Economy | News | Oregon

$15,000 Down Payments Up For Grabs For Primary Home Buyers

OPB | Nov. 19, 2013 1:32 p.m. | Updated: Nov. 19, 2013 3:15 p.m. | Portland

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The city of Portland and housing advocates are celebrating a program with Wells Fargo that offers $15,000 grants to moderate and low income home buyers in Portland.

Portland mayor Charlie Hales

Portland mayor Charlie Hales

Kristian Foden-Vencil / OPB

Buyers who stay in their homes for five years, don’t have to pay it back.

Wells Fargo had a similar program it was ordered to conduct as part of a  settlement with the U.S. Department of Justice last year — over mortgage irregularities.

But this program is separate. It’s for someone who needs help with a down payment on a primary home within the city.

A family of four would have to make less than $83,000 a year to apply. For a single person it’s $58,000.

$15,000 wrapped in a red ribbon

$15,000 wrapped in a red ribbon

Kristian Foden-Vencil / OPB

Portland Mayor Charlie Hales called it real money that will make a difference.

“For that family that can’t quite scrap together enough for a down payment, the family that needs a little help, a hand up, help is now here,” he said.

A fair has been arranged for December 13th and 14th at the Oregon Convention Center to distribute the money.

Buyers are encouraged to register at www.neighborhoodlift.com.

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