Homeownership

PCRI develops new homes for purchase by qualifying first-time buyers and provides a comprehensive Homeownership Education and Counseling Program to ensure buyers can become and remain successful homeowners. PCRI has helped first time buyers of all ages and backgrounds achieve their dreams of homeownership—just ask BettyVictoria (pictured below, center), or the Shaw or LaRose families! Or ask PCRI’s Homeownership Program Coordinator Linda Tellis-Kennedy, who not only helps participants become homeowners, she is also a past client.Homeownership

Homeownership Education and Counseling Program

PCRI’s Homeownership Education and Counseling program is intended to assist low- to moderate-income, first-time buyers in creating a successful action plan towards homeownership. The one-on-one counseling is designed to help overcome any obstacles that would prevent affordable mortgage financing. We work with each client to analyze their financial and credit situation, identify prospective barriers and develop a plan to remove any barriers. We also work to assist clients with debt-load management by preparing a manageable, monthly budget plan.

Orientation sessions for new participants are held twice per month on the first Wednesday of the month at 1:00 p.m. and on the third Wednesday of the month at 6:00 p.m. To sign up for an orientation, contact Marqueesha Merriweather by email or at 503-288-2923 x102.

Orientation sessions introduce future homebuyers to the basic steps of the home buying process, and include additional details and expections about the homeownership education program. Some of the basic steps of the home buying process include:

  • Enrollment
  • One-on-one counseling
  • Money and debt management
  • Credit
  • Individual Development Accounts (IDA)
  • Down payment assistance program
  • Mortgage ready
  • Purchase
  • Post purchase

Clients in the Homeownership Education Program work in concert with PCRI’s Financial Education Program to create detailed, manageable budget plans. Clients may also be able to enroll in a matched-savings Individual Development Account to help maximize savings toward a down payment or home repairs.

Monthly homebuyer workshops are held each month and provide clients with additional information on a variety of topics related to the home buying process.

Photo by David Papazian, courtesy of Fine Homebuilding Magazine

Photo by David Papazian, courtesy of Fine Homebuilding Magazine

New Homes for First-Time Buyers

As part of PCRI’s Pathway 1000 Initiative to mitigate and prevent involuntary displacement in North and inner Northeast Portland, PCRI will develop new homes for purchase beginning in 2016. These homes will include family-size single family homes, row homes (such as the ones shown in the rendering at right) and other types of housing. These homes will be prioritized for purchase by households who have family roots in the neighborhoods where the homes are built. Some homes will be made available through Portland Housing Bureau’s North/Northeast Homeownership program and will utilize Portland Housing Bureau’s preference policy for displaced families. Families who purchase these homes can receive the full benefit of their homes’ equity and appreciation. Repayment of certain down payment assistance programs may be required; PCRI can help buyers understand all the opportunities and restrictions.

In 2010, PCRI developed its first homes (pictured at right) specifically intended for purchase by low- to moderate-income first time homebuyers. These 3-bedroom, 2-bathroom homes were featured on the City of Portland’s Build it Green! homes tour and earned LEED Gold certification for their durable, energy-efficient and healthy construction and were sold to qualifying first time buyers. The homes were made affordable to lower-income buyers thanks to grants identified by PCRI as well as down payment assistance made available by Portland Housing Bureau. Families who purchased these homes received the full benefit of their homes’ equity and appreciation (provided certain conditions of residency are met).

For more information, contact Marqueesha Merriweather by email or at 503-288-2923 x102.