Fannie Mae’s SEL-2025-10 expands ADU eligibility to up to three per single-unit property and enhances renovation financing—relevant implications for Portland metro appraisals and housing flexibility.
Detached guest house on a residential property, illustrating expanded ADU eligibility Via Canva Pro
Fannie Mae issued Selling Guide Announcement SEL-2025-10 on December 10, 2025, introducing updates to renovation lending programs and property eligibility guidelines.
These changes support greater flexibility for home improvements and accessory units in conventional financing.
Renovation Lending Updates
HomeStyle Renovation loans now permit upfront disbursements of up to 50% of total renovation costs at closing for materials, permits, architectural or design fees, and borrower deposits.
For manufactured homes, the previous $50,000 renovation cost cap has been removed; costs may now reach 50% of the as-completed appraised value, aligning with site-built properties.
Limited cash-out refinances under this program can include buying out a co-owner’s interest—such as in inheritance or divorce scenarios—alongside renovations, with no cash back to the borrower.
HomeStyle Refresh, rebranded from HomeStyle Energy and effective for applications received on or after March 31, 2026, finances up to 15% of the as-completed appraised value for cosmetic or functional upgrades, disaster resiliency improvements (e.g., storm barriers or wildfire-resistant roofing), and environmental remediation (lead, asbestos, or mold).
Energy reports are often not required under this streamlined option.
Interior renovation work on a residential property Via Canva Pro
ADU and Manufactured Housing Expansions
Effective March 31, 2026, and requiring compliance with UAD 3.6, Fannie Mae broadens accessory dwelling unit (ADU) eligibility.
Single-unit properties may now include up to three ADUs if permitted by local zoning.
Two- to three-unit properties qualify for ADUs provided the total unit count does not exceed four.
Standard manufactured homes, including single-wide models, are eligible for one ADU classified as real property.
MH Advantage properties support multiple ADUs, with the overall unit total capped at four.
These expansions also extend eligibility to two- to four-unit and multi-story manufactured homes.
While a small subset of the overall market, the Portland Region sees about 300 sales a year of manufactured homes on owned land. These provisions will materially expand options for manufactured home owners.
In the Portland metro area, where local policies already encourage middle housing and ADUs to address supply constraints, these guidelines complement recent incentives such as the temporary SDC exemption for new housing units.
Appraisal Implications
The updates increase reliance on as-completed appraised value for determining loan-to-value ratios, renovation limits, and eligibility.
Appraisers serving the region may see growing demand for projected-value analyses on properties with multiple ADUs, manufactured home additions, or significant renovations.
Highest-and-best-use conclusions will need to carefully reflect local zoning allowances and market acceptance of these configurations.
Lenders and homeowners exploring alternatives to jumbo financing may find added flexibility here, especially alongside the recently announced higher FHA 2026 loan limits in the Portland metro.
Sources & Further Reading
Fannie Mae Selling Guide Announcement SEL-2025-10: Official Document
Portland’s Temporary SDC Exemption for New Housing Units (2025–2028): PortlandAppraisalBlog
The 2024 Portland Region Manufactured Housing Market in Review: PortlandAppraisalBlog
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CODA
Are you an agent in Portland and wonder why appraisers always do “x”?
A homeowner with questions about appraiser methodology?
If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.
And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.
This week brought a mix of developments in the Portland region’s housing landscape, from persistent vacancies in affordable units to new grants aimed at community outreach, transit adjustments, cost-relief measures for developers, and a modest expansion in FHA financing options. While no single overriding theme tied every story together, the updates highlighted ongoing efforts to address supply barriers and accessibility—whether through administrative support, infrastructure trade-offs, or buyer eligibility—against a backdrop of stubborn affordability pressures in the metro area. Appraisers tracking these shifts see subtle influences on valuation approaches, particularly in multifamily stability and development feasibility.
Sunday, December 7: Affordable Housing Vacancy Paradox
Empty interior of an income-restricted apartment unit in Portland, symbolizing the region’s persistent vacancies in affordable housing programs Via Canva Pro
Portland’s affordable housing efforts face a stark contradiction: despite progress in producing income-restricted units through inclusionary zoning, 1,863 apartments remain vacant across the region’s subsidized stock—a 7.4% vacancy rate in a portfolio of over 25,000 units. Funding shortfalls at Home Forward, including deep federal voucher cuts, combined with administrative delays and rising costs, have paused voucher issuances and extended waitlists, leaving units unoccupied even as homelessness climbs.
