Prosper Portland is enrolled in the Oregon Department of Environmental Quality (DEQ) Low-Embodied Carbon Housing Program which incentivizes lower-embodied carbon housing production, helping Oregon to meet our climate goals while also addressing the need for more affordable housing.
Prosper Portland has $495,000 available under this program to support the conversion of existing buildings to residential use in Portland. These resources would be provided in the form of a rebate at project completion in the amount of up to $45,000 per unit (or the maximum of $495,000.)
We are seeking information from developers about projects that may be interested in accessing these resources. If your project meets the minimum eligibility requirements (listed below), we encourage you to complete the “Request for Interest” form and submit the completed form by 12:00pm on September 21, 2026. Prosper will review projects to determine which will be invited to complete a formal application. Readiness to proceed is a key consideration in determining which projects will be invited to apply.
Eligibility requirements include:
- Project is located within the City of Portland boundaries
- Conversion of an existing building into multi-family rental housing use
- Project is at least 20 units
- Affordable to households between 80% - 120% AMI (HUD rent schedule)
- Property must have entitlements necessary to complete proposed use
- Project must be complete and placed in service by Jan 31, 2029
- Project is not otherwise receiving subsidy support from Prosper Portland
- Completed "Reuse calculation spreadsheet" (showing reuse of at least 45%)