Program: Portland Housing Bureau Home Repair Loan

Detail Verified 4/21/2021 - Last Updated 9/10/2020

Program Overview

Portland Housing Bureau Home Repair Loan is a 0% interest loan up to $40,000 for critical repairs to improve the health and safety of the owner occupants.

Eligible locations are the Interstate Corridor and Lents Town Center Urban Renewal Areas.

Who is Eligible for this Program?

Borrower must own and occupy the home. Total cash assets cannot exceed $20,000, excluding value of primary residence. Borrower must have a 60% maximum debt-to-income ratio and be current on their mortgage, homeowner's insurance, and property taxes. Homeowners must live in either the Interstate Corridor or the Lents Town Center Urban Renewal Areas.

Borrowers must have a maximum household income of 120% of Portland’s Median Area Income (AMI 2018).

$40,000 maximum.

Funds must be used for repairs deemed critical to the health and safety of the owner occupants as determined by the Portland Housing Bureau’s (PHB) Construction Coordinator. Examples of critical repairs include:
Roof in poor or failing condition
Collapse of foundation or other structural components: dry rotted floors, broken or damaged stairs, city code violations, and other fire, health and safety issues
Imminent failure of heating, electrical or plumbing systems

HUD Median Income Limits: 120%

Is this program for first time buyers only?: No

Property Eligibility Requirements

Benefit Details

Benefit: Portland Housing Bureau Home Repair Loan is for owner occupants to make repairs critical to their health and safety as determined by PHB's Construction Coordinator. The loan maximum is $40,000 with 0% interest, 0% payments, and will be forgiven after 15 years if the property remains owner-occupied.

Loan Term: 15 years

Homebuyer Counseling / Education Required: No

Owner Occupancy Required: Yes

Other Program Comments: No reverse mortgages.