This bottleneck undermines the pipeline from new construction to actual occupancy, with broader implications for market stability. In the Portland–Vancouver–Hillsboro MSA, where the FY 2025 median family income stands at $124,100 for a four-person household, these vacancies highlight how policy successes in unit creation can falter at the activation stage.
Appraisers encounter direct risks here, particularly in multifamily and mixed-income assignments. Vacancies exert downward pressure on potential gross income and net operating income, necessitating careful adjustments in the income approach—longer projected absorption periods, elevated vacancy allowances, and potentially higher capitalization rates to account for stabilization delays. For highest and best use analyses, extended lease-up timelines due to voucher bottlenecks may shift underwriting assumptions toward more conservative horizons.
Certified General appraisers handling investment-grade properties must segregate deed-restricted comparables rigorously from market-rate sales, as the growing inventory of restricted units introduces pricing disparities that could lead to incomplete analyses if not addressed. In submarkets with concentrated affordable projects, these factors amplify risks of overvaluation if administrative hurdles are overlooked.
Monday, December 8: East Portland Housing Capacity Grants
Via Canva Pro
Building on the challenges of vacant affordable units, the Portland Housing Bureau opened a new RFP for $180,000 in grants targeted at building community and housing capacity in East Portland—areas east of I-205 that often face higher displacement risks and outreach gaps. Up to two nonprofits could receive $90,000 each for activities like resident education, leadership development, and engagement in housing planning processes.
This funding emphasizes flexible support for organizations already working in underserved submarkets, aiming to improve access to existing resources rather than fund large-scale development. By strengthening nonprofit infrastructure, the initiative seeks to bridge administrative and informational barriers that contribute to underutilized housing stock.
For appraisers, these grants signal potential enhancements in neighborhood stability over time. Improved outreach could gradually reduce vacancies in income-restricted units by facilitating better matches between households and available programs, indirectly supporting occupancy assumptions in multifamily valuations.
In highest and best use considerations for properties in East Portland, heightened community engagement may bolster arguments for resilient, accessible residential uses. However, appraisers should remain cautious of persistent displacement pressures; overlooking outreach deficiencies could lead to overly optimistic projections in market stability analyses for transit-oriented or affordable-focused submarkets.
Tuesday, December 9: Oregon DOJ Settlement on Home Liens
Via Canva Pro
The Oregon Department of Justice reached a settlement resolving liens placed by MV Realty on hundreds of Oregon homes, clearing title encumbrances for affected properties across the state, including the Portland region. The agreement removes restrictions that had clouded marketability for homeowners who entered long-term listing agreements.
This resolution restores clear title for participants, eliminating potential barriers to sale or refinancing. In a market where title issues can delay transactions or affect perceived value, the settlement provides relief for individual residential properties previously impacted.
Appraisers reviewing assignments involving formerly encumbered homes must verify the settlement’s application to ensure no lingering clouds on title, as unresolved liens could otherwise trigger scope limitations or require extraordinary assumptions. For broader market analyses, the clearance reduces minor frictional risks in the sales comparison approach, though the overall impact remains limited given the settlement’s scope.
Wednesday, December 10: TriMet Evening Bus Reductions
TriMet FX2–Division bus at the OMSI SE Water station in Southeast Portland. Photo: Truflip99 via Wikimedia Commons (CC BY 4.0)
TriMet rolled out the first phase of targeted evening service cuts on several bus lines, responding to a projected $300 million budget shortfall as operating costs have surged over 50% since 2019 while ridership lingers at roughly two-thirds of pre-pandemic levels. Reductions affect low-ridership hours on routes like FX2–Division and others, shifting frequencies to hourly in many cases.
These changes introduce subtle frictions for transit-dependent residents, particularly evening-shift workers or families in outer submarkets, potentially influencing tenant preferences and renewal patterns.
Appraisers focused on multifamily properties should monitor for emerging effects in affected corridors. Reduced evening access could translate to minor softness in occupancy or rents for assets serving low-vehicle households, warranting adjustments to income projections or closer scrutiny of location amenities.
