Commissioner Rubio has announced significant advancements in the establishment of six new Tax Increment Financing (TIF) districts in East Portland and Central City, aimed at addressing pressing economic challenges. These districts are designed to capture future increases in property taxes to fund community-focused projects, particularly affordable housing and support for local businesses. TIF has already played a critical role in the development of half of Portland's existing affordable housing. The urgent need for stabilization in East Portland is underscored by recent data showing significant increases in median home sales prices, particularly affecting low-income communities and communities of color. In Central City, the pandemic's impact has led to empty office buildings and challenges in housing production, presenting opportunities for targeted public investments.

The proposed TIF districts will be discussed at an upcoming board meeting on August 28, with a schedule for public hearings and Council votes in the following months. The Commissioner expressed gratitude to community stakeholders who contributed to the development of these proposals, highlighting the collaborative efforts involved. This initiative represents a proactive approach to fostering inclusive economic growth in Portland's diverse neighborhoods.