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The City of Portland, Oregon

Portland Housing Bureau

Solving the unmet housing needs of the people of Portland.

Phone: 503-823-2375

fax: 503-823-2387

421 SW 6th Avenue, Suite 500, Portland, OR 97204

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5020 Condos

Proud Ground in partnership with Habitat for Humanity Portland/Metro East, are building affordable family-sized 2- and 3-bedroom condominiums at 5020 N Interstate Ave to serve households who qualify for the N/NE Preference Policy. To ensure permanent affordability, homeowners who decide to sell their home receive a fair return on their initial investment and agree to maintain that affordability for the next income-qualified homebuyer based on a Community Land Trust model. While still building wealth, homeowners help future generations of homebuyers have access to affordable homes, like they did. Learn more here: www.proudground.org/about/faq.

Features & Amenities:

The new condominimus, designed by the Carleton-Hart Architecture firm, offer residents an opportunity to live in a family-friendly, energy efficient, transit oriented home near the heart of Portland. Located near MAX line in the Overlook neighborhood. Homeowners in the complex will enjoy being near everything – blocks away from a public parks, childcare centers, restaurants, and local grocery stores.

Building Amenities

    • Family-sized two- and three-bedroom units
    • Earth Advantage LEED GOLD energy efficiency standards to ensure durability and cost-efficient units
    • A safely enclosed 1,400 square foot outdoor play-area for children
    • Central trash rooms on each floor
    • 12 onsite parking spaces, 8 covered parking garage stalls, and enclosed bike parking

Unit Features

    • Dishwasher/Refrigerator/Stove/Microwave/Washer and Dryer in each unit
    • Sustainable features including energy efficient lighting fixtures, appliances, mini-split HVAC systems with heating and cooling, low-flow plumbing fixtures, and low VOC and durable interior materials

 

Units available through the N/NE Preference Policy:

Bedroom Size

Number of Units

Affordability Range (AMI%)

Estimated Price Average

2 BR

11

35 – 60

$121,000

2 BR

9

60 – 80

$169,000

3BR

2

35 – 60

$154,500

3BR

4

60 – 80

$195,500

3BR

14

80 – 100

$274,500

 Interested homebuyers need to:

  1. Apply to the N/NE Preference Policy Waitlist

  2. Income-qualify, and

  3. Be able to obtain a traditional mortgage with a Proud Ground approved lender for the purchase price amount (ranging from $120,000-$274,500).

Preference Policy Waitlist applicants will be paired with housing counselors for evaluation and support in becoming mortgage ready within the Preference Policy homeownership timeline.

 

Typical minimum criteria for mortgage loan qualification includes:

  • Applicant must have demonstrated employment history for two consecutive years in the same line of work
  • Applicant must be a first-time homebuyer, defined as not owning a home for the last three years
  • Minimum credit score ranging from 620 – 660; can be improved over time
  • Minimum household income:
    • Households earning below 60% AMI (Area Median Income) must have an annual income of at least $30,000 at the time of purchase
    • Households earning above 60% AMI (Area Median Income) must have an annual income of at least $44,000 at the time of purchase

 

For more information on the 5020 Condos, click here to visit Proud Ground’s website.