Housing Services:
For Lenders

Welcome Lenders!

PDC is opening up its homebuyer assistance programs to be accessible to Participating Lenders.  PDC expects to begin offering this new source of homebuyer assistance funding in late March 2008.  Once this occurs PDC-Approved Participating Lenders will be able to originate a first mortgage loan along with a second mortgage loan funded by PDC.  The new program is called Ownership Through Partnership (OTP).  

OTP has two different options.  They are the Down Payment Assistance Loan and the JumpStart Loan.  The Down Payment Assistance Loan is a gap financing tool and the JumpStart Loan is a temporary interest rate buy-down program.  Both options are deferred payment silent second mortgages designed to increase the purchasing power of eligible borrowers.  

To qualify for either program, properties must be single family homes, including town homes and condos, located in a PDC Urban Renewal Area.  The URAs which currently have funding are Downtown Waterfront , Gateway, Lents Town Center, Interstate Corridor, Oregon Convention Center, and River District.

PDC is currently establishing its procedures for selecting Participating Lenders for OTP.  It is also working on establishing the procedures it will use to approve the first mortgage loan programs and fees to be used with OTP funding. Interested lenders should check back soon for more details.

Mortgage Credit Certificate (MCC)

At a meeting on April 15, 2008, PDC and the City of Portland obtained approval from the State of Oregon's Private Activity Bond Committee and can now begin offering an MCC program. PDC anticipates starting the MCC program on June 1, 2008 in partnership with PDC-Approved Participating Lenders. Participating Lenders are limited to those lender that have been active in the Operation H.O.M.E. initiative, who have completed the required MCC training, and who have signed a Participating Lender Agreement with PDC.

To learn more about the Ownership Through Partnership or the MCC programs please contact Jon Gail at 503-823-3292 or Javier Mena at 503-823-3377.

Portland Development Commission is an Equal Opportunity Lender.

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