In highest and best use evaluations for transit-oriented developments, ongoing fiscal pressures on public transportation raise risks of diminished connectivity advantages, potentially favoring car-oriented alternatives in certain submarkets and complicating long-term valuation stability.
Thursday, December 11: Temporary SDC Exemptions for New Housing
Via Canva Pro
Portland implemented a temporary waiver of system development charges (SDCs) for most new residential units through 2028, foregoing an estimated $63 million in revenue to spur production of around 5,000 additional homes. Average per-unit fees often exceed $20,000—sometimes reaching $35,000 for single-family—representing a meaningful slice of development costs.
The exemption applies automatically to eligible permits, with early indicators showing strong developer interest, including hundreds of inquiries skewed toward single-family projects alongside larger multifamily proposals.
This policy directly lowers barriers to new supply in a region where new construction sales have lagged. Savings scale with project size, offering substantial relief for multifamily developers and potentially accelerating inventory in constrained submarkets.
Appraisers benefit from adjusted cost approach inputs: lower replacement costs for under-construction or proposed residential properties can support higher feasibility conclusions, particularly in marginal locations. The waiver strengthens highest and best use arguments for residential redevelopment, improving projected returns.
Yet trade-offs merit attention—foregone funds delay infrastructure upgrades, including transportation improvements that intersect with transit challenges. The waiver introduces long-term risks against near-term production gains.
Friday, December 12: RSO Reallocation and HUD Policy Updates
The paradox of empty apartments amidst a backlog of applications Via Canva Pro
A significant $20.7 million reallocation emerged in the context of local rental assistance and stabilization programs, accompanied by reversals of previously approved rent increases for certain covered properties and a temporary pause in new HUD policy implementation that impacts subsidized housing operations in the Portland area.
These adjustments reflect responsive shifts in funding priorities and regulatory oversight, potentially stabilizing expenses for tenants in assisted units while altering short-term revenue projections for landlords and investors in affected multifamily assets.
The reallocation redirects resources toward immediate rental support needs, while the reversal of rent hikes—tied to earlier administrative approvals—restores lower allowable increases, providing relief amid ongoing affordability strains but introducing uncertainty in cash flow forecasting.
A HUD policy pause further delays changes that could have influenced contract renewals or compliance requirements for project-based Section 8 and similar programs, giving operators additional time to adapt but prolonging ambiguity in long-term planning.
For appraisers valuing rent-stabilized or subsidized multifamily properties, these developments demand heightened vigilance in the income approach. Sudden reversals in allowable rents necessitate conservative growth assumptions and thorough verification of current versus projected expense ratios, as policy volatility can elevate perceived risk.
Certified General appraisers must incorporate these pauses and reallocations into capitalization rate selections—potentially justifying higher rates to reflect regulatory uncertainty—or risk overvaluation in assets reliant on public funding streams. In highest and best use analyses, frequent policy shifts underscore the importance of stressing scenarios that account for administrative reversals, ensuring robust support for conclusions in a regulated environment.
Saturday, December 13: 2026 FHA Loan Limits in Portland Metro
Single-family neighborhood in Portland, Oregon–representative of homes affected by 2026 FHA loan limit of $701,500 Via Canva Pro
The FHA announced its 2026 loan limits, raising the one-unit ceiling in the Portland–Vancouver–Hillsboro MSA to $701,500—a modest $5,750 increase from 2025. This adjustment expands low-down-payment eligibility to roughly 48 additional detached homes sold in recent quarters that previously sat just above the prior threshold.
While the bump is small, it broadens 3.5% down-payment options for mid-range buyers in core metro counties, with minimal change for higher-priced segments where FHA usage remains low.
In addition to developing an opinion of value, appraisers on FHA assignments focus primarily on identifying property deficiencies or conditions that could render a home ineligible for financing—lenders handle the loan-to-value calculations against the limit using the appraised value alongside borrower qualifications. Lenders handling FHA assignments with case numbers assigned on or after January 1, 2026, will apply the new $701,500 ceiling across the core Portland metro counties.
