The Metro Council will weigh this week whether to send voters a $652.8 million bond measure intended to help create thousands of affordable homes.

If approved by the regional government council, the measure would go to voters in November. It would add to property tax bills 24 cents per $1,000 of assessed value, or $60 a year for the owner of a home with an assessed value of $250,000.

The amount is a bigger ask than the $500 million bond floated last year or the $517 million bond Metro officials were discussing as recently as this month. The regional government said the larger bond could go farther in closing the gap between the need for affordable housing and the number of available units.

"We heard loud and clear from stakeholders and the community that they wanted to see a larger impact than had first been proposed," said Andy Shaw, Metro's director of government affairs.

There were also concerns among advisers to Metro that the original bond framework underestimated the costs of building and maintaining affordable housing. The agency recalculated its figures using more conservative assessments.

How far the bond will go could depend on another measure headed to voters.

Attorneys have questioned whether the Oregon Constitution allows for bond dollars can be used to help fund projects that won't ultimately be owned by a public agency. That interpretation has prevented the city of Portland from granting money from its 2016 housing bond to private affordable housing developers, who can combine it with private capital to create more housing units.

Oregon voters are expected to consider a constitutional amendment in November that would allow bond revenue to fund nongovernmental affordable housing.

If approved, Metro says its bond would create or preserve 3,900 affordable homes, housing up to 12,000 people. If the amendment fails but the bond passes, Metro says its bond would result in only 2,400 housing units, housing up to 7,500.

Metro said half of the homes created would be affordable to households making less than 30 percent of the region's median family income, the income bracket for which the shortage of homes is greatest, and where residents are most likely to fall into homelessness.

About half of the bond money would likely be used to buy and rehabilitate existing low-cost housing, while the other half would be used to build new homes.

The funds would be divided between the three metro-area counties largely according to their tax base, and the funds would go to local housing authorities to distribute. Metro would retain 10 percent to buy land for affordable housing near transit lines.

The bond measure would come two years after voters in Portland approved a $258 million housing bond, for which the city has been criticized for moving too slowly.

Metro is also expected to send voters a transportation funding measure in 2020.

The Metro Council will meet at 2 p.m. Thursday at the Metro Regional Center, 600 N.E. Grand Ave. in Portland.

-- Elliot Njus

enjus@oregonian.com

503-294-5034

@enjus