Building a Foundation for Homeownership

December 23, 2009 · by pcriadmin · PCRI

PCRI has long envisioned in-house development of sustainable, energy-efficient AND affordable new homes.  This week, we were delivered a gift of good news: approval of funding for these new homes.

“This is great news for PCRI staff and more importantly, great news for PCRI residents who have been anxiously awaiting the opportunity to purchase these homes,” boasted Executive Director Maxine Fitzpatrick.

“This pilot project connects PCRI’s in-house housing development to its in-house program services, permitting a holistic approach to housing stabilization, asset building and wealth creation that combats generational poverty,” she added.

The four pilot homes (sketched below) will be built on two locations in North Portland.  The completed homes will be available for purchase by families earning 70-80% of area median income.

PCRI’s assistance to first-time homebuyers–programs like down-payment assistance, matched-savings Individual Development Accounts and homebuyer education–will be supplemented by a Portland Development Commission affordable housing subsidy.

Portland’s Energy Efficient Home Pilot program has also provided grants to offset the cost of additional insulation, high-efficiency heating systems and other design elements which ensure these new homes are at least 15-30% more energy efficient than other homes built to current energy codes.  These measures will benefit the new homeowners in the form of lower energy costs.

Other sustainability measures–like natural and recycled-content flooring, secure bicycle parking, stormwater diversion systems and water-efficient fixtures–compliment the energy-efficiency measures to provide a healthy and efficient home with low maintenance costs and as little impact as possible on our environment.

With the merger of affordability, sustainability and efficiency, PCRI is excited to get started on these new homes and to meet our goals–as well as the City of Portland’s–of increasing minority homeownership in our city.  We’re looking forward to an especially successful project with our project partners: eM|Zed Design, Kismet Design and Terrafirma Building.

“We are confident in [the project’s] impending success, which will lead to the full implementation of a long envisioned minority homeownership plan and additional development,” Fitzpatrick concluded

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