City councilors voted unanimously this week to waive system development charges (SDCs) for developers working on new residential projects to help spur homebuilding in Portland.
Catch up quick: Developers are required to pay SDCs as a way to offset costs that new construction can have on city utilities and services.
These fees — which will be waived for three years or until 5,000 new housing units are constructed — can be up to nearly 7% of all development costs, or tens of thousands of dollars.
The waiver was first proposed by Gov. Tina Kotek and Mayor Keith Wilson in May. Both said they hope it ushers in a building boom.
