Eligibility and Loan Terms

Eligible Repairs

To qualify for the PHB Home Repair Loan Program, repairs must be critical to the health and safety of the owner occupants as determined by the Portland Housing Bureau’s (PHB) Construction Coordinators. Examples of critical repairs include:

• Damaged or failing building components: failing roofs, dry rotted floors, broken or damaged stairs, siding or foundations
• Imminent failure of heating, electrical or plumbing systems
• City of Portland housing code violations and other fire, health, and safety issues
• Other repairs as approved by PHB necessary to support retention of the home

Eligible Borrower

• Own and occupy the property as their principal residence at application and throughout the term of the loan.

• Have a maximum annual household income up to 120% of Portland’s Area Median Income (AMI), adjusted for family size.

  Find your estimated AMI with this tool

• Combined assets not to exceed $20,000 (does not include subject property, two cars, retirement accounts, or assets producing earning that represent a significant portion of annual income).
• Total debt to income ratio should not exceed 60% of total gross household income, unless approved for a deferred payment loan, then debt ratios do not apply.
• Clear title evidencing ownership, monetary encumbrances, and mortgaged property address.

Eligible Property

View full size image of Eligibility area is the Interstate Corridor TIF District.

• Funding is subject to availability. The program currently has funding for eligible homeowners who own and reside in a single-family residence located in the Interstate Corridor TIF District in the City of Portland.
• Property taxes must be current or on deferred status.
• Homeowner’s insurance must be current.
• Existing mortgage(s) must be current.
• There must be equity in the property at least equal to loan amount.

How to verify property eligibility on PortlandMaps

Go to PortlandMaps

1. Enter address or select using the map.
2. Click link to Zoning.
3. Scroll down to find Tax Increment Finance (TIF).
4. See "District" to confirm if the property is in the eligibility area. 
   Funding is currently available for eligible properties in Interstate Corridor.

View full size image of Go to "Zoning" to find TIF District information

View full size image of Example screenshot, Zoning information on PortlandMaps for a property in Interstate Corridor

Loan Terms

• Maximum loan up to $40,000, but not more than total cost of allowable repairs
• 0% Annual Percentage Rate (0.0012% APR)
• 15-year loan term. After 15th year, the loan is completely forgiven
• Payment is deferred until sale, trade, refinance, or no longer owner-occupied
• Loan repayment options:
  • Repayment in full
  • Structured Repayment Settlement (full or partial amount)
• Assumable by qualified, eligible heirs
• Security: Deed of Trust in first or subordinate lien position
• Maximum loan-to-value is 100%

PHB is an Equal Opportunity Lender and Equal Opportunity Housing Provider

Ready to apply?

To start an application, request a form from the PHB Housing Loan Coordinator.