The Portland Housing Bureau (PHB) has funding to help approximately 32 eligible homeowners in the Interstate Corridor Urban Renewal Area (URA) through its Home Repair Loan Program. This program helps home owners with modest incomes make critical repairs to their homes.
Homeowners can borrow up to $15,000. The loan program doesn't require monthly payments or charge interest. At the beginning of the 11th year of the loan, 20 percent of the loan will be forgiven. After the 15th year, the loan will be completely forgiven.
The loan is a 0.00% deferred payment loan with an Annual Percentage Rate (APR) of 0.0012%, which results from $400 in fees PHB charges to administer each loan. PHB allows these fees to be financed.
Funds must be used to make critical repairs like fixing electrical hazards, replacing leaky roofs, removing mold, repairing failing porches, and addressing other health and safety items or building code violations.
Funding is limited to home owners who own and occupy properties located in the Interstate Corridor URA. The Home Repair Loan Program is an urban renewal strategy to improve the housing stock within this area.
Generally, the Interstate Corridor URA overlaps portions of the Boise, Eliot, Humboldt, Kenton, King, Overlook, Portsmouth and Piedmont neighborhoods. To see if a specific property is within this URA, search for the property on www.portlandmaps.com and click on the “development” tab.
To qualify, eligible homeowners must occupy the home and earn a household income of no more than the following maximums which are adjusted by the size of the household:
| Household Size |
80% of Median Family Income |
| 1 |
$39,900 |
| 2 |
$45,600 |
| 3 |
$51,300 |
| 4 |
$56,950 |
| 5 |
$61,550 |
| 6 |
$66,100 |
| 7 |
$70,650 |
| 8 |
$75,200 |
In addition to funding the program, PHB's construction coordinators assist eligible homeowners in developing a scope of work, obtaining competitive bids, reviewing these bids and ensuring the contractor performs the work in a professional and timely manner.
Funding for the program is limited and offered on a first-come first-served basis. To learn more about the program, or to request applications, call PHB at 503.823.3400 or visit www.portlandonline.com/phb/repair. PHB is an equal opportunity lender.
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ity_of_portland_housing_bureau/”>City of Portland Housing Bureau
421 SW 6th Avenue
Suite 500
Portland OR 97204
503.823.2375
www.portlandoregon.gov/phb
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For the first time since the creation of the Willamette Industrial Urban Renewal Area (WIURA) in October 2004, the Portland Development Commission (PDC) has tax increment funding available to assist businesses located in the URA. Together, the boundaries of the WIURA and the Interstate Corridor Urban Renewal Area include all of Swan Island, making funding available to eligible businesses throughout that industrial district.
The Willamette Industrial URA encompasses 756 acres and was created to encourage existing businesses to make new investments in their facilities or expand their operations and to attract new businesses into the area, particularly industrial, high-tech, manufacturing and distribution businesses. The URA is located on the east side of the Willamette River at Mock's Bottom and Swan Island, and on the west side of the River, south of the Railroad Bridge. (Check out PDC’s web site to see the WIURA boundaries). All of the areas in the URA are currently zoned for industrial uses.
PDC’s business finance programs are designed to provide “gap” financing for eligible businesses—in other words, to make funds available to “fill the gap” or complement private debt and equity. PDC funds can be used for equipment purchase, real estate acquisition, tenant improvements, property development and rehabilitation, and, in some limited cases, working capital.
PDC also provides matching funding for technical assistance to help individual businesses increase productivity and lower their costs by finding production efficiencies and ways to reduce waste. Businesses are served through contractual partnerships with PDC’s technical assistance providers: the Oregon Manufacturing Extension Partnership and the Zero Waste Alliance.
For more information visit www.pdc.us/business, or call 503.823.3321
Portland Development Commission
222 NW 5th Avenue
Portland OR 97209
503.823.3200
www.pdc.us
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Congratulations to Patton Park Apartments! Winner of the Mayor’s Award for Excellent Design!
Firm: SERA Architects
Project Team: Kurt Schultz / John Smith / Brian Cobb
Owner: Reach Community Development
Contractor: Walsh Construction
Image Credit: Sally Painter
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