Affording housing project in Lake Oswego will be ‘life-changing’ for residents, mayor says

PORTLAND, Ore. (KOIN) — Lake Oswego is not known for being a budget-friendly option for those looking for a place to live in the Portland Metro area. However, dozens of affordable apartments and homes are coming to that area.

The city just broke ground on the El Nido Affordable Housing Project. When completed, the development will provide 55 one-to-three-bedroom units for rent to families with income no more than 60% of the area median income — including one-person households who make less than $49,560 per year and four-person homes with an annual income of less than $70,800 per year.

The city says the project comes in response to Oregon’s housing shortage.

Early in her tenure, Governor Kotek declared a housing emergency and set a goal to build 36,000 homes annually.

Lake Oswego Mayor Joe Buck says there are people who play integral roles in the city who simply can’t afford to live there and he welcomes this change, saying the creation of the complex will be “life-changing” for some people.

El Nido is located at the intersection of Boones Ferry Road and West Sunset Drive in the Lake Forest Neighborhood. Construction is set to be complete in the fall of 2026.