According to The Suns, A new initiative in Oregon is offering first-time homebuyers a $30,000 grant to help with down payments, closing costs, and interest rate buy-downs. Managed by the Hacienda Community Development Corporation (CDC), the program is part of a broader effort to support affordable housing for low-income families.
Who Can Apply for the Homebuying Assistance Program?
The program initially sparked confusion when a flyer suggested it excluded U.S. citizens as per the NY post. However, the Hacienda CDC clarified that all Oregon residents who meet specific criteria are eligible, including American citizens.
To qualify, applicants must be Oregon taxpayers with a mortgage pre-approval and meet at least two out of five risk factors, which include:
- Discrimination due to race, ethnicity, or socioeconomic status
- English language proficiency
- Citizenship status
- Rural residence
Statement from Hacienda CDC Chief Executive Officer on Home Lending Program Misinformation
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Through a pilot program for 21 homebuyers, Hacienda distributed mortgage down payment assistance funded through Business Oregon. This is part of the Economic Equity Investment Program (Oregon Senate Bill 1579), which aims to build economic stability, self-sufficiency, wealth-building, and economic equity among disadvantaged individuals, families, businesses, and communities in the State. The program does not exclude U.S. citizens.
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Participants need to be Oregon taxpayers with a mortgage pre-approved by a bank or credit union and meet two out of five risk factors outlined by the program governed by State Statute and RGA requirements. These include:
- Experience of discrimination because of race or ethnicity
- English language proficiency
- Citizenship status
- Socioeconomic status
- Residence or operation in a rural location
A community flyer we created through an outside consultant misstated these program requirements. Read the Full Statement Here.
Program Backed by Oregon’s Economic Equity Investment Program
This homeownership support comes from Oregon Senate Bill 1579 under the Economic Equity Investment Program, which seeks to build economic stability and equity for disadvantaged communities. The $30,000 grants aim to help low-income families, particularly in Portland’s Cully neighbourhood, secure affordable housing and improve their economic outlook.
How to Apply for the $30,000 Grant
Eligible individuals can apply for the grant by visiting the Hacienda CDC website. The organization also offers seminars on home buying and financial planning to support long-term success for new homeowners.
Those wanting to gain access to the program can visit the Hacienda CDC’s website and sign up.
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