Prosper Portland Board Approves Middle-Income Housing Acquisition

September 10, 2026
NEWS RELEASE
Contact: Yume Delegato, Prosper Portland

The purchase of the 30th & K Apartments is the first acquisition as part of the agency’s Middle-Income Housing Preservation Strategy.

On Wednesday, Prosper Portland’s Board of Commissioners approved the purchase of 30th & K, a 30-unit Class B multifamily apartment community in the Concordia neighborhood of Northeast Portland. This acquisition represents the first property-level execution of Prosper Portland’s Middle-Income Housing Preservation Strategy.

Adopted in December 2025, the agency’s Middle-Income Housing Preservation Strategy is designed to address a critical affordability gap in middle-income housing and to complement existing programs such as the State of Oregon’s Middle-Income Revolving Loan Fund and the agency’s Middle-Income Construction Loan Program.

Currently, few public subsidies exist in Portland for multifamily housing for households earning between 80% to 120% Median Family Income (MFI) in Portland, leaving an unserved bracket in the affordability continuum. Meanwhile, private developers have struggled to procure financing and deliver new medium-density multifamily housing for this income group due to high development costs.

The strategy establishes a framework for acquiring newer, institutionally maintained properties affordable to households earning 80% to 120% MFI and operating those properties under a limited-profit cost-recovery model. This has the potential to create a permanently middle-income housing portfolio that is financially self-sustaining without ongoing public subsidy, and affordable to Portland’s middle income employment base, while providing housing stability independent of future market fluctuations.

“This week’s action by our Board of Commissioners is an important step in addressing the city’s housing crisis and delivering on the goals set out in City Council’s 2045 Housing Needs Analysis,” said Cornell Wesley, executive director of Prosper Portland. “We know that Portland has a critical shortage of two- and three-bedroom apartments, so I am pleased that this acquisition helps preserve affordability in ‘the missing middle’ – a segment that is critically needed to help attract and keep living-wage jobs to Portland. We hope that this will provide a replicable model for future acquisitions.”

30th & K will be the agency’s first acquisition under the Middle-Income Housing Preservation Strategy. The 30-unit property (1 studio, 5 one-bedroom, and 24 two-bedroom units) is located three blocks north of the Alberta Arts District.