New income levels for principal reduction program

NeighborImpact’s Principal Reduction program is designed for homeowners who are on a fixed income and struggling to make their mortgage payment. The program will pay up to $50,000 to reduce the unpaid mortgage resulting in a sustainable lower monthly payment.

This program is part of a statewide initiative, called the Oregon Homeownership Stabilization Initiative, with 19 approvals and 31 pending applications in Crook, Deschutes and Jefferson counties alone.

Newly published State Median Income levels have increased the income eligibility for this program, making it available to even more individuals.

Household Size 125% State Median Income 1 $66,000 2 $75,375 3 $84,875 4 $94,250 5 $101,750 6 $109,375 7 $116,875 8+ $124,375

One NeighborImpact client shared, “I just wanted to thank you guys once again for all the things you have done for us. We truly are grateful and would recommend this to anyone who qualifies.”

Some program participants have even been able to pay off their entire mortgage, resulting in a financial freedom that previously seemed impossible.

Central Oregonians interested in taking advantage of the program can visit neighborimpact.org/homeowner-help/principal-reduction for more information and instructions on how to apply.

About NeighborImpact: Since 1985, NeighborImpact has been a leader in developing solutions and bringing resources to Crook, Jefferson, Deschutes County and Confederated Tribes of Warm Springs. The agency offers a diversity of services meeting basic human needs for food and shelter, while enriching people’s lives by providing access to increased education, skills, and hope for the future. NeighborImpact is a private nonprofit organization that receives federal, state and local grants, foundation grants, and donations from individuals and businesses in our community. To learn more about NeighborImpact, visit: https://www.neighborimpact.org/.

NeighborImpact is a 21 Cares for Kids partner.