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PDC Acquires Properties for Lower-Income Housing

PORTLAND-The city's development arm is buying a downtown hotel and an apartment complex to offset the upcoming loss of low-rent rooms in the area.

By Brian K. Miller | Updated on September 15, 2000

PORTLAND-The Portland Development Commission is purchasing the 80-unit Fountain Place Apartments and the 84-unit Fairfield Hotel for just under $5 million to defend against the loss of more low-income housing in the downtown area.

The city’s development arm is borrowing from a housing preservation fund line of credit for the purchase while it comes up with a long-term financing plan. The Fairfield Hotel (1117 S.W. Stark St.) was purchased for $1.475 million. The Fountain Place Apartment building (929 S.W. Salmon) was purchased for $3.5 million.

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