In 2005, PCRI launched a new homeownership
initiative that will work to bring equitable, low-income ownership
housing development to north and northeast Portland. The Homeownership
Initiative was created as a comprehensive approach to bridge
the minority homeownership gap in Portland. The homeownership
rate for most minorities in Portland is 33% compared to 69%
for whites. Oregon placed last in homeownership growth among
all fifty states from 1950-2000.
That is why, in addition to
offering stable, decent, quality affordable housing to households
with incomes between 50-80% of Portland's median family income,
PCRI wants to facilitate homeownership. To this end, PCRI works with a
variety of local partners, including the Portland Housing Center, the African
American Alliance for Homeownership and community lenders to provide homeownership
education, mortgage loans and closing costs for PCRI residents.
In addition to
the financial fitness classes that PCRI offers to all residents,
those needing to save for a home are also referred to the Portland
Housing Center’s
Individual Development Accounts program. PCRI is
exploring creating an IDA program which also will be available
to residents pursuing other kinds of wealth creation.
But preparing
residents is not enough. Affordable homes must be available
for them to buy. A major part of PCRI’s homeownership
initiative will be new construction, scattered site in-fill
and will include duplex town home models as well as single
family homes. As with PCRI's past work, a priority will
be placed on quality design and materials, much like PCRI's
NE 24th Avenue rental homes, which were awarded the 2001 Governor's
Livability Award.
PCRI has built 20 new homes, with many others
scheduled for 2007, 2008 and 2009. In
addition, PCRI substantially rehabilitated more than two hundred
single family homes and 150 apartments.
The pre-development
phase for PCRI's homeownership construction includes site analysis
and schematic design for 14 homes in seven duplex. These
2-, 3- and 4-bedroom duplex town homes will be located in north
and northeast Portland.
PCRI proposes to finance the Homeownership Initiative through
creative financing and subsidies. Making homes affordable will
require other subsidy sources, such as the Federal Home Loan
Bank's "Home of Your Own" program and other products
available through national and local sources.
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