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. Portions of King Neighborhood from Garfield Street to the west are in the Interstate URA. The program helps modest income home owners 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.
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