September 20, 2016
The apartment building known as Yard opened in late July. The tower was intended to ease Portland’s housing crunch by adding 284 apartments to a city where low vacancy rates are driving up rent. That’s why the Portland Housing Bureau offered tax credits to the real estate developers that bought the property from the Portland Development Commission in 2014. City officials chipped in a one-time waiver of system development fees worth $666,720 and tax credits worth $771,079 the first year so the developers would set aside 57 apartments in the luxury building as affordable housing for working-class families—who competed in a lottery for the chance to rent a $734-a-month studio. But other apartments at Yard have also been set aside. The entire 11th floor is available as a short-term rental….