Portland’s PDC Home Improvement Loan Program
posted in General, Money Matters |So, you live in a house that needs some repair. I don’t mean a new kitchen or a little paint, I mean REPAIR. Perhaps the 
furnace has a mind of its own and works sporadically or the home has faulty plumbing. Maybe every time a rain storm comes through town you are immediately on bucket patrol to catch that inevitable drip here or there.
Like many of us, you probably love the house (or neighborhood) despite it’s flaws and you just don’t want to (can’t afford to?) move. You have the desire and ideas to repair these necessary items; the only things holding you back is finding the money.
Well, if you live in the Lents Town Center or Interstate Corridor areas, you might be in luck. The Portland Development Commission (PDC) has a couple of loan programs for folks needing critical repairs to their homes. Critical repairs include such items as:
- Leaking roof
- Dangerous wiring/faulty electrical circuitry
- Failing structural system
- Faulty plumbing
- Broken sewer connection
- Inoperable heating system
- Hazerdous porch/stairs
- Critical assessibility need
- Code violations related to health or safety
However, there are income levels to qualify (no more than 50% or 80% of Median Family Income, depending upon the loan type) and a list of other criteria:
- Property taxes must be current for owners qualifying for the loan, or no more than two years’ delinquent
- There must be equity in the property equal to the loan amount
- Applicant must intend to occupy the property as the primary residence throughout the term of the loan
- Total assets cannot exceed $50,000, not including the value of the primary residence
- Applicant must be on title to the property
- Loan Conditions :
- The loan amounts range from $5,000–$10,000; some repair needs may be extensive or too costly and consequently not feasible under this program
- Lien placed on the property, from 20–30 years, depending on the interest rate
- Loan comes due when the property changes hands
To start the process of receiving a PDC home remodeling loan you need to contact a PDC Loan Specialist. The telephone number to call is (503) 823-3400 or you can contact a specialist via email here.
Good Luck!
Photo by Penny Mathews, used under creative commons.
