PORTLAND, Ore. (KOIN) — Ground broke Thursday on a new apartment building that will house hundreds of people who can’t afford market rent, from seniors to parents with young children.
REACH Community Development, a non profit that owns and manages affordable housing in Portland is in charge of the new building, called 72 Foster. It will take more than a year to build the 101-unit apartment building.
Some of the future residents qualify for Section 8 housing, but most of the apartments are for people making 60% of the median local income — about $45,000 a year for a family of 4.
There will be different apartment sizes for different types of residents, from studios to 3-bedrooms. REACH said 72 Foster will also have 8,900 square feet of retail space on the ground floor.
While affordable housing is good for those low income Portlanders, some residents in the area are not happy about the development on Foster and in Lents.
“They’re going to price us out. My property tax is over $6,000 a year,” said Eric Benson, who has lived in Lents his whole life.
While some argue that it’s good when the neighborhood improves, Benson said, “As long as it doesn’t affect the homeowners that have been here. As [the apartment complex] goes up, how high are our taxes going up?”