Taken together, the week’s stories paint a picture of incremental policy responses to Portland’s entrenched housing challenges—vacancies despite production gains, targeted grants to improve access, cost relief to boost supply, and financing tweaks to aid buyers—all while navigating fiscal constraints in transit and infrastructure. Appraisers see recurring themes of administrative and funding hurdles that demand careful risk adjustments in income and cost approaches.
These developments underscore the need for nuanced analyses that account for policy-induced variables, from vacancy drags in affordable segments to feasibility boosts via fee waivers. In a market still grappling with supply shortages, such measures offer guarded optimism for added inventory and stability.
Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.
Question: Which of this week’s updates—whether the SDC waivers, FHA limit adjustment, or affordable vacancy insights—do you see having the biggest impact on your next appraisal assignment or investment decision in the Portland region?
CODA
Are you an agent in Portland and wonder why appraisers always do “x”?
A homeowner with questions about appraiser methodology?
If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.
And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.
Julia West House, a 12-story mass timber tower in downtown Portland, opens with 90 units (89 regulated) of supportive housing for seniors amid ongoing regional affordability challenges.
Julia West House, Oregon’s tallest mass-timber affordable senior housing building, viewed from the street corner in downtown Portland. 580 SW 13th Ave, Portland, Oregon – December 2025 Photo: Abdur Abdul-Malik, Certified Residential Appraiser
Julia West House Opens in Downtown Portland
The Julia West House, a 12-story mass timber apartment tower in downtown Portland’s West End, officially opened in late 2025, delivering 90 units of permanent supportive housing targeted at formerly unhoused seniors. Located at 580 SW 13th Avenue on a former surface parking lot owned by First Presbyterian Church—the site of a historic home previously used for church programs—the project provides 90 total units: 89 regulated affordable units (60 studios and 30 one-bedrooms) reserved for individuals earning 30% or less of area median income, with the remaining unit serving as an unrestricted on-site manager apartment.
The tower retains the name Julia West House in honor of Julia West Lindsley, wife of the church’s first pastor, continuing a legacy of community service at the address. Situated directly across SW 13th Avenue from the Sam Galbreath Alder House—a renovated income-restricted single-room occupancy building also offering supportive services—the location creates a concentrated hub for permanent supportive housing in the West End. This focus addresses a critical segment of need: nearly a quarter of Portland’s unhoused population is age 55 or older, with BIPOC communities disproportionately represented.
Before-and-during views of the Julia West House site at 580 SW 13th Avenue in downtown Portland: pre-demolition historic structure (2023, top) and cleared site (2024, bottom) Image: Google Street View (composite screenshot)
On-site wraparound services, delivered by Northwest Pilot Project, Native American Rehabilitation Association of the Northwest, and Community for Positive Aging, include case management, health support, and programs to promote aging in place and housing stability. As Oregon’s tallest mass timber residential structure at 145 feet, the building utilizes cross-laminated timber floors and glulam beams above a concrete podium, enabled by Type IV-B heavy timber provisions. This construction method reduced embodied carbon, shortened the schedule by approximately 14 weeks, and incorporates biophilic and trauma-informed design elements—such as exposed wood ceilings—for resident well-being.
Financing combined public and private sources, including 4% Low-Income Housing Tax Credits and contributions from the Portland Clean Energy Community Benefits Fund, demonstrating a viable model for deeply affordable urban infill.
The Julia West House, a modern multistory building in downtown Portland, stands tall with its grid of windows and light brick facade—captured from a low angle that emphasizes its architectural presence. 580 SW 13th Ave, Portland, Oregon – December 2025 Photo: Abdur Abdul-Malik, Certified Residential Appraiser
Appraisal Implications
Residential Properties
Developments like Julia West House expand the supply of deeply affordable and supportive rental housing in the Portland metro area, where single-family inventory remains limited. These projects provide market evidence of ongoing efforts to address affordability and homelessness in central locations with strong transit access, informing highest and best use considerations for nearby properties and enhancing neighborhood marketability.
Multifamily Properties
Mass timber construction in high-density supportive projects sets emerging precedents for sustainable building practices, potentially affecting future replacement costs, capitalization rates, and development feasibility in urban zones. Restricted affordable units, supported by Low-Income Housing Tax Credits and similar programs, require appraisers to carefully isolate restricted interests from fee simple value. While challenges persist—as illustrated by the 1,863 vacant regulated units reported earlier this week—successful openings like Julia West House highlight effective delivery models for mission-driven housing with integrated services.
