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.
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.
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.