Portland officials will use housing bond dollars to buy a lot in Northeast Portland and build at least 50 units on it, Mayor Ted Wheeler's office announced Thursday.

The Portland Housing Bureau will purchase the 19,000-square-foot lot at 5827 Northeast Prescott Street in the Cully neighborhood, the mayor's office said. The sale price is $500,000.

The project announced Thursday is the latest in a string of purchases and developments triggered by voters' approval of the $258 million bond.

Officials promised to build at least 1,300 affordable housing units with the bond by 2023. To date, slightly more than 300 units are available to rent or move-in ready.

Hundreds more, including the Cully units, are in the pipeline, officials say. Projects have already been announced for properties on Southeast Powell Boulevard and Burnside Street.

Wheeler called the Prescott purchase "another strong step" in achieving bond goals.

"With the 50 new units planned for this site, plus hundreds more under active negotiation, we are making aggressive progress to meet our commitment well ahead of schedule," he said.

-- Gordon R. Friedman

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