Portland Sitting on $106 Million in Unspent Housing Dollars

City Administrator Raymond C. Lee III disclosed on February 6, 2026, that Portland’s Housing Bureau has accumulated $106 million in unspent funds—far exceeding the $21 million initially believed available and the roughly $40 million later identified by City Councilor Loretta Smith. Lee’s detailed memo outlined where the “previously unbudgeted housing funds” were found and how they may be legally spent, attributing the accumulation to Portland’s “ongoing shift” to holistic financial management under its new government structure. City councilors have been demanding answers about how the Housing Bureau stockpiled such significant revenue while the city faces an ongoing housing crisis.