Market Context
Q3 2025 median prices for detached single-family homes stood at $600,000 regionally and $555,000 in Multnomah County, reinforcing the ongoing need for affordable alternatives beyond the for-sale market. Purpose-built supportive housing adds targeted supply that supports broader regional stability without directly competing in the single-family segment.
Sources & Further Reading
Julia West House opening and supportive housing overview: CoStar News
Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.
CODA
Are you an agent in Portland and wonder why appraisers always do “x”?
A homeowner with questions about appraiser methodology?
If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.
And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.
FHA 2026 one-unit limit in Portland metro rises modestly to $701,500, opening 3.5% down-payment financing to ~48 additional Q3 2025 detached sales.
Single-family neighborhood in Portland, Oregon–representative of homes affected by 2026 FHA loan limit of $701,500 Via Canva Pro
HUD Announces 2026 FHA Loan Limits
The Federal Housing Administration has released its 2026 loan limits. In the Portland–Vancouver–Hillsboro MSA (38900)—covering Clackamas, Columbia, Multnomah, Washington, and Yamhill counties in Oregon, plus Clark and Skamania in Washington—the new one-unit limit increases from $695,750 in 2025 to $701,500 in 2026, a rise of $5,750 (0.83%).
Hood River County is not part of this MSA and retains its 2025 limit of $762,450 (unchanged for 2026). No detached SFR sales in Hood River County reported FHA financing in Q3 2025.
Appraisal & Lending Implications
In addition to developing an opinion of value, appraisers on FHA assignments focus primarily on identifying property deficiencies or conditions that could render a home ineligible for financing—lenders handle the loan-to-value calculations against the limit using the appraised value alongside borrower qualifications.
The modest increase means approximately 48 additional detached homes that closed in Q3 2025 now fall within FHA-insured financing eligibility. Lenders handling FHA assignments with case numbers assigned on or after January 1, 2026, will apply the new $701,500 ceiling across the core Portland metro counties.
RMLS data for Q3 2025 detached SFR closings in the region illustrate the practical effect:
48 detached homes closed between $695,751 and $701,500—previously above the 2025 limit.
Only 2 of these 48 reported FHA financing (likely large down-payment exceptions). Now, all 48 would be eligible under the 2026 limit.
Above $701,500, FHA usage drops to 0.71% (11 of 1,548 sales).
2026 FHA one-unit loan limits by county. The Portland–Vancouver–Hillsboro MSA (yellow) rises to $701,500; Hood River County (purple) remains $762,450. Source: HUD
2026 FHA one-unit loan limits by county. The Portland–Vancouver–Hillsboro MSA (yellow) rises to $701,500; Hood River County (purple) remains $762,450.
Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.
CODA
Are you an agent in Portland and wonder why appraisers always do “x”?
A homeowner with questions about appraiser methodology?
If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.
And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.
Portland’s Home Forward reverses rent hikes at subsidized properties amid 14% vacancies, $20.7M RSO reallocation, and HUD’s CoC pause—appraisal risks for multifamily in the Portland–Vancouver region.
The paradox of empty apartments amidst a backlog of applications Via Canva Pro
The Affordable Housing Paradox: Local Action and Federal Uncertainty
The dynamics of affordable housing in the Portland metro area are currently defined by a convergence of major local policy responses and intense federal uncertainty. The situation presents a complex risk profile for homeowners, investors, lenders, and appraisers focused on the multifamily sector across the region.
Locally, the Portland Housing Authority, Home Forward, recently reversed planned rent increases at two properties, The Yards at Union Station and Pearl Court Apartments, after tenant outcry. The decision was made following reporting that the region has at least 1,863 income-restricted apartments sitting empty while waitlists remain years long—an affordable-housing paradox our brief from Sunday, December 7th examined. Home Forward’s vacancy rate is approximately 14% across its portfolio, significantly above the general market rate. The rent increases, which were as high as 10% for tenants using government rent subsidies, were originally deemed necessary due to a combination of rising operating costs and delayed federal voucher renewals and payment shortfalls. This immediate reversal highlights the degree to which local administrative and political pressures are mitigating instability that often originates from federal payment issues.
