Metro Housing Bond

Metro-area voters recently approved a $652.8 million general obligation bond, a proactive measure to address the shortage of affordable housing within Metro’s urban growth boundary. The bond allows our region the opportunity to invest in the development of new housing resources for some of our most vulnerable and historically marginalized residents.

Metro-wide goals for the bond funds include:

• Create affordable homes for about 12,000 people across the region
• Create approximately 1,600 homes for households with 30 percent of area median or less
• Serve families (At least half of the affordable homes created will have two to five bedrooms.)
• No more than 10 percent of homes will house people between 61 to 80 percent of area median income.
• Create 20.8 percent of homes in Clackamas County, 45 percent in Multnomah County and 34 percent in Washington County (This number is based on the assessed value of the property tax within each county within the metro boundary, which is an estimate placed on a property by the county’s tax assessor.)
• Utilize all funding within seven years

What Does The Metro Bond Mean For Clackamas County?

Clackamas County currently has about 41 percent of the affordable homes needed to meet our residents’ needs. This includes single family homes, apartments in the private market that do not have rent limits and apartments with rent limits (regulated affordable housing lower-income families can qualify for).

The bond will cost homeowners, on average, about $60 per year over the next 30 years.

These funds allow the county to shape the landscape of housing that will serve our communities affordable housing needs for decades to come. The county’s goals for the bond funds are to:

• Create housing for over 2500 county residents
• Develop approximately 812 new affordable housing units
• Meet the needs of families by making at least 406 units two bedroom or larger
• Create affordable homes for low-income families earning between 61 – 80% of AMI by using up to 10% of the funding
• Develop and make accessible at least 333 units to extremely low-income families earning 30% or less of AMI

Clackamas County is committed to using information gathered by a robust community engagement process to inform the strategy that will be laid out in the Clackamas County Implementation Strategy Proposal. The implementation plan will guide the creation of housing using these new funds.

What is Area Median Income?

Area Median Income (AMI) limits are established annually by the US Department of Housing and Urban Development (HUD). Median income varies by family size. It is a measurement of where a family’s earnings lie on the spectrum from very rich to very poor. The median calculated by HUD is the middle of the spectrum where 50 percent of families make more than the median and 50 percent of families make less than the median. Those making 80 percent or less than the median are considered low income.

In Clackamas County $81,400 is considered the midpoint of earnings for a family of 4. If a family of 4 makes at least $81,400, they are not considered low income but rather “middle class”.

Will You or a Family Member Qualify to Live in Affordable Housing?

If your family earns 80% or less of Area Median Income based on the chart below you would qualify to live in housing developed by the Bond.

What is Affordable Housing?

The definition of affordable housing depends on income level. The more income you have, the more you can pay toward your housing costs. The U.S. Department of Housing and Urban Development (HUD) defines affordable housing as, housing that costs 30 percent or less of a household’s income. That means that housing affordability depends on the family and not on whether you own a home or live in public-subsidized housing. Unfortunately, the gap between rent and wages has widened in our community, making the majority of rental units out of reach for many of our neighbors.

Will You or a Family Member Qualify to Live in Affordable Housing?

If your family earns 80% or less of Area Median Income based on the chart below you would qualify to live in housing developed by the Bond.

Community Engagement Activities