Oregon Harbor of Hope, the nonprofit that opened a homeless shelter under the Broadway Bridge in the Pearl, is expanding into affordable housing.

The group announced plans today to build 153 apartments at Northeast 148th Avenue and Burnside Street in the Glenfair neighborhood. The nonprofit described the building as "privately financed affordable housing, rare in today's construction market." But a spokesman later clarified that the building is receiving federal low-income tax credits.

The complex to be called Harbor Apartments will be built on 2.6-acre parcel, to be purchased from the Northwest Baptist Network.

Oregon Harbor of Hope's press release says the $39 million project is to be its "first of many partnerships with Portland's faith community."

Construction on this project is scheduled to begin in fall of 2020. It aims to serve people making 60 percent or less of median income, or about $36,000 a year.

"It is clear we cannot build our way out of the growing deficit of affordable housing without a greatly-accelerated effort to bring the private sector and faith community into production," said Don Mazziotti, Oregon Harbor of Hope's president.

"We must all work together to solve the housing crisis we face in Portland and beyond," said Mazziotti. "The public sector alone can't solve this, and neither can the private sector. That's why we are committed to more of the partnerships we've put together so far."

The group has two trucks that provide shower and laundry service to homeless people as well.

This post has been updated with a correction: The building is receiving federal tax credits.