The Portland, Ore., City Council approved a 1% construction excise tax. The tax is expected to raise $8 million a year to fund affordable housing initiatives.
Both residential and commercial projects are subject to the tax. The Oregon Legislature repealed a 17-year-old ban on inclusionary housing rules earlier this year, opening the door for Portland’s tax.
Portland will start collecting the tax August 1, with proceeds earmarked for the city’s Inclusionary Housing Fund and the Oregon Department of Housing and Community Services. Certain projects, those costing less than $100,000, qualified affordable housing developments, some owner-occupied residential projects, public works, private schools, religious buildings, agricultural buildings, nonprofit care facilities, and accessory dwellings, are exempt.
Portland currently has a hot housing market, with low availability of homes for sale. The excise tax collected is meant to help build housing projects targeting those who earn 80% or less of the city’s median family income.
Related Stories
Coronavirus | Apr 5, 2020
COVID-19: Most multifamily contractors experiencing delays in projects due to coronavirus pandemic
The NMHC Construction Survey is intended to gauge the magnitude of the disruption caused by the COVID-19 outbreak on multifamily construction.
Plumbing | Mar 13, 2020
Pioneer Industries launches new website
Pioneer Industries launches new website
Multifamily Housing | Mar 5, 2020
The Aviator apartment community opens near Henderson Executive Airport
The community is inspired by antique airplane designs.
Building Materials | Mar 3, 2020
84 Lumber President Maggie Hardy Knox receives Career Achievement Award
Maggie Hardy Knox, President of 84 Lumber and Nemacolin Woodlands Resort, to receive Career Achievement Award.
Multifamily Housing | Feb 26, 2020
School districts in California are stepping in to provide affordable housing for faculty and staff
One high school district in Daly City has broken ground on 122-apartment building.
Multifamily Housing | Feb 23, 2020
A post-storm Puerto Rico reconsiders how and what to rebuild
Federal help means tougher code enforcement. And will this island of homeowners embrace renting?
| Feb 17, 2020
Interior designers weigh in on outdoor kitchens
Designers weigh in on outdoor kitchens
