A new city ordinance aims to close a generational wealth gap by funding affordable ownership opportunities in historically displaced North and Northeast Portland communities.
The Portland Metro Chamber testified in support of the Homeownership Investment Ordinance, a proposal introduced by City Councilors Smith, Zimmerman, Pirtle-Guiney, Ryan, Clark, and Kanal that would direct $2.5 million toward homeownership development in Portland City District 2.
The funding would support two community development organizations — Self Enhancement, Inc. (SEI) and Williams & Russell CDC — in their efforts to expand affordable ownership opportunities for Portland families, with a particular focus on Black households and historically displaced communities in North and Northeast Portland.
"If we are serious about long-term stability, economic mobility, multi-generational wealth building, and preventing displacement, we must also talk about new housing production — and critically, home ownership."
Homeownership remains one of the strongest pathways toward building household wealth, creating financial stability, and allowing families to remain rooted in their communities. Yet access to ownership continues to be out of reach for many Portlanders — a gap this ordinance directly seeks to address.
The ordinance explicitly acknowledges the legacy of redlining, displacement, and disinvestment that has long shaped housing access for Black households in North and Northeast Portland, whose path to homeownership has been obstructed by systemic barriers that have compounded across generations. By investing in community-rooted organizations with established track records, the city has an opportunity to create new ownership pathways where few existed before — and to begin closing a wealth gap with deep historical roots.
The Chamber has been consistent in its call to accelerate housing production of every type: rental, supportive, middle-income, and ownership. The Homeownership Investment Ordinance reflects that philosophy, recognizing that Portland cannot close its housing gap — or remain economically competitive — with a one-dimensional strategy. The Williams & Russell project is a compelling example of this integrated approach. In addition to creating new ownership units, it is paired with an adjacent business hub that links housing stability directly to economic opportunity. The State of Oregon has already provided its share of funding and the Chamber is calling on the city to follow suit.
The Chamber stood alongside Williams & Russell during the most recent state legislative session, supporting funding for both the housing project and its adjacent business hub. That partnership signals the broad coalition behind this effort — and the readiness to move forward without delay.
With this ordinance, the Chamber is urging Portland City Council to send a clear message: that the city is committed to homeownership as a vehicle for intergenerational wealth building, and that it is ready to get shovels in the ground now.
Related links: