The Paramount Apartments features 66 units total—42 large studio and 24 one-bedroom apartments that blend historic charm with modern comfort. Original details like French doors, clawfoot tubs, and high ceilings create a unique living experience in every home. Preserving affordability in Lower Albina, these rental homes will be available to individuals and households earning 50%-60% of the Area Median Income (AMI) or below at the rents below. To qualify as a new tenant, annual household incomes must not exceed Income Limits as shown below. Eligibility is based on household income, and maximum rents are set by HUD annually according to each unit’s designated AMI level.  If you are an existing resident who earns more than the AMIs, you are welcome to stay!     

For all new applicants, the Paramount Apartments gives preference for applicants who are eligible through the N/NE Preference Policy, which aims to address the harmful impacts of urban renewal by giving preference to housing applicants with generational ties to North/Northeast Portland. It organizes the waiting list for city-sponsored affordable housing opportunities in N/NE Portland. To ensure that you are on this N/NE Preference Policy list to allow preference for this housing opportunity, you can complete the short and free application to the N/NE Preference Policy via the PHB Preference Policy Waitlist website.  

 
Annual Household Income Limits* by Area Median Income (AMI) Unit  

Anticipated rents are in the table below. All utilities – including electricity – are included in the monthly rent with no additional utility charges for water, sewer, electricity, gas or trash/recycling.  

Anticipated Monthly Rent (By Unit Income Level)*  

*Rents and Incomes Limits are based on the 2025 HUD limits, updated by HUD annually.   
[Note, we do not currently have floor plans]