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Fair Housing PDC s
neighborhood
Retirem ent Living
housing program
bv
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T h e N e ig h b o r h o o d H o u s in g
Program (NH P) has been a mainstay
at th e P o rtla n d D e v e lo p m e n t
Com m ission foralm ost thirty years.
It is the program that provides hom e
repair loans to low and m oderate-
incom e fam ilies w h o ow n and
occupy their hom es. T he N H P has
provided funding for o ver 12,000
repair projects since it began.
Traditionally, the N H P program has
received federal funding through
C om m unity Block G rants (C D B G )
received by City o f Portland Bureau
of
H o u s in g
C o m m u n ity
D evelopm ent (B H C D ) from the
U.S. D epartm ent o f H ousing and
U rb a n D e v e lo p m e n t (H U D ).
Applicants m ust be at or below 80%
o f m edian fam ily incom e (M FI) as
set by the federal governm ent. H UD
adjusts the m edian fam ily incom e
guidelines yearly, and they are
specific to the locality. C urrently a
family offour with an annual income
o f $53,700 is considered at m idpoint
(or m edian) for the C ity o f Portland.
A fam ily earning up to $42,950
annually is considered at or below
80% MFI and w ould be eligible for
the N H P program. You can check
the current MFI earnings chart on
P D C ’s w ebsite under “H ousing” at
w w w .portlanaddev.org.
The N H P now also provides hom e
repair for the 80% to 120% of MFI
fam ilies. T he N H P offers a Fannie
M ae loan that is m arket rate. The
advantage is this loan can be m ade
w hen no hom e equity currently
exists. T his is done by havm g a
contractor submit a bid on the repairs
that will be needed, and then obtain
an appraisal based on the h o m e’s
value after the repairs are completed.
T his is an excellent option for a
hom e refinance, o r for the purchase
o f a “ fixer-upper” hom e that needs
repairs.
S in ce to d a y ’s fix e r-u p p e rs are
usually bought at m arket rate and
th e re is little eq u ity a fte r th e
purchase, this option can help m ake
the fixer-upper livable after the
purchase. T he cost o f the purchase
is rolled in w ith the cost o f the
repair w ork into one affordable
payment.
A nother option that the N H P is now
able to provide is the "G reen Rehab
Loan” through a partnership with
S ho reB an k Pacific. T h e G reen
Rehab Loan is specifically designed
to finance hom e repairs that are
energy efficient and use m aterials
that are environm entally friendly.
This program links affordability
w ith sustainability.
T h e N e ig h b o rh o o d H o u s in g
Program is constantly looking for
new w ays to serve the hom e repair
needs o f the com m unity, either as a
“ s a fe ty n e t” fo r lo w - in c o m e
hom eow ners w ho have a particular
em ergency need, or in concert w ith
o th e r c o m m u n ity e ffo rts . T h e
overall goal is alw ays to im prove
the livability o f a neighborhood. In
this effort, the N H P has been a
significant factor in holding o ff
g e n tr if ic a tio n
by
a llo w in g
hom eow ners to stay in their hom es
by providing affordable options to
m ake needed repairs.
If you have a hom e repair need and
w ould like additional inform ation,
p le a se c a ll th e N e ig h b o rh o o d
H ousing Program at the Portland
D evelopm ent C om m ission at 503/
823-3400.
You’ll see this again &again...
Bv D avid L abovitz
I am a loan officer and I know w hat
you need to know about hom e loans
and refinancing. I w ill address
specific topics that you will need to
know about and questions that you
will w ant to ask.
H ere is a the first key to getting a
good hom e loan that m eets your
needs. A sk questions o f the person
w ho you have chosen to help you
w ith g e ttin g y o u r h o m e loan.
Secondly, get your answers! If you
do not understand the answ ers to
your questions, ask m ore questions.
If your loan officer uses a bunch o f
term s that you are not fam i 1 iar w ith,
c a n n o t e x p la in th in g s to y o u r
s a tis fa c tio n , o r th is p e rso n is
reluctant to help you understand
your decisions, m ove on! Y our
hom e loan is too im portant in the
long run to let som eone else tell you
w hat to do. Y our loan officer is an
advisor for you rather than your
decision maker.
Here is a basic starter question for
you. H ow long do you expect to live
in the hom e? I-year, 3-years, 20-
years? Som etim es it is only a guess
on your part, but it will help you
select the length o f the loan that you
need. In general, the shorter the
tim e that you need the m oney from
a bank, the less you will pay in
interest each month.
Find out how m uch’ m oney you
have to work with to buy a home.
This is basic to starting the process.
You can use savings and gifted funds
from im m ediate fam ily to help you
with dow n paym ent and closing
costs. M any tim es this will narrow
dow n the type o f program that you
can go with. H ow is your credit?
Ask your loan officer to get you a
free “single bureau” credit report.
Ask for a copy. This is your business
and you should have a copy. Beware
o f som eone w ho will not share your
inform ation w ith you! T ake the
attitude that it is your business. Most
people know if they have decent
credit, or if they m ight have a few
challenges. T hat does not m ean that
the credit reports show the facts
correctly. You m ust find out what
others will read about you. A good
loan officer will help you work with
any problem s.
You now have a good place to
start. Find a quality loan officer, ask
questions, get your answ ers, total
up all o f the m oney that you w ish to
• Studio & 1 -Bedroom Apartments with Full Kitchens
• Easy access to shopping and bus lines
• Dining Room , Beauty and Barber Shop
• Activities, Clubs, and Garden areas
• Safety, Security, and Companionship
• Federal Rent Subsidies for those that qualify
Westmoreland's
Union Manor
6404 SE 23rd Avenue
Portland, Oregon 97202
233-5671
Marshall
Union Manor
Kirkland
Union Manors
2020 NW Northrup Street
Portland. Oregon 97209
3530 SE 84th Avenue
Portland. Oregon 97266
225-0677
777-8101
tau*t Boutiit
orraRTUNmr
HOME FOCUS
HOMES FOR YOU
LOANS FOR YOUR HOME
PERSONALIZED ATTENTION
Deborah Foster
Realtor
Equity Group
706-0037
deborah@equitygroup.com
use for buying a hom e, and have a
look at your credit. Rem em ber, it is
y o u r lo a n fo r y o u r c r e d it.
David Labovitz
Loan Officer
Mortgage Market
234-5160
davidl@telnet.com
w w w.equitygroup.com /deborah
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PROPERTIES
4929 N.E. Fremont St.
Portland, Oregon 97213
(503) 282-2551
CGIII65@aol.com
7216 NE Rodney
2BD IBa, Piedmont
The realtor fo r
our community!
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