To qualify, repairs must be critical to the health and safety of the owner occupants as determined by the Portland Housing Bureau’s (PHB) Construction Coordinator. Examples of critical repairs include:
- Roof in poor or failing condition
- Collapse of foundation or other structural components: dry rotted floors, broken or damaged stairs, city code violations, and other fire, health and safety issues
- Imminent failure of heating, electrical or plumbing systems
- Borrower must own and occupy the home
- Total cash assets cannot exceed $20,000, excluding value of primary residence
- Have an annual household income at or below 80% of Portland’s Median Family Income (MFI 2013), adjusted for family size as follows:
- Funding is subject to availability. The program has limited funding for eligible homeowners throughout the City of Portland, and additional funding is available for homeowners who live in either the Interstate Corridor or the Lents Town Center Urban Renewal Areas (URAs). Additionally, property taxes and homeowners insurance must be current.
- There must be equity in the property at least equal to loan amount
- Maximum loan amount up to $15,000, but not more than total cost of allowable repairs
- 0% Annual Percentage Rate (0.0012% APR)
- 15-year loan term. At end of 11th year and every year thereafter, 20% of the loan is forgiven; after 15th year, the loan is completely forgiven
- Maximum loan-to-value is 100%
If you have questions, please contact Bev Keagbine at Bev.Keagbine@PortlandOregon.gov or 503-823-3336.