City's First Housing Preservation Ordinance Project Complete

PORTLAND-City officials will celebrate tomorrow the opening of their first affordable apartment acquisition and renovation under its 1998 Housing Preservation Ordinance.

The building, at 333 Oak St., is 90-units of affordable housing for very low-income individuals, primarily elderly and disabled, many receiving Section 8 assistance. When owners of 333 Oak adopted to sell the low-income apartment building in 1998, it was in danger of being sold to developers looking to convert it to market rate apartments or high-end condominiums. The city, through its development arm, the Portland Development Commission, concurrently purchased the building and passed a Housing Preservation Ordinance. The Oak Street building is the first building to be purchased and rehabbed under the ordinance.