Image provided by: University of Oregon Libraries; Eugene, OR
About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (July 24, 2024)
Page 2 July 24, 2024 Providing Affordable Homeownership Opportunities Financial Institutions contributes $720,000 to Proud Ground Proud Ground, a nonprofit orga- nization that provides affordable homeownership opportunities to underserved communities using the Community Land Trust mod- el, announced it has been award- ed more than $720,000 from six financial institutions in Oregon. The grant funding will be used to support their Opening Doors ini- tiative, which aims to help first- time homebuyers, including those from historically marginalized communities, achieve affordable homeownership in the Portland Metro area and statewide. “This collaborative investment from our financial partners will be instrumental in our efforts to bridge the homeownership gap, especially during this time of higher interest rates. We have a goal of raising $5 Million by the end 2025 and this unexpected support has helped us surpass our 2024 milestone, having raised $4 Million to date. We are truly grate- Back row (left to right): 1) Undra Adams, Proud Ground Realtor, 2) Juan Pablo Izquierdo, Proud Ground Housing Counselor; 3) Jeff Pratuch, Mortgage Retail Area Manager U.S. Bank; 4) Paul Runge, Proud Ground Board Member; 5) Laurel Marquand, Proud Ground Board Member ful for this community partner- ship with U.S. Bank Foundation, Washington Trust Bank, Wells Fargo, OnPoint Credit Union and many others” said Dominique Merriweather, Executive Director at Proud Ground. Grant funding includes: - U.S. Bank Founda- tion $500,000 - Washington Trust Bank $100,000 - Wells Fargo $75,000 - OnPoint Community Credit Union $25,000 Proud Ground has a strategic goal to create 200 new home- ownership opportunities, with a focus on communities of col- or and historically marginal- ized communities through the Opening Doors Initiative. Proud Ground operates under the Com- munity Land Trust model to pro- Volunteer Reading Tutors Needed! You can help young students become great readers, setting them up for lifelong success! Join Experience Corps and make a difference in just a few hours a week. Learn more at aarpfoundation.org/tutor mote inclusivity in residential neighborhoods while preventing displacement and nurturing eco- nomic, racial, and ethnic diversi- ty, as well as multi-generational stability and wealth creation. “Safe and stable housing helps children, families and communities thrive. Supporting organizations like Proud Ground to help make homeownership a tangible possibility for more people is an investment that will benefit generations to come,” said Meghan Valley, community affairs manager at U.S. Bank. “Far too many people are fac- ing housing instability. Some households pay half or more of their income on housing and the number of families who are struggling to achieve home own- ership is on the rise," said Eliza- beth Lorenzo, Senior Community Impact & Sustainability Special- ist at Wells Fargo. “Wells Fargo is committed to helping to increase access to housing, which is the foundation for wellness, dignity, and economic opportunity.” The U.S. Bank Founda- tion created the Opportunity Fund in 2023 to support orga- nizations working to increase wealth-building opportunities for underserved communities, including low- to moderate-in- come communities, rural com- munities and communities of color. The fund currently prior- itizes grants toward community development financial institu- tions (CDFIs); small business technical assistance and business incubators; affordable housing development; homeownership and down payment assistance; and digital access and economic development in rural and Native American communities.
