To expand economically, a community requires quality housing for its workforce. Given extremely low vacancies, the development of new housing in Portland has proved essential. In 2000 the City of Portland expended its HUD HOME and CDBG resources to finance the development of new affordable rental housing. Soon after, Portland introduced the Housing Trust Fund, a more flexible source of gap financing for projects that are not eligible for HUD funding.
Portland participates in financing affordable rental and home ownership housing projects with both non-profit and for-profit development teams. Among these projects are mixed income projects (53 Danforth, 58 Boyd Street, 409 Cumberland Ave), age restricted projects (178 Kennebec, 977 Brighton), affordable projects (Rosa True School, St. Dominic's Family Housing), affordable housing for artist (Oak Street Lofts), and Housing First projects (Florence House, Logan House)
City assisted projects are not the only affordable rental housing developments built in recent years – Ocean East, Casco Terrace and the single-room occupancy units at the YMCA have also come on line. All these developments are enhancing the availability and affordability of rental housing in Portland.