Portfolio Stabilization Request for Proposals

Portfolio Stabilization Request for Proposals is sponsored by Portland Housing Bureau (PHB). This solicitation provides urgent, one-time funding to affordable housing providers within PHB's existing portfolio to support financially distressed properties in three targeted areas: mortgage/rent buydown, unit turnover, and safety and security upgrades.

Portfolio Stabilization Request for Proposals| RFP Sept 4, 2026 - Housing Oregon Portfolio Stabilization Request for Proposals| RFP Sept 4, 2026 The Portland Housing Bureau (“PHB”) is pleased to announce a solicitation of up to $10. 6M in available funding. PHB expects to release the Request for Proposals (RFP) on September 4, 2026.

This Portfolio Stabilization Request for Proposals is targeted to provide affordable housing providers within PHB’s existing portfolio urgent, one-time funding to support financially distressed properties. PHB has determined to target three areas to focus our stabilization efforts through this RFP: 1) Mortgage/Rent Buydown: $7. 6M Funding to buy down the senior debt principal, coupled with rent reductions (if financially feasible).

Projects must meet financial distress indicators modeled after OHCS’s PSI program, and owners that are funded will be required to engaged in a Project Improvement Plan. The maximum total award per project is up to $1. 5 million.

Funding will be provided as a subordinate cashflow dependent loan. Funding in this category will be provided as a one-time grant for critical repairs and deferred maintenance improvements to bring units back online to improve occupancy levels.

Eligible projects must have had a physical vacancy of at least 10% for 6 consecutive months or more due to insufficient funds to bring vacant units back online, and the estimated cost required for bringing units back online exceeds the value of the project’s replacement reserve. The maximum total award for unit turnovers is $200k per project.

3) Safety and Security Upgrades: $1M Funding in this category will be structured as one-time project specific grant to improve safety and security to the affordable housing project and residents that will improve operations and reduce vacancies. The maximum total award for safety and security upgrades is $100k per project.

Eligibility is limited to affordable rental projects currently regulated by PHB, with a minimum of 20 units, and at least 80% of units must be regulated at or below 60% AMI. Owners can apply for multiple properties within their portfolio but must submit a separate application for each property for each funding category. The maximum award per owner is $1.

8 Million (across all three funding categories). Unit Turnover Improvements Safety & Security Upgrades 1)Buy down, partially or fully of senior debt principal to achieve target debt coverage ratio of 1. 15.

2)Financing costs directly related to principal buydown (such as loan fees and other closing costs). 3)An administrative fee of up to 2% of the requested PHB award, calculated on a per application basis.

Hard and soft costs related to deferred maintenance and improvements needed to bring vacant units back to rentable conditions, including but not limited to: Labor and materials; equipment rental; contractor general conditions, overhead, and profit; hazardous material testing and remediation; pest extermination and inspections; r equired design, testing, surveys, permitting, and consultant services (such as accessibility consultants) Costs related to the purchase and installation of safety and security improvements including, but not limited to: Security systems/cameras; fencing; gate/entry reinforcement; lighting systems; emergency alarm systems; door/window upgrades; master lock and key fob systems; salaries for maintenance staff for the installation and repairing of Safety and Security eligible activities Including but not limited to: paying down soft debt from another public agency; projects already condemned for public health reasons with no viable mitigation plan; properties already in foreclosure proceedings or with unresolved legal issues (however projects in default may be considered); sponsors in bankruptcy or insolvency proceedings; capital improvements (not related to safety and security or unit turns); major rehabilitation; on-going routine maintenance; acquisition; new construction; commercial spaces or funding for turning over commercial spaces; patrol cars; salaries for agency security staff; Automated surveillance and facial recognition technology; payment to local law enforcement for additional security or purchase of equipment for local police; and transferring emergency safety and security funding to operations.

In addition to the required application template forms which will be available on 9/4/2026, owners will be required to submit the following supplemental materials with their applications: 2025 Schedule of Real Estate Owned and 2025 Audited Financial Statement Unit Turnover Improvements Safety & Security Upgrades Property Specific Reports: Most recent mortgage statement, 2024 and 2025 unaudited Financial Statements, Year-to-date unaudited financial statements, Past 12 months’ rent rolls (within last 30 days), Economic Vacancy Calculation, Accounts Payable Aging Report, Accounts Receivable Aging Report, Proof of Property Insurance, and Most recent Reserve Balance Statement(s) Past 12 months’ Rent rolls (within past 30 days), Past 12 months’ Rolling Vacancy Report (within past 30 days), Economic Vacancy Calculation, 2025 unaudited financial statements, Year-to-Date unaudited financial statements, most recent reserve bank statement(s), and Current photos of all the units proposing to upgrade (the following are acceptable sources of photos: CNA, maintenance plan, bid or taken by site staff).

Photos need to provide evidence of repair needed. 2025 unaudited financial statements, Year-to-date unaudited financial statements and Past 12 months’ Rolling Vacancy Report (within past 30 days) For more information, please contact: Kara Hamilton & Christina Mirani Solicitation Coordinators, Portland Housing Bureau PHBSolicitation@ portlandoregon.

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