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Since 2004, PCRI has provided a very effective
Homeownership Program designed to prepare residents to transition from renting
to first-time homeownership. This a comprehensive approach to bridge the minority
homeownership gap in Portland and bring equitable, affordable housing opportunities
to North and Northeast 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.
These statistics underscore why, in addition to offering stable,
decent, quality affordable housing to families with incomes between 50-80% of
Portland’s median income, PCRI is striving to facilitate home ownership. To this end, PCRI
works with a variety of local partners, including the Housing Organizations of
Color Coalition (of which we are a member), Portland Housing Center, the African
American Alliance for Homeownership and community lenders to provide financial
fitness education, homeownership classes, down payment assistance and post-purchase
education.
The facets of the program progress from family stability to asset building
and conclude with wealth creation through homeownership. This comprehensive program
includes the following steps: intake and assessment, credit review and credit
repair, financial literacy workshops, registration for Individual Development
Accounts (matched savings program), down payment assistance identification, completion
of an eight-hour HUD Certified Homebuyer Education Certificate Class, goal setting,
attendance in homebuyer club meetings, coaching and support, match up with community
professionals for specialized services (home inspectors, realtors, lenders),
and homeownership sustainability (foreclosure prevention).
In 2009, PCRI’s
Homeownership Program celebrated these accomplishments:
• 10 participating PCRI families became first-time home owners
• 54 families participated in our complete homebuyer counseling program
• 17 families ended the year mortgage-ready and looking for homes
• $178,000 in down payment assistance to PCRI homebuyers was provided
• 25 participants graduated from our Financial Fitness Programs
• 10 Special topic homebuyer education classes were held
• “Life after Renting,” a post-purchase education initiative was implemented
But preparing residents is not enough. Affordable homes must be available
for residents to purchase. A major part of PCRI’s homeownership initiative
is new construction, scattered-site in fill single-family homes. As with PCRI’s
rental development, priority will be placed on quality design and materials,
much like PCRI’s NE 24th Avenue homes, which were awarded the 2001 Governor’s
Livability Award.
PCRI has built 20 new homes, with many others scheduled for
the near future. In
addition, PCRI has 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. These 2-, 3-
and 4-bedroom row homes will be located in north and northeast Portland.
For individuals who have graduated from the Homeownership Program and now
own their home, PCRI provides post-purchase support including additional homeownership
sustainability education, resources and education for home repair and maintenance
and additional support to help homeowners avoid predatory credit and lending
pitfalls.
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