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Page A3
March 29. 2006
H ousing tâ
‘Jump Start’ Helps First-Time Buyers
Say Howdy,
Neighbor!
Neighborhood associations are a place to get
involved with your neighbors and directly im
pact the place you live. The city of Portland has
a network of 95 neighborhoods, with seven
district coalitions that provide support and tech
nical assistance to the volunteer-based groups.
Here is a list of some of the coalitions for inner
north and northeast Portland. You can find out
more online at www .portlandonline.com/oni.
Northeast Coalition of Neighborhoods
48 15 N.E. 7th Ave., Portland, OR 97211
Phone: 5(13-823-4575 Fax: 503-823-3150
Email: necnl23@hotmail.com
Meetings are held the third Tuesday of each
month at 7 p.m. at the King Neighborhood Facil
ity, 4815 N.E. 7lh Ave.
The neighborhood associations in district
area are:
photo by M ark
W ashington /T he P ortland O bserver
Alameda Neighborhood Association
Boise Neighborhood Association
Concordia Neighborhood Association
Eliot Neighborhood Association
Grant Park Neighborhood Association
Humboldt Neighborhood Association
Irvington Community Association
King Neighborhood Association
Sabin Community Association
Sullivan’s Gulch Neighborhood Association
Vernon Neighborhood Association
Woodlawn Neighborhood Association
‘Project JumpStart' helps first-time buyers purchase homes like this one on sale now in the Interstate Corridor o f north Portland.
PDC program
helps with
downpayment
The Portland Development
C o m m is s io n ’s
P ro je c t
JumpStart brings home own
ership within reach of first
time buyers.
The agency’s Neighborhood
Housing Program was created
in response to an escalating
housing market and feedback
from prospective buyers that
high mortgage payments are
often
a
d e te rre n t
to
homeownership.
JumpStart allows a borrower
to increase their buying power
and lower payments during the
first five years of the loan.
PDC p laces the p ro ceed s
from a second loan in a se
cured account, and m oney is
w ith d ra w n m o n th ly and
added to the b u y er’s tem po
rarily reduced m ortgage pay
m ent to make the full pay
ment on the loan.
Over the next four years,
the mortgage payment gradu
ally increases. At the begin
ning o f the fifth year, the
Jum pStart assistance ends,
and the buyer begins making
the full payment required.
JumpStart is intended for
borrowers who want to pur
chase and renovate a home
and can demonstrate the po
tential to handle increased
monthly payments. Borrow
ers must meet an income re
quirement, and purchases are
restricted to the Lents Town
Center of southeast Portland
and InterstateCorridorof north
Portland Urban Renewal Ar
eas. JumpStart allows a bor
rower to qualify for a larger
mortgage amount, while hav
ing their monthly payment low
ered and direct the extra cash
to w a rd s n eed ed im p ro v e
ments to the property.
For more inform ation on
JumpStart or other purchase and
renovation loans offered by
PD C, visit w w w .pdc.us/
jumpstart, call 5O3-823-34OO to
speak to a loan specialist or
contact staff at nhp@pdc.us for
an application packet.
PDC was created by Port
land voters in 1958 to serve as
the city's urban renewal agency.
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