TL;DR (generated · confidence: high)

The Down Payment Assistance Loan (DPAL) program, administered by Portland Housing Bureau, receives a recommended $400,000 reduction in funding. DPAL helps first-time homebuyers (up to 80% AMI) purchase homes in Portland with deferred payments, 50% forgiveness at year 15, and remaining balance forgiven by year 30. The recommended reduction of $400,000 supports 3–5 families citywide. The program aims to close racial homeownership gaps, provide generational wealth opportunities, and prioritize displaced or at-risk households through partnerships with culturally-specific nonprofit providers.

Key points (each cites a PDF page):

Down Payment Assistance Loan package receives $400,000 funding reduction, classified as 'Recommended' status. (p. 745)
DPAL award amounts range from $80,000 to $100,000 per borrower, with 50% loan forgiveness at year 15 and remaining balance forgiven by year 30. (p. 745)
Recommended $400,000 funding serves 3 to 5 families citywide earning up to 80% of Area Median Income (AMI). (p. 745)
Program is administered by Portland Housing Bureau's Neighborhood Housing Preservation Staff in partnership with nonprofit community service providers. (p. 745)
Program targets communities of color and displaced or at-risk households to address racial homeownership disparities and create generational wealth opportunities. (p. 745)
Services include prepurchase education and counseling alongside down payment assistance loans. (p. 745)

💰 $400,000 · $80,000 · $100,000 · 📋 Down Payment Assistance Loan (DPAL) · Neighborhood Housing Preservation · 🏛️ Portland Housing Bureau

23,641

Source: PDF p. 745 · raw: 745

Breadcrumb: 4 ced › Comm-EcDev-DPs › Package Details › 23,641

23,641 - Down Payment Assistance Loans Service Area Community & Economic Development DCA Donnie Oliveira Bureau Name Portland Housing Bureau Director Helmi Hisserich Funding Type Name Reduction Status: Recommended Package Desc Expense Recommended Total The Down Payment Assistance Loan (DPAL) is designed with favorable terms to help first-time External Materials and Services ($400,000) homebuyers purchase a home within the city limits of Portland: award amounts can be up to $80,000 ($400,000)

$100,000. During the 30-year term payments are deferred. 50% of loan is forgiven at year 15 and 3% thereafter until 30th year, the remaining amount is forgiven. Anytime before the 30th year, the Revenue Recommended Total sale of the home, refinance of the first mortgage, or when no longer occupied as primary residence; at such time, the entire principal balance is due. General Fund Discretionary ($400,000) Service Impacts ($400,000) Citywide serving up to 80% of AMI: $400K for 3 to 5 families. DPAL serve to increase homeownership opportunities, and to close the minority homeownership gap. Support the low income first-time homebuyers include prepurchase education and counseling as well as DPAL. Services are administered by PHB's Neighborhood Housing Preservation Staff along with partnerships with nonprofit community service providers. The goal of the homeownership program include, but not limited to, increasing the number of new homebuyers, addressing racial equity homeownership disparities, and providing generational wealth creation opportunities, by prioritizing households and families that are displaced or at risk of displacement, and improving financial stability for residents. Equity Impacts Communities of color continue to face significant challenges in becoming homeowners, such as limited to no generational wealth, impacts from generations of disinvestment in communities resulting in credit and debt challenges, and most importantly communities of color continue to earn less than their white counterparts here in Portland and Multnomah County. PHB partners with a host of culturally specific service providers who support Portland residents with one-on-one and group financial counseling. Partners leverage additional resources necessary to support households’ homeownership goals in the city of Portland, a tight and competitive housing market, targeting communities of color and communities that have been displaced or at risk of displacement, to ensure access, and their participation in the economic opportunities that quality housing investments create. Down payment assistance is necessary in addressing the homeownership disparities, and policies should improve access and lessen challenges and barriers in obtaining resources. Success in this program should increase the number of homeowners from communities of color, improve their financial wellbeing, and strengthen trust from the community as it relates to past government actions.

Parent: Package Details · PDF: p. 745