NeighborImpact gets grant to help homebuyers

NeighborImpact has received a $100,000 grant from Oregon Housing and Community Services to help create and preserve homeownership in Central Oregon.

This grant, submitted in September, is to be used to provide closing costs and down payment assistance for low- and very low-income Oregonians and to decrease the gap in minority homeownership, officials said.

With vacancy rates at about 1 percent in our area, finding affordable housing, or housing period, can be nearly impossible.

Estimates from the U.S. Census Bureau showed about 50 percent of renters paid 30 percent or more of their income on rent. That causes many first time homebuyers to spend a higher percentage of their income on rent instead of saving for a down payment on a home.

With down payment assistance from NeighborImpact, would-be homebuyers may qualify for a higher loan amount, which can make the difference of being able to enter the market in Central Oregon.

“With a properly structured loan package, individuals and families can own a home for the same or less than the average rent,” said NeighborImpact Lending Director Michael Hinton. “Funds from this grant will provide gap financing for homebuyers that are short funds for down payment and/or closing costs.”

To receive this assistance, individuals must be income qualified and participate in homebuyer education and financial literacy classes. These classes are offered by local organizations, including NeighborImpact’s HomeSource Department, as well as online through Framework.

“This is a terrific opportunity for NeighborImpact and for folks in Central Oregon,” says Hinton. “If you want to take the next step toward homeownership or to find out if you qualify, we encourage you to pick up the phone and contact us.”

For more information, visit www.neighborimpact.org or contact Michael Hinton at 541-323-6560.

NeighborImpact is a “21 Cares for Kids” partner.