Oregonian Editorial Supports Preservation

The Oregonian’s Editorial Board recommends the Portland City Council authorizes $6 million in loans to help preserve Park Tower and the Lexington Apartments in downtown. The buildings have long-term federal rental subsidy contracts and are being sold by the Schnitzer family to Cedar Sinai Park and will remain affordable to some of the city’s lowest income residents. The purchase and renovation of the buildings will cost an estimated $40.5 million to complete with $20 million coming from the sale of tax-exempt bonds from the state.

Preservation of Park Tower and the Lexington will secure an estimated $40 million in federal Section 8 contracts over the next 20 years. Read the Oregonians Editorial here.

— Posted on 12/11/2012