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building type4-story non-central city (high rent area)4-story non-central city (medium rent area)7-story non-central city (high rent area)7-story central city (high rent area)
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total homes6464143172
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entire projectper below-market homeentire projectper below-market homeentire projectper below-market homeentire project
per below-market home
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private with 60% AMI IH option (current 10% abatement outside CC, 100% abatement inside CC)below-market homes771518
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CET exemption$17,685$2,526$16,112$2,302$44,464$2,964$54,687$3,038
"rent gap" = revenue of the marginal project with IH minus revenue of the marginal project without IH
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SDC waiver$132,546$18,935$132,546$18,935$268,207$17,880$299,547$16,642
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property tax abatement$162,136$23,162$116,513$16,645$358,082$23,872$4,134,052$229,670cost-benefit key
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bond contribution$0$0$0$0$0$0$0$0under-fundedless than 80% of costs
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total local subsidy (benefit)$312,367$44,624$265,171$37,882$670,753$44,717$4,488,286$249,349fully funded80%-140% of costs
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rent gap (cost of IH to project)$1,317,170$188,167$620,004$88,572$2,719,583$181,306$3,234,488$179,694over-fundedmore than 140% of costs
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benefit/cost balance0.20.40.21.4
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private with 60% AMI IH option (100% abatement everywhere)below-market homes771518
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CET exemption$17,685$2,526$17,685$2,526$44,464$2,964$54,687$3,038
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SDC waiver$132,546$18,935$132,546$18,935$268,207$17,880$299,547$16,642
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property tax abatement$1,482,386$211,769$1,065,262$152,180$3,413,715$227,581$4,134,052$229,670
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bond contribution$0$0$0$0$0$0$0$0
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total local subsidy (benefit)$1,632,617$233,231$1,215,493$173,642$3,726,386$248,426$4,488,286$249,349
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rent gap (cost of IH to project)$1,317,170$188,167$620,004$88,572$2,719,583$181,306$3,234,488$179,694
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benefit/cost balance1.22.01.41.4
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private with 60% AMI IH option (67% abatement everywhere)below-market homes771518
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CET exemption$17,685$2,526$17,685$2,526$44,464$2,964$54,687$3,038
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SDC waiver$132,546$18,935$132,546$18,935$268,207$17,880$299,547$16,642
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property tax abatement$993,199$141,886$713,725$101,961$2,287,189$152,479$2,769,815$153,879
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bond contribution$0$0$0$0$0$0$0$0
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total local subsidy (benefit)$1,143,430$163,347$863,956$123,422$2,599,860$173,324$3,124,049$173,558
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rent gap (cost of IH to project)$1,317,170$188,167$620,004$88,572$2,719,583$181,306$1,317,170$179,694
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benefit/cost balance0.91.41.01.0
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nonprofit bond-funded 100% affordable project at 60% AMIbelow-market homes6464143172
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CET exemption$161,691$2,526$147,310$2,302$423,890$2,964$522,565$3,038
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SDC waiver$1,211,849$18,935$1,211,849$18,935$2,556,907$17,880$2,862,338$16,642
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property tax abatement$1,621,360$25,334$1,165,130$18,205$3,580,820$25,041$4,134,052$24,035
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bond contribution$8,946,240$139,785$8,946,240$139,785$19,989,255$139,785$24,043,020$139,785
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total local subsidy$11,941,141$186,580$11,470,529$179,227$26,550,872$185,670$31,561,975$183,500
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program costs (prior market cycle growth scenario)local public costs per below-market home, compared to bond4-story non-central city (high rent area)4-story non-central city (medium rent area)7-story non-central city7-story central city
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100% abatement everywhere$81,490,987100% abatement everywhere125%97%134%136%
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100% abatement in all high-cost markets$51,172,34367% abatement everywhere88%69%93%95%
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67% abatement everywhere$54,598,961
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assembled by Michael Andersen, Sightline Institute
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sources:
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IH calibration study
https://www.portland.gov/phb/documents/portland-inclusionary-housing-study-final-report/download
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IH foregone revenue analysis
https://www.sightline.org/wp-content/uploads/2024/01/Portland-Inclusionary-Housing_BAE-Foregone-Revenue-Analysis_Nov-2023.pdf
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