PORTLAND, Ore. (KOIN) — Mark Funk and his wife were at the ribbon cutting ceremony Monday for the new apartment complex, Waterleaf Apartments, on downtown Portland’s waterfront. He said he’s thankful to have a beautiful and affordable place to live.
“It means a lot to us because we know what it’s like to have housing insecurity. Moving in here and getting a set of keys, it’s not just getting an apartment, the location,” Funk said at the ceremony. “This is an awesomely safe and intriguing place to live.”
Construction on the Waterleaf Apartments on River Parkway began at the end of 2020. The $78 million building has 178 units, with a studio apartment costing $483 per month and a one-bedroom just over $500 per month.
Across the street, non-subsidized housing has a studio for $1400 per month, a one-bedroom nearly $1800 per month.
The Waterleaf opened its doors just 2 months after the Portland Housing Bureau released a report that showed rent rose nearly 4% between 2021 and 2022. That report also said half of Portland renters shell out 30% of their paychecks on rent, with 25% spending about half their monthly income to pay rent.
Nearly $2 million of the construction cost was paid for by Metro bond funds. It’s also funded by low income housing tax credits, the Portland Housing Bureau, Prosper Portland and private funding.
Waterleaf serves family households earning between 30-60% of Area Median Income (AMI), currently $31,950 to $63,900 for a household of four, officials said.
The Waterleaf Apartments are also funded with vouchers that help veterans who are struggling financially. About 20 veterans will have the opportunity to live at the new complex with those vouchers.
“This project embodies what community transformation can and should look like with the right alignment of resources and partnerships — and it does that in a neighborhood that offers amenities and opportunities that should be available to Portlanders of all income levels,” Commissioner Carmen Rubio said in a statement.
For Mark Funk and his wife, the new complex is gratifying.
“I appreciate the opportunity. I know it takes more than a village, it takes a lot of people working in cooperation, a lot of people communicating, and a lot of money,” he said. “And it all has to come together. And it has.”