Fair housing advocates are offering down payment assistance loans to 100 first-time home buyers in Oregon.
NEDCO, Community Lending Works, and Willamette Neighborhood Services call it Project Reinvest Down Payment Assistance.
Karen Saxe is NEDCO’S Director of Asset Building Programs. She says each loan is for $10,500.
“It is a no-interest, no-payment loan," says Saxe. "So nothing is asked of you to pay back during the life of the loan.
"And then when you would pay the loan back is when you are looking to maybe sell the home down the road, or if you’re refinancing and taking equity out.
"At that point, what we would do, is recapture those funds, and then recycle them back into another loan for another first time homebuyer.”
The loans are for people buying homes in seven counties, namely Lane, Linn, Coos, Benton, Clackamas, Marion, and Lincoln.
Saxe says the project’s money comes from a national settlement with Bank of America.
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