Local Fiscal Correction and Spending Priorities
Adding to the local action is the controversy over approximately $20.7 million in unspent funds from the Rental Services Office (RSO), as uncovered in last month’s reporting on landlord relocation fees. This surplus prompted concern after former Housing Director Shannon Singleton told city council she was instructed not to disclose the accumulated balance. The discovery has pushed the City Council to act quickly, especially as Home Forward is currently facing an estimated $35 million budget gap next year due to insufficient federal funding.
The Council introduced a resolution to allocate the approximately $20.7 million. The intent is to “slow the inflow into homelessness” by prioritizing upstream renter stabilization and prevention programs. Key components of the Council’s directed priorities include:
$9 million designated for Home Forward to stabilize households affected by ongoing federal funding cuts and help close the agency’s widening budget gap.
$4 million over three fiscal years for new, flexible, short-term rent assistance aimed at tenants facing imminent eviction.
A minimum of $2 million of RSO revenue set aside for capitalizing a Revolving Loan Fund, which would be used for the future acquisition of market-rate housing or land banking for the development of social housing.
The allocation of these funds underscores a local commitment to mitigating housing instability in the face of dwindling or volatile federal support.
Federal Policy Shifts and HUD Overhaul Pause
The urgency behind the local fund allocation is intensified by volatility at the federal level, which affects the entire Portland–Vancouver region. Nationally, housing authorities and property owners have been dealing with operational disruptions, including delayed Housing Choice Voucher (Section 8) payments to landlords due to a recent federal government shutdown. Furthermore, Home Forward was forced to halt the issuance of new vouchers in August due to the looming $35 million budget gap driven by insufficient HUD funding.
On December 8th, the Department of Housing and Urban Development (HUD) temporarily withdrew its highly controversial Continuum of Care (CoC) Notice of Funding Opportunity (NOFO). This withdrawal occurred just hours before a court hearing related to multiple lawsuits, including one in which both Oregon and Washington were key plaintiffs, as detailed in our December 2nd brief on the HUD lawsuit. The NOFO was widely criticized for proposing a significant shift in federal policy by drastically limiting the amount of CoC funds—the largest federal grant source for homelessness prevention—that could be used for Permanent Supportive Housing (PSH). Oregon Housing and Community Services (OHCS) and other local providers had warned that this policy change would create a conflict with state policies requiring services to be voluntary, threatening to disrupt or displace existing programs. The temporary pause on the overhaul grants local housing authorities and service providers a crucial—though potentially brief—reprieve as HUD reviews its funding strategy.
Appraisal Implications
The confluence of extreme local policy action, high subsidized vacancy rates, and unstable federal funding introduces unique valuation and market risks for properties, particularly in the multifamily segment across Clackamas, Multnomah, Washington, and Clark counties.
Income-Restricted and Section 8 Properties
The financial state of Home Forward, marked by a 14% vacancy rate and a $35 million budget gap, injects severe income-approach risk for appraisers. Restricted rents that appeared stable only weeks ago have proven volatile, and operating expenses continue rising faster than allowed rent adjustments. Appraisers valuing LIHTC, project-based Section 8, or other regulated affordable properties must account for elevated policy risk.
Vacancy Analysis: The high vacancy is driven by both administrative issues and market factors. Specifically, many 60% AMI units are no longer competitive as market-rate rents have dropped, causing demand to lag in this specific income tier while the deepest need remains in the 0-30% AMI range. Appraisers must carefully analyze these tiers, alongside physical risks, to determine the actual loss-to-lease and economic vacancy.
Market-Rate Multifamily Rentals
The $20.7 million reallocation and potential influx of new renter stabilization resources may modestly ease pressure on market-rate rents in lower-price segments, though the effect will likely be concentrated in central Portland submarkets.
Sources & Further Reading
Home Forward reverses rent hikes at buildings with vacant units: OregonLive
Federal government late on Section 8 payments: The Real Deal
Former housing director on undisclosed $20.7M in funds: Portland Mercury
City Council resolution to reallocate $20.7M in rental funds: City of Portland
Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.
CODA
Are you an agent in Portland and wonder why appraisers always do “x”?
A homeowner with questions about appraiser methodology?
If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.
And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.
Portland Appraisal Blog 
