On any given night, thousands of people sleep on the streets in Portland, Oregon. They seek shelter in tents, bushes and overpasses in a city that has struggled with one of the worst housing crises in the country.
Portland, like many cities, has raced to increase its supply of affordable housing by turning to a federal program that’s existed since the 1980s: the Low-Income Housing Tax Credit. It provides up to $15 billion worth of tax credits a year nationally to help developers build apartments. Portland supplemented the federal construction money with local dollars, creating incentives that were hard to turn down.
