First Time Home Buyer and Other Home Loan Programs - Oregon

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Oregon Housing and Community Services provides support to create affordable housing and supportive services for moderate, low, and very-low income Oregonians.

The Oregon Housing and Community Services

Oregon Housing and Community Services (OHCS) provides financial and program support to create and preserve opportunities for quality, affordable housing and supportive services for moderate, low, and very-low income people in Oregon. The coordination between housing and services creates a continuum of programs that can assist and empower lower-income individuals and families in their efforts to become self-reliant. These efforts also strengthen the workforce and bring other economic and social benefits to communities.

Grants and Tax Credits

Farmworker Housing Development Program

The Farmworker Housing Development Account was created in 2001 to expand the state’s supply of housing for low and very low-income farmworkers. It is designed to provide grants or loans to construct new housing or to acquire and rehabilitate existing structures.

Farmworker Housing Tax Credit Program

The Farmworker Housing Tax Credit Program gives a state income tax credit to owners who incur costs to construct, install or rehabilitate farm worker housing.

HELP Program

The HELP Program is a grant program that provides financial assistance to housing developments for very-low-income families or individuals. Funds for this program come from HUD under the McKinney Homeless Assistance Act.

HOME Investment Partnerships Program

The HOME Investment Partnerships Program provides federal funds for the development of affordable housing for low- and very-low-income households. Eligible activities under the state’s program include acquisition, new construction, and rehabilitation of multifamily rental housing.

Housing Development Grant Program

The Housing Development Grant Program provides grants and loans to construct new housing, or to acquire and/or rehabilitate existing structures, effectively expanding the supply of housing for lowand very-low-income families and individuals. This program encourages leveraging of state grant dollars with other public and private sources.

Low Income Housing Tax Credit Program

The Low Income Housing Tax Credit Program provides federal income tax credits to developers who construct, rehabilitate, or acquire and rehabilitate qualified lowincome rental housing. These development projects encompass multi-family units, and Rural Development housing developments.

Low Income Weatherization Program

The Low Income Weatherization Program provides funds for installing weatherization measures in rehabilitation or new construction of projects. Funds can be used to increase the efficiency of heating and other uses of energy in multi-family housing through the installation of energy efficient insulation, windows, appliances, light fixtures, and other energy-reducing activities.

Oregon Affordable Housing Tax Credit Program

The Oregon Affordable Housing Tax Credit Program provides a state income tax credit for affordable housing loans. Lenders reduce the interest rate to affordable housing sponsors by up to 4 percent.

Home Ownership

American Dream Down Payment Initiative

The American Dream Down Payment program was implemented in early Fall 2004 and will provide lowincome households with down payment and closing cost assistance in order to close a Purchase Assistance Loan (PAL) with the Department. The program will do targeted outreach to public housing authority agencies and residents of manufactured home parks.

Home Ownership Assistance Program

The Home Ownership Assistance Program provides grants to organizations that use the funds, in conjunction with other resources, to assist low- and very low income Oregon households to purchase a home. Homeownership may be achieved for participating program households through lease-to-own programs, construction of new housing, or acquisition of existing housing, with or without rehabilitation. Program funding provides eligible homebuyers with assistance with the down payment, closing costs, or other means to make ownership feasible, as well as to assure home ownership education.

Homebuyer Program

The Residential Loan Program is a below-market-rate home loan program made possible through the sale of tax-exempt mortgage revenue bonds. Working through a broad network of lenders and over 400 loan officers, the program strives to help first-time homebuyers who meet certain income restrictions by offering attractive interest rates, usually .75 percent to one percent below the market rate, and assistance for down-payment and/or closing costs.

Housing Rehabilitation

Regional Housing Centers (CDBG)

Regional housing centers meet multiple housing needs of low and moderate-income persons for specific geographic regions. The goal is to provide one stop shopping and resource assistance. The regional housing center provides either direct assistance to citizens within the defined region or linkages with other housing providers to access housing resources.

Rural Home Repair

The purpose of the program is to develop a means for low-income homeowners to reside in decent, safe and sanitary housing. The program pays for the repair and maintenance of existing low-income family housing in rural Oregon.

Multifamily Loans

Elderly and Disabled Loan Program (E&D)

The Elderly and Disabled Loan Program provides below-market interest rate permanent mortgage loans by issuing tax-exempt bonds. This program also finances apartments, congregate care, residential care, and assisted living facilities for the elderly, as well as group care homes for the mentally or physically disabled.

Loan Guarantee Program

The Loan Guarantee Program provides guarantees to lenders and lease guarantees to sponsors to assist in the financing of new housing construction or for the acquisition and/or rehabilitation of existing housing for low- and very-low-income families.

Mobile Home Park Purchase Program

The MHPP program is a revolving loan fund that provides low interest prepurchase financing to park residents for the acquisition of their park. Interest rate is up to 4%, and loan term is up to 3 years.

Oregon Rural Rehabilitation Loan Program

The Oregon Rural Rehabilitation Loan Program is a low-interest loan fund for the development and preservation of farm worker housing.

Predevelopment Loan Program

The OHCS Predevelopment Loan Program, similar to the Seed Money Loan Program, provides below market financing on flexible terms for site acquisition and predevelopment costs.

Risk Sharing Loan Program

The Risk Sharing Loan Program provides below-market interest rate, permanent mortgage loans by issuing tax-exempt bonds. A partnership between the US Department of Housing and Urban Development and OHCS provides credit enhancement on the tax-exempt bonds.

Seed Money Advance Loan Program

The Seed Money Advance Loan Program is a $250,000 non-budgeted revolving loan fund that provides no-interest loans to qualified non-profits and interest-bearing loans to for-profit borrowers.

Vertical Housing Program

The program encourages mixed-use commercial / residential developments through a partial property tax exemption in areas designated by communities.

Other Local Oregon Home Loan Resources

Oregon also has several first time home buyer and other home loan programs available through city, county, and other state agencies. Find a local Oregon home buyer program that is right for you on the official Oregon HUD website.

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Source: Oregon Housing and Community Services
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