Portland Housing Bureau Finds At Least Another $15 Million in Unspent Funds

"It is unclear exactly how much money is in the fund, but Council President Jamie Dunphy called councilors over the weekend to tell them they would soon learn of the specifics of what was found in the Housing Investment Fund. He told the Mercury February 2 that he did not yet know how much total funding was available. "Truly cannot accurately say," Dunphy said. "It is in the millions. It is likely not as much as has already been found.""

"Dunphy followed up with a press release February 3 saying two accounts are sitting on at least $15 million, but a specific number is still unclear. "While the timing of this information is difficult, I do not believe these were hidden maliciously, but are instead a relic of the old government system of accounting," Dunphy said in the press release."

"The newly uncovered Housing Bureau revenue is collected through two streams: the city's transient lodging tax—taxes paid by hotels and booking agents—and short term rental fees from operations like AirBnB. Dunphy said the transient lodging tax carries at least a $5 million balance, and some funds could already be earmarked for other projects. The short term rental fees carry a balance of at least $10 million, and city code only allows the money to be spent on projects to fund affordable housing and homelessness initiatives in the city, according to Dunphy."

Portland's Housing Bureau uncovered additional unspent dollars in the Housing Investment Fund beyond a previously identified $21 million in the Rental Services Office. Council President Jamie Dunphy notified councilors that specifics would be provided soon but said he could not yet state the total amount. Two accounts contain at least $15 million, according to a press release, though exact figures remain unclear. Revenue sources include the transient lodging tax and short-term rental fees. The transient lodging tax holds at least $5 million and short-term rental fees at least $10 million, legally restricted to affordable housing and homelessness projects.

Read at Portland Mercury