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Condo development on North Interstate
By The Skanner News
Published: 04 April 2019

A new development on North Interstate will give low- and moderate-income families with generational ties to North and Northeast Portland a chance to own a condominium in the area.

Proud Ground and Habitat for Humanity have partnered to develop a new mixed-income condominium development on North Interstate. Under the city’s preference policy, individuals and families with generational ties to North/Northeast Portland will be prioritized in the application process. 

To qualify for ownership of these two or three bedroom condos, at 5020 N. Interstate Ave., which will be move-in ready by 2021, individuals must:

  • Be first-time homebuyers and meet the income criteria;
  • Qualify for a mortgage with a Proud Ground-approved lender for the purchase price amount (ranging from $121,000-$274,500);
  • Have at least $4,000 available for earnest money and inspection costs;
  • Demonstrated employment history for two continuous years in same line of work.

Applicants for the development also need to meet income criteria; the majority of units in the development will be affordable to a variety of lower income families who fall between 35 and 100 percent of annual median income for the metro area. Income maximums are based on family size and are as follows: $56,980 for a family of one; $65,120 for a family of two; $73,260 for a family of three; $81,400 for a family of four and $87,912 for a family of five. There will be 23 affordable two-bedroom units and 25 affordable three-bedroom units in the building. 

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The building will also include 16 market-rate, one-bedroom units available to individuals with incomes above the income cap, targeted to buyers at 100 to 140 percent of annual median income. It will be located on the MAX line, offer a 1,400-square-foot outdoor play area for children, bike parking, 12 onsite parking spaces and eight covered parking garage stalls. It will also include central trash rooms, a full set of appliances (including microwaves, dishwashers and individual washers and dryers) in each unit – and a backup generator for emergencies.

An Opportunity to Reestablish Neighborhood Roots

“The vision for this project is inspired by Proud Ground’s experience working with low- and moderate-income families as part of the African American Alliance for Homeownership Collaborative,” reads a Proud Ground press release announcing the development. “Many of these families have been forced out of the community over the past few decades as a result of public policy decisions and the extreme market forces that have taken hold in the neighborhood. With this project, Proud Ground hopes to give these families viable opportunities to reestablish their roots through first-time homeownership.”

The application window for preference is April 22 to May 3. After the application period closes, the Portland Housing Bureau will sort applicants for the advertised program openings and give priority to householders who have owned property that was taken by city government, and to descendants. Other applicants can receive up to six preference points based on current or historic residence, or that of a parent, guardian or grandparent.

To apply, visit https://portlandoregon.gov/phb/. Anyone with questions should email [email protected] or call (503) 823-4147. Those with questions about affordable condominiums should contact Tyler Koski, the listing principal real estate broker at [email protected] or call (503) 493-0293, ext. 11. Those with questions about the community land trust should contact Yesika Aervalo, homeownership program manager at Proud Ground at [email protected], (503) 493-0293, ext. 10.

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