Council Approves $2.5 Million Investment in Homeownership Opportunities for North and Northeast Portland

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FOR IMMEDIATE RELEASE
Date: June 3, 2026

Council Passes Homeownership Investment to Expand Wealth-Building Opportunities in North and Northeast Portland

PORTLAND, Ore. - In a 10-2 vote during the second reading, the Portland City Council officially approved Councilor Loretta Smith's ordinance appropriating $2.5 million to support affordable homeownership development in North and Northeast Portland. This investment will help create new pathways to homeownership through projects led by Self Enhancement, Inc. (SEI) and the Williams & Russell development.

The ordinance allocates $1.5 million to Self Enhancement, Inc. for the construction of 49 homeownership units and $1 million to the Williams & Russell development for 12 townhomes. The focus is on expanding access to homeownership, preventing displacement, and supporting long-term wealth building for historically underserved communities.

Homeownership changed the trajectory of my life," said Councilor Loretta 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.

The ordinance acknowledges the historic displacement of Black families in North and Northeast Portland and aims to create affordable homeownership opportunities for households earning between 65% and 120% of the Area Median Income, with a focus on first-time homebuyers and culturally appropriate outreach.

"Too many families have been locked out of homeownership and the opportunities it creates," Smith said. "This investment is about creating pathways to ownership, strengthening communities, and helping families remain rooted in the neighborhoods they call home.

Councilor Smith thanked her colleagues for their partnership and support in advancing the ordinance, including Councilor Eric Zimmerman, Councilor Elana Pirtle-Guiney, Councilor Dan Ryan, and Council Vice President Olivia Clark, who joined as co-sponsors.

The investment advances the City's goals of increasing housing stability, promoting equitable development, preventing displacement, and supporting intergenerational wealth-building opportunities for Portland residents.

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