laughter].

Anyway, appreciate the explanation, again.

[Captioner] 10:00:44

It seems very specific but it does highlight how many different places

[Captioner] 10:00:47

this can go not right, right?

So thank you.

[Captioner] 10:00:51

>> JILL CHEN: Thank you.

Just as a

[Captioner] 10:00:54

separate note, one of our

[Captioner] 10:00:57

developers I think mentioned that for each

[Captioner] 10:01:00

solicitation, it can cost up to

[Captioner] 10:01:04

$50,000 of their own staff time and

[Captioner] 10:01:07

a consultant time, any updates to their

[Captioner] 10:01:10

CNAs, their environmentals, their

[Captioner] 10:01:15

surveys, anything that they need to update, it just takes a huge amount of

[Captioner] 10:01:18

effort on our development teams to do

[Captioner] 10:01:21

this.

I'm not saying also the delay

[Captioner] 10:01:25

in getting these units

[Captioner] 10:01:28

built.

>> Jill, one thing I've always been curious

[Captioner] 10:01:31

about, is it done for risk management to some

[Captioner] 10:01:34

degree?

I mean, why

[Captioner] 10:01:37

not just -- why couldn't we take all our money

[Captioner] 10:01:40

and fund one project?

That's a risk management issue, right?

[Captioner] 10:01:44

Is that maybe why the stack is done that way?

[Captioner] 10:01:47

>> JILL CHEN: We actually did that.

[Captioner] 10:01:51

in all the early projects that

[Captioner] 10:01:54

you all approved and

[Captioner] 10:01:57

saw, and this is the -- I'm just

[Captioner] 10:02:01

going to quickly look at these -- in all the early stage

[Captioner] 10:02:04

projects, Cathedral Village,

[Captioner] 10:02:08

Emmons Place, Starlight,

[Captioner] 10:02:11

3000 Powell, we

[Captioner] 10:02:15

fully funded every project because we did not want our projects

[Captioner] 10:02:19

to be delayed because of sequential funding sources.

[Captioner] 10:02:22

knew if we fully funded them, they could essentially go out the gate and

[Captioner] 10:02:25

immediately start getting

[Captioner] 10:02:30

predevelopment, lining up their

[Captioner] 10:02:34

architects.

That's why we see, like Cathedral Village

[Captioner] 10:02:37

and Crescent Court, they're already fully leased

[Captioner] 10:02:41

up and they're ready to convert,

[Captioner] 10:02:44

meaning at this point they are doing really

[Captioner] 10:02:47

well.

So in some

[Captioner] 10:02:50

ways, we did exactly

[Captioner] 10:02:53

what you said.

But these last

[Captioner] 10:02:57

bits, and with the high cost and

[Captioner] 10:03:01

uncertainty with interest rates, we have

[Captioner] 10:03:04

really had a hard time

[Captioner] 10:03:07

making things work.

Not so much

[Captioner] 10:03:10

for the Portland bonds but definitely

[Captioner] 10:03:14

for the Metro bonds.

>> Again,

[Captioner] 10:03:17

I understand, we're also trying to meet multiple

[Captioner] 10:03:20

goals, the more projects we're involved in, the more goals we can

[Captioner] 10:03:23

meet.

But building the stack that way doesn't change the total

[Captioner] 10:03:26

amount of money that's available at all the different funding levels, from the

[Captioner] 10:03:29

local all the way to the Federal,

[Captioner] 10:03:32

right?

And so if you actually aligned all the goals and everybody said, okay, we'll

[Captioner] 10:03:35

fund this project and we'll fund that project, you would lessen

[Captioner] 10:03:38

the burden of having to build a stack

[Captioner] 10:03:42

that's, you know, six levels high rather than just one

[Captioner] 10:03:45

funder.

Again, we would have to align all of our

[Captioner] 10:03:49

goals together to be able to do that.

[Captioner] 10:03:52

Which I think that's the trick of all this.

You're trying to

[Captioner] 10:03:55

align planets that all have different sizes

[Captioner] 10:04:00

and orbits and

[Captioner] 10:04:03

stuff.

That's

[Captioner] 10:04:07

how housing, especially affordable

[Captioner] 10:04:10

housing is done.

With rising

[Captioner] 10:04:13

interest rates, it doesn't impact our funding

[Captioner] 10:04:16

that much, but with these other resources out there, it has a big

[Captioner] 10:04:19

impact.

Jill, I notice you didn't say anything about

[Captioner] 10:04:22

permitting.

Are you noticing that that's getting better with

[Captioner] 10:04:26

the work that's been happening

[Captioner] 10:04:30

[inaudible] commissioners took on before -- I know

[Captioner] 10:04:33

PBS got moved over to commissioner

[Captioner] 10:04:37

Rubio, are you hearing positive momentum on that?

As I talk to

[Captioner] 10:04:40

developers, the opportunity cost of building in Portland has always the been,

[Captioner] 10:04:43

I'm looking at a building here, in Vancouver or

[Captioner] 10:04:47

somewhere else, we're

[Captioner] 10:04:50

permitting, you know, oftentimes saves time and money.

What are you hearing

[Captioner] 10:04:54

anecdotally on the projects that are happening?

[Captioner] 10:04:58

>> JILL CHEN: Yeah, I think with the move for

[Captioner] 10:05:02

BDS, and the -- we, PHB, is

[Captioner] 10:05:05

now clustered with BDS,

[Captioner] 10:05:09

Bureau of Development Services, prosper Portland, and PHB,

[Captioner] 10:05:13

you can call it that economic and community development

[Captioner] 10:05:16

is all clustered

[Captioner] 10:05:19

together.

One of the things, as mentioned

[Captioner] 10:05:22

in this housing production, you know, call it that

[Captioner] 10:05:26

Commissioner Rubio and Mayor wheeler wanted to push

[Captioner] 10:05:29

forward, is to see how can we get more

[Captioner] 10:05:33

production of any sort done

[Captioner] 10:05:36

faster.

And

[Captioner] 10:05:46

There was a survey

[Captioner] 10:05:49

that went to many of our housing

[Captioner] 10:05:53

developers, affordable and non, stakeholders,

[Captioner] 10:05:56

other government officials, to look at what were some of the

[Captioner] 10:06:00

key impediments to get a survey of what was

[Captioner] 10:06:03

the key impediments of housing

[Captioner] 10:06:06

production.

We are --

[Captioner] 10:06:09

my understanding is that the Director is working with the team

[Captioner] 10:06:14

to streamline that process,

[Captioner] 10:06:17

in particular for affordable housing, I know

[Captioner] 10:06:20

we have seen a lot of

[Captioner] 10:06:23

collaboration with BDS in

[Captioner] 10:06:26

trying to move our projects forward.

I mentioned

[Captioner] 10:06:29

the Francis+Clare project with the

[Captioner] 10:06:33

parking.

I mean, this is a project

[Captioner] 10:06:36

that is almost permit ready, changes

[Captioner] 10:06:39

requested by the parish

[Captioner] 10:06:42

for parking.

I was amazed.

[Captioner] 10:06:46

had a meeting where almost --

you had

[Captioner] 10:06:49

land use, parking people, everyone

[Captioner] 10:06:52

at BDS was involved in the meeting trying to solve that

[Captioner] 10:06:55

yesterday.

So Stephen, I am

[Captioner] 10:06:59

hopeful it is working.

I think

[Captioner] 10:07:02

the Director is really trying.

If you're able to push on your

[Captioner] 10:07:05

side, it would be greatly appreciated.

Dr. Holt?

[Captioner] 10:07:09

>> STEVEN HOLT: Thanks, great conversation, and appreciate everybody

[Captioner] 10:07:12

weighing in.

We have ten minutes left

[Captioner] 10:07:16

in this particular session.

And a few other

[Captioner] 10:07:20

things to cover.

So Jill, I don't know

[Captioner] 10:07:23

if there are any specific heavy items that you wanted to hit

[Captioner] 10:07:26

and hit quickly.

[Captioner] 10:07:29

We want to

[Captioner] 10:07:33

give the Interim Director her opportunity.

Great questions, everyone.

[Captioner] 10:07:37

Some of those can be addressed I think in our next session, in the executive

[Captioner] 10:07:40

session, as well.

>> JILL CHEN: Great.

And I will go

[Captioner] 10:07:43

very quickly.

So this is our infographic

[Captioner] 10:07:46

about the Portland Housing Bond.

You'll see that Barbur

[Captioner] 10:07:50

is switched now with Hollywood HUB.

However, the numbers have not changed,

[Captioner] 10:07:53

because as mentioned, we went almost a

[Captioner] 10:07:56

swap of one for one for the exact type of unit.

[Captioner] 10:07:58

So we didn't lose any family size units.

[Captioner] 10:08:02

We didn't lose any 30%

[Captioner] 10:08:05

units.

We did not lose any of the total

[Captioner] 10:08:08

units.

Yes,

[Captioner] 10:08:11

Gabriel.

>> Thanks, Jill, sorry, I just wanted to address

[Captioner] 10:08:14

-- I'm Gabriel

[Captioner] 10:08:22

Matthews, HPB Communications.

[Captioner] 10:08:26

I wanted to share a discrepancy in the graphic, as the

[Captioner] 10:08:29

creator of this graphic, the 900 now open figure

[Captioner] 10:08:32

that you see in the sidebar there

[Captioner] 10:08:35

reflects Emmons Place south building having reached TCO and

[Captioner] 10:08:39

being open now and that's 48 affordable units.

[Captioner] 10:08:41

I just wanted that on the record real quick.

[Captioner] 10:08:45

Sorry.

>> JILL CHEN: Thank you, Gabriel.

[Captioner] 10:08:48

And just as a quick highlight,

[Captioner] 10:08:51

the Portland Housing Bond would exceed total unit production by

[Captioner] 10:08:55

43%.

We are

[Captioner] 10:08:58

looking at

[Captioner] 10:09:01

1,559 units, if we just got one more unit

[Captioner] 10:09:06

we would be at 1,560 units.

We have

[Captioner] 10:09:09

met the targets for family size units which was supposed to be 650,

[Captioner] 10:09:12

we are now at 835.

[Captioner] 10:09:17

30% AMI units, area median income

[Captioner] 10:09:20

units, supposed to be at 600, we're now at 774.

[Captioner] 10:09:23

Permanent supportive housing units at 300 units, we're now

[Captioner] 10:09:27

at 399.

So every one of the

[Captioner] 10:09:31

metrics has been exceeded.

Quickly going through the

[Captioner] 10:09:34

next three slides, Megan, this is just a

[Captioner] 10:09:38

quick infographic about the bond

[Captioner] 10:09:41

openings for this year, which

[Captioner] 10:09:44

units are already opened.

You'll see

[Captioner] 10:09:47

that, and it's great to have seen --

[Captioner] 10:09:50

not sure which one of you have been to some of these

[Captioner] 10:09:54

openings, it's always a great celebration.

[Captioner] 10:09:57

Next slide, please.

Looking forward,

[Captioner] 10:10:00

we also have a number of units opening up in

[Captioner] 10:10:04

2023.

And

[Captioner] 10:10:07

that's Emmons is already opened,

[Captioner] 10:10:10

Aurora, Anna Mann, and The Joyce.

The

[Captioner] 10:10:13

next slide, please.

2024

[Captioner] 10:10:17

to 2026, south 3000

[Captioner] 10:10:20

Powell is -- European it's already

[Captioner] 10:10:24

up, almost getting there.

Alder 9, central east

[Captioner] 10:10:27

side, approved in January, it's under

[Captioner] 10:10:31

construction.

Francis+Clare and Hollywood HUB.

So that's it

[Captioner] 10:10:34

for me.

And I'll

[Captioner] 10:10:37

send it -- the next

[Captioner] 10:10:41

slide.

Thank you all.

>> ANGEL LANDRON: Thank

[Captioner] 10:10:45

you, Jill.

Good morning, everyone.

[Captioner] 10:10:48

My name is Angel

[Captioner] 10:10:52

[Captioner] 10:10:56

Landron.

The highlights as of

[Captioner] 10:10:59

March 31st of this year are the following.

[Captioner] 10:11:02

Expanded versus committed amounts have continued increasing on

[Captioner] 10:11:05

ongoing construction, compared with the previous

[Captioner] 10:11:10

report, expenditures as of march are

[Captioner] 10:11:15

187.6 million, where the project spending

[Captioner] 10:11:18

has increased by 27.7

[Captioner] 10:11:21

million or 17.7%.

[Captioner] 10:11:26

The committed funding for this period is

[Captioner] 10:11:29

76.1 million, decreasing

[Captioner] 10:11:32

by the same amount that was

[Captioner] 10:11:35

spent, 27.7 million, or

[Captioner] 10:11:38

minus 26.7%

[Captioner] 10:11:41

compared to last quarter.

[Captioner] 10:11:46

The remaining of

[Captioner] 10:11:49

[Captioner] 10:11:53

606,622 will be allocated to

[Captioner] 10:11:56

awarded projects.

This amount increased by

[Captioner] 10:12:00

149,000 or

[Captioner] 10:12:04

32.6% versus last quarter.

Any questions?

[Captioner] 10:12:13

>> STEVEN HOLT: I don't see any on hand, thank you very much.

[Captioner] 10:12:24

Appreciate that.

Our Interim Director's report or

[Captioner] 10:12:27

update.

Molly.

>> MOLLY ROGERS: Good morning,

[Captioner] 10:12:31

oversight committee, it's so wonderful to see you.

For the record, I'm

[Captioner] 10:12:34

Molly Rogers, Interim Director of

[Captioner] 10:12:37

the Housing Bureau, I go

[Captioner] 10:12:42

by she/her pronouns.

Obviously, as you all heard, we have so many exciting

[Captioner] 10:12:45

projects opening, still under construction.

We only have two remaining

[Captioner] 10:12:48

to be closed.

Those all

[Captioner] 10:12:52

have -- those actually have plans

[Captioner] 10:12:55

for how they're going to achieve financial close.

And I just

[Captioner] 10:12:58

wanted to really spend a moment to acknowledge

[Captioner] 10:13:02

Jill Chen and her team

[Captioner] 10:13:05

of trying to really find every dollar out there to make sure

[Captioner] 10:13:08

that all of our projects can

[Captioner] 10:13:12

move forward.

We've had numerous conversations with

[Captioner] 10:13:15

our Metro partners,

[Captioner] 10:13:18

State partners,

[Captioner] 10:13:21

HUD, and we started out the pandemic

[Captioner] 10:13:24

with a $70 million additional gap in all of our projects in our

[Captioner] 10:13:27

pipeline, dozens and dozens of

[Captioner] 10:13:30

projects, thousands of homes for low income

[Captioner] 10:13:37

Portlanders.

And now we have whittled that down

[Captioner] 10:13:40

so we can meet the commitments we made to the voters and the

[Captioner] 10:13:44

Portland Housing Bond and we have a path forward

[Captioner] 10:13:47

to the

[Captioner] 10:13:51

Metro Housing Bond projects too.

I hope we

[Captioner] 10:13:54

can have applause for Jill.

Along the same lines, as

[Captioner] 10:13:57

we are closing, I don't even know, five or six projects in the

[Captioner] 10:14:01

next two months, Jill, unprecedented

[Captioner] 10:14:04

level of activity for the Housing Bureau.

[Captioner] 10:14:07

We're also in the midst of significant

[Captioner] 10:14:11

transition as part of charter reform.

[Captioner] 10:14:14

I've already indicated last time, we

[Captioner] 10:14:17

are now at part of a portfolio of service bureaus along with

[Captioner] 10:14:22

BDS, our development services, Prosper Portland and planning

[Captioner] 10:14:25

and sustainability.

We've

[Captioner] 10:14:28

already seen the great

[Captioner] 10:14:31

alignment work happening, really in a short amount of time.

[Captioner] 10:14:34

I believe Jill alluded to a number of those efforts, where we're

[Captioner] 10:14:38

looking more broadly at the costs of building housing.

We're looking more

[Captioner] 10:14:41

broadly at housing production.

[Captioner] 10:14:44

We're looking beyond just bonds but we

[Captioner] 10:14:47

also are looking at how does the need for more

[Captioner] 10:14:50

resources like bonds to keep up and keep

[Captioner] 10:14:53

the momentum happening that we've already

[Captioner] 10:14:57

generated as part of the development community, that everyone has been

[Captioner] 10:15:00

gearing up, but also at

[Captioner] 10:15:03

PHB.

So there's a lot of chatter, a

[Captioner] 10:15:08

lot of conversations happening around

[Captioner] 10:15:11

Portland bond 2.0 or Metro Bond 2.0.

[Captioner] 10:15:15

I believe those are conversations

[Captioner] 10:15:18

that will be happening at

[Captioner] 10:15:21

various levels.

The coalitions out

[Captioner] 10:15:24

there between the -- at the elected level.

We're

[Captioner] 10:15:28

hearing there may be some polling happening, we'll update

[Captioner] 10:15:32

you all once we get information of the results back of any future polls.

[Captioner] 10:15:38

I believe personally that it's a polling

[Captioner] 10:15:42

that will help shape what the next strategy will be for

[Captioner] 10:15:45

going out for another bond.

But we do

[Captioner] 10:15:48

see -- we've been clearly communicating

[Captioner] 10:15:51

with our commissioner and

[Captioner] 10:15:55

other leaders that we see --

[Captioner] 10:15:58

we would love to see some kind of bond in 2024 so

[Captioner] 10:16:01

we can -- because that's when we know all the Portland

[Captioner] 10:16:04

bond projects will be financially closed.

Let's

[Captioner] 10:16:09

see.

We are going to -- we're continuing to align

[Captioner] 10:16:12

as best we can, having

[Captioner] 10:16:15

conversations with various partners, funding

[Captioner] 10:16:18

sources, State sources, Metro

[Captioner] 10:16:21

sources.

