Mayor Keith Wilson in a Monday letter implored the Portland City Council to make policy changes that he says would ensure that affordable housing providers don’t go belly-up in the coming year.
He warned in the June 8 letter that structural issues plaguing such providers were so severe that within six months, some of the providers could become financially insolvent.
“We must now turn our attention to the structural factors that threaten to drive our affordable housing portfolio into financial insolvency,” Wilson wrote. “The risk we face is not distant or hypothetical. Barring swift action, major housing assets may cease operations in as little as six months.”…