Posts Tagged ‘Homeownership’

September 22, 2017 · by pcriadmin · Featured, Pathway 1000

african-american-couple-buying-home1-2PCRI will host a kick off event on October 7, 2017 for its Pathway 1000 Initiative. At the kick off event, families and individuals can learn about homeownership and other opportunities available as part of the initiative, as well as more information about the initiative and its goal of ending involuntary displacement.

The kick-off event will be held at Portland Community College’s Workforce Training Center at 5600 NE 42nd Avenue (at Killingsworth) on October 7, 2017, from 10:00 a.m. to 1:00 p.m. Refreshments will be provided; RSVPs are not required. Questions can be sent to PCRI via email.

Pathway 1000 is a displacement mitigation initiative created by PCRI and informed through community outreach and feedback. In addition to mitigating displacement, the initiative Arika and Jenniferaims to reclaim the historic heart and soul of Portland’s African American community, building prosperity for African Americans and others displaced from North and Northeast Portland through the development of 1,000 new affordable homes during the next decade. This development will create hundreds of living-wage jobs, business growth and additional development opportunity throughout the duration of the 10-year initiative.

In addition to individuals and families interested in learning about homeownership opportunity, industry professionals are encouraged to attend to learn more about how their organization or business can participate in the initiative. Attorneys, architects, finance professionals, contractors and others are invited to join in the Pathway 1000 initiative.

May 16, 2017 · by pcriadmin · Featured, Pathway 1000, Uncategorized

Thanks to a grant from the Wells Fargo Housing Foundation announced May 15, Portland Community Reinvestment Initiatives will have additional resources to meet the needs of a rapidly-growing homeownership education program. The grant will help support increased attendance in PCRI’s program as well as new program orientation sessions and post-purchase support.

PCRI Executive Director Maxine Fitzpatrick (2nd from left) accepts a grant from local Wells Fargo executives, left to right: Andrew Tweedie, Community Affairs officer; Tracy Curtis, Regional President; and Cobi Lewis, Community Development officer. PCRI will use the $100,000 grant to build 22 affordable homes for sale to low-income buyers displaced from N/inner NE Portland

PCRI Executive Director Maxine Fitzpatrick (2nd from left) accepts a grant from local Wells Fargo executives in January 2017, left to right: Andrew Tweedie, Community Affairs officer; Tracy Curtis, Regional President; and Cobi Lewis, Community Development officer. PCRI will use the $100,000 grant to build 22 affordable homes for sale to low-income buyers displaced from N/inner NE Portland

PCRI has experienced a sharp increase in participation in its homeownership program in the last year and anticipates further increases in participation due to a recent Portland Housing Bureau initiative prioritizing first-time home buyer assistance for families with roots in North and Northeast Portland. Many prospective homeowners introduced to PCRI’s program through the PHB initiative have already begun working toward homeownership with PCRI’s support.

“Homeownership is the most effective way for most families to achieve and retain stability within their community,” said Andrea Debnam, PCRI’s Manager of Resident Services. “This grant will help PCRI clients realize their dreams and build assets through homeownership, breaking cycles of poverty.”

PCRI offers comprehensive and culturally specific resident services, including the homeownership education program, to residents and the larger community. PCRI also partners with industry professionals to deliver workshops and individual support focused on every aspect of home buying and ownership. After purchasing a home, PCRI remains connected to buyers, providing post-purchase support. In addition, PCRI provides homeownership retention and referral programs to help senior homeowners age in place and retain homes they currently own.

The homebuyer education program is a component of a larger PCRI initiative aimed to mitigate displacement and bridge minority homeownership gaps: Pathway 1000. The initiative aims to develop 1,000 new homes during the next 10 years, prioritized for residents involuntarily displaced or at risk of displacement from North and inner Northeast Portland. In addition to current rental projects under development, PCRI is developing more than 20 homes for purchase by first time buyers in the next two years. Wells Fargo Housing Foundation previously committed $100,000 in support for the homeownership initiative through its Priority Markets Program (grant presentation pictured above). In addition, down payment assistance totaling over $1.7 million is committed for these buyers by the City of Portland Housing Bureau.

Since 2004, PCRI has successfully provided culturally-specific homeownership education, counseling services, and financial assistance to low- and moderate-income residents living in PCRI housing and in the larger community. Interest in PCRI’s homeownership program has nearly doubled in the last year and, with increased development of homes for purchase associated with the Pathway 1000 initiative, attendance is expected to continue to increase. The Wells Fargo Housing Foundation grant will help PCRI meet increased service needs as well as develop new programs.

February 8, 2017 · by pcriadmin · Featured, Pathway 1000, PCRI

Twenty-two low-income families displaced from North and Northeast Portland will be able to purchase a home in their former neighborhood, thanks in part to a $100,000 grant from Wells Fargo Housing Foundation to Portland Community Reinvestment Initiatives (PCRI).

PCRI Executive Director Maxine Fitzpatrick (2nd from left) accepts a grant from local Wells Fargo executives, left to right: Andrew Tweedie, Community Affairs officer; Tracy Curtis, Regional President; and Cobi Lewis, Community Development officer. PCRI will use the $100,000 grant to build 22 affordable homes for sale to low-income buyers displaced from N/inner NE Portland

PCRI Executive Director Maxine Fitzpatrick (2nd from left) accepts a grant from local Wells Fargo executives, left to right: Andrew Tweedie, Community Affairs officer; Tracy Curtis, Regional President; and Cobi Lewis, Community Development officer. PCRI will use the $100,000 grant to build 22 affordable homes for sale to low-income buyers displaced from N/inner NE Portland

PCRI will use the grant to help build 22 new homes in North and inner Northeast Portland for purchase by the families. Construction on the homes is expected to start later this year, with all 22 homes completed and sold to qualifying families by the end of 2018. PCRI is estimating the total construction budget will be close to $6 million.

“Helping a family become a homeowner is one of the most effective ways to help them overcome displacement from their historic neighborