The City will act as a sponsor for lenders who wish to offer this product to their buyers. This is a Freddie Mac pilot product only offered to lenders who partner with a Housing Finance Agency (HFA), which is a government authority established to help meet the affordable housing needs of the residents in its jurisdiction. PHB was selected as one of 5 initial HFAs to be able to sponsor this program. Freddie Mac, as a government purchaser of mortgage loans, created this pilot because of the level of responsibility that HFAs are held to.
Similar to the Mortgage Credit Certificate program, having this program sponsored by PHB allows for a greater accountability of lenders to the community and increased loan options and purchase power to Portland area homebuyers.