PORTLAND HOUSING CORPORATION and PORTLAND HOUSING DEVELOPMENT CORPORATION




To help the Portland Housing Authority in the accomplishment of its public purpose, the Authority has established the Portland Housing Corporation (PHC) and the Portland Housing Development Corporation (PHDC). These Corporations have directed affected the quality and quantity of decent, affordable housing in the greater Portland area.

The PHC was incorporated in August, 1979 as a non-profit corporation and is a wholly-owned subsidiary of the Portland Housing Authority. The Corporation acts as an "instrumentality" of the PHA for the purpose of engaging in, by borrowing and lending funds, the development and financing of housing projects. Through the sale of Section 8 Assisted Mortgage Revenue Bonds, the PHC provided $6,895,000 of tax exempt financing to G & S Associates for the substantial rehabilitation of the Congress Square Hotel. Congress Square Plaza now provides 160 units of assisted housing for low-income people of Portland. The property is privately owned and pays full property taxes to the City of Portland.

The PHDC is also a wholly-owned subsidiary which was incorporated in 1983. Its purpose is to provide low-interest loans, technical assistance, serve as an interim co-sponsor/developer/mortgagor and to promote, design, and implement programs to aid in the task of providing decent, affordable housing for low-income residents of the greater Portland area. The following is a list of projects aided by the PHDC and the institutions it worked with in each project:

* Portland West Neighborhood Planning Council
** York-Cumberland Housing Development Corporation
*** Cumberland County Affordable Housing Venture

Project Location and Name	Units	Project Sponsor	Amount	Other Financial Backers
168 Clark Street	2	PWNPC*	$11,000	City, MSHA
8 Cushman Street	3	PWNPC	$13,000	City, MSHA
249 Spring Street	3	PWNPC	$10,000	City, MSHA
214 Danforth Street	6	PWNPC	$26,500	City, MSHA
30 Cushman Street	4	PWNPC	$204,000	City, MSHA, bank
Cove Street	6	PWNPC	$93,911	City, MSHA
Hammond Street	4	PWNPC	$59,577	City, MSHA
Salem Street	3	PWNPC	$49,910	City, MSHA
Oxford Street	2	Habitat for Humanity	$25,000	Bank
Serenity House	13	Comm. Alcohol	$100,000	MSHA, bank
47 Valley Street	9	YCHDC**	$30,000	MSHA, bank
City Hospital	104	City Hosp. Assoc.	$31,789	MSHA
American Red Cross	---	--	$10,000	Grant
CCAHV	---	--	$ 1,500	Grant
CCAHV	---	--	$50,000	Grant
Pub. Hsng. Scholarship Fund	---	--	$20,000	--
Bell Street	4	PWNPC	$31,000	City, MSHA, HUD
Youth Alternatives	---	--	$23,000	--
East Bayside study	---	YCHDC	$25,000	--
CCAHV	---	--	$ 5,000	Grant
Brackett Street	5	PROP	$ 5,000	City, MSHA
Front Street	1	Habitat for Humanity	$25,000	--
Tate Street	4	Habitat for Humanity	$130,000	--

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