Metro, Gresham to celebrate kick-off of new affordable homeownership development in the Rockwood neighborhood

Using the land trust model in partnership with Proud Ground, Habitat for Humanity is building 20 townhomes for affordable purchase in Gresham.

Event details: 11:00 am-noon, Tuesday, July 30, at 17640 NE Glisan St., Portland

Local leaders from Metro and the city of Gresham will join Habitat for Humanity and other project partners on Tuesday to celebrate the kick-off of a new affordable homeownership development in Gresham. Once construction is complete, Myrtlewood Way will offer 20 income-restricted townhomes for purchase in the culturally diverse Rockwood neighborhood, where housing costs have risen rapidly in recent years.

The high-quality, energy efficient homes will be built with the help of homeowners and volunteers. With three, four and five bedrooms, the homes will comfortably house multigenerational families and households of varying sizes. The development sits across the street from the 10-acre Nadaka Nature Park and playground, and public transit access is mere steps away.

As home buying becomes increasingly out of reach for many renters, affordable homeownership offers an alternative pathway to building equity. The new development will use a community land trust model, in which nonprofit Proud Ground will own the land beneath the homes even as the buildings themselves are sold. This shared equity model, along with profit restrictions on future sales, helps keep the prices of the homes affordable.

The site is being developed with funding from a variety of sources, including $3.8 million in voter-approved Metro affordable housing bond funds leveraged by the city of Gresham.

"Gresham believes that part of a thriving community is creating a variety of sustainable housing opportunities for all," Gresham City Manager Eric Schmidt said. "We're grateful for the collaboration with Metro to create additional housing options and make the possibility of homeownership attainable in the City of Gresham."

"Owning a home is a pillar of the American dream that has historically been out of reach to people of color in our state," Metro Regional Housing Director Patricia Rojas said. "But with developments like Myrtlewood Way, we're moving toward a more equitable homebuying market, one that anyone - regardless of inherited equity - can participate in."

About Metro Housing Department: Metro is working to create new affordable housing and to reduce homelessness through the oversight of two measures: In 2018, voters in greater Portland approved the affordable housing bond to generate $652.8 million to create homes for approximately 12,000 people, and in May 2020, voters approved a supportive housing services fund to expand services for people experiencing or at risk of homelessness. Metro collaborates with local cities and counties to implement these local solutions to address a homelessness crisis affecting all communities across greater Portland.

About Gresham: Gresham is a welcoming community of hard-working people where tradition meets opportunity in Oregon's fourth largest city. Gresham's residents care deeply about our roots and are committed to building a vibrant future. Today, Gresham is a dynamic, innovative, and rapidly growing city with a desire to thrive. To learn more, visit us on Twitter at @CityofGresham.