Housing Services:
Home Repair Loan

Features/Benefits

Do you need to fix a leaky roof, make electrical or plumbing repairs, or have a new furnace installed? Portland Development Commission (PDC) has a low interest rate loan program to help with repairs like these, as well as other improvements that help maintain the livability of your home. To qualify a household must be low-income earning at or below 80 percent of the Median Family Income (MFI). If the household's income is at or below 60 percent of the MFI they may qualify to defer their monthly payments.

PDC's Home Repair Loan has a low interest rate, and borrowers must meet an income criteria to qualify. A lien is placed on the property, and depending on the income, the owner may not be required to make a monthly payment.

PDC's Home Repair Loan is ideal for homeowners with limited resources to help them live more comfortably in their homes, as well as helping to maintain and preserve housing stock for future generations.

Eligibility Requirements

Eligible Borrower

• Must own and occupy a home located in either the Interstate Corridor or Lents Town Center Urban Renewal Area
• Total annual household income must be at or below 80% of HUD’s Median Family Income (MFI) (adjusted for family size):

	Median Family Income (2007)
Household Size	60% MFI	80% MFI
1	$28,500	$38,000
2	$32,600	$43,450
3	$36,650	$48,900
4	$40,750	$54,300
5	$44,000	$58,650
6	$47,250	$63,000
7	$50,500	$67,350
8	$53,800	$71,700

* Total assets cannot exceed $50,000, not including the value of the primary residence

Eligible Property

• Property must be located within either the Interstate Corridor or the Lents Town Center Urban Renewal Areas.
  » View a map of these areas...
• Property taxes must be current or no more than two years’ delinquent
• There must be equity in the property at least equal to the loan amount

Loan Terms

• Maximum loan amount, $30,000
• PDC offers two types of payment options ranging from a 3.00% - 5.00% depending upon the eligible household’s income:
  • A deferred payment option is available for households earning at or below 60% MFI (see chart) that cannot afford a monthly payment. The interest rate is 3% simple interest, which accrues annually; the loan becomes due when the property changes hands;
  
  OR
  
  • For low-income households earning from 60% to 80% MFI, that have the means to afford a small monthly payment, there is a monthly payment based on interest rates ranging from 4%-5%, depending on income; the balance of the loan becomes due when the property changes hands
    
• Loan term from 20 - 30 years, depending on the payment option
• Maximum loan-to-value is 100%

For more information call 503-823-3400, e-mail.

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