It's greater recognition of,

[Captioner] 10:16:24

we're underproducing housing, what are the obstacles,

[Captioner] 10:16:28

and part of that for us in affordable housing is our

[Captioner] 10:16:32

developers go through multiple competitive rounds in order to get one

[Captioner] 10:16:35

project funded, what can we be doing differently,

[Captioner] 10:16:38

what can they be doing differently, totally open to

[Captioner] 10:16:41

all things, that we can be in service to our development partners,

[Captioner] 10:16:44

because we need to get the units on the ground here.

We see

[Captioner] 10:16:47

the need every single day.

So we would love to hear from

[Captioner] 10:16:50

all of you as well, if you have different ideas,

[Captioner] 10:16:53

different thoughts, input, and

[Captioner] 10:16:56

how do we keep all the

[Captioner] 10:16:59

public funders working

[Captioner] 10:17:02

together.

So we are part of the solution and

[Captioner] 10:17:06

not creating additional barriers that don't need to

[Captioner] 10:17:09

exist.

With that, I would be happy to take any questions.

[Captioner] 10:17:17

>> STEVEN HOLT: Questions or comment?

As we're getting to the

[Captioner] 10:17:20

end, what I'm going to do with the Bond Oversight Committee is I'm going to call

[Captioner] 10:17:23

each one by name and you can respond

[Captioner] 10:17:27

to the Interim Director's report or any comments you might

[Captioner] 10:17:30

have.

[Captioner] 10:17:32

Allan?

>> Thank you, Dr. Holt.

[Captioner] 10:17:35

I don't have any specific comments.

I think we had the conversation, at least started the conversation about

[Captioner] 10:17:39

how we align resources, so I think it's an ongoing and much

[Captioner] 10:17:42

bigger conversation than we have a few minutes for.

But I appreciate

[Captioner] 10:17:46

you all's attention to it and

[Captioner] 10:17:50

the work you're doing.

[Captioner] 10:17:56

>> MOLLY ROGERS: Happy fair housing

[Captioner] 10:17:59

month, by the way,

[Captioner] 10:18:03

Allan.

>> STEVEN HOLT: Todd?

>> Similar,

[Captioner] 10:18:06

just appreciations, no

[Captioner] 10:18:09

questions.

Thanks.

>> STEVEN HOLT:

[Captioner] 10:18:12

Stephen?

>> No questions, I'll

[Captioner] 10:18:15

piggyback on what other folks said, and I appreciate all the moving pieces

[Captioner] 10:18:18

that are involved in this.

I'm more so

[Captioner] 10:18:21

than a lot of other people maybe know the complexities of all the plates

[Captioner] 10:18:24

that are in the air and all the changing things that are

[Captioner] 10:18:28

happening that are impacting the projects and the intentions

[Captioner] 10:18:31

that folks have.

And I look forward to continue

[Captioner] 10:18:34

to work on this and I love

[Captioner] 10:18:37

the idea that Jill was talking about where this is a

[Captioner] 10:18:40

regional approach because it's going to take more to do the work

[Captioner] 10:18:44

we're doing in Portland.

Keep

[Captioner] 10:18:47

it up, y'all.

[Captioner] 10:18:50

>> STEVEN HOLT: Thanks, Stephen.

[Captioner] 10:18:54

Anneliese.

>> Appreciation for all the great work

[Captioner] 10:18:57

and the conversation today.

Thank you.

>> STEVEN HOLT: Thank you.

[Captioner] 10:19:00

Thanks, everyone, and all of

[Captioner] 10:19:03

the presenters of the information as well as the questions.

I appreciate

[Captioner] 10:19:06

the interaction.

We've come to the end of this meeting.

[Captioner] 10:19:09

We will be gathering in three months.

Again, welcome to

[Captioner] 10:19:12

the spring, everyone,

[Captioner] 10:19:15

enjoy the rest of this incredible day, hopefully it will

[Captioner] 10:19:18

dry out some.

Our next meeting is July

[Captioner] 10:19:22

13th.

It will be in this

[Captioner] 10:19:25

format, hybrid.

And we will start at

[Captioner] 10:19:28

9:30.

So you can either come in person or via Zoom.

[Captioner] 10:19:33

If there are any other issues and/or questions, do reach out to

[Captioner] 10:19:36

the Portland Housing Bureau.

You've

[Captioner] 10:19:40

got a great staff that will be more than happy to help you work

[Captioner] 10:19:43

through whatever it is that you need to work through.

So take care,

[Captioner] 10:19:43

everybody.

Have a great day.

We'll see you.

[Captioner] 10:20:11

Bye-bye.

Are we going to need to exit and reenter for the executive

[Captioner] 10:20:14

session, is that a different link?

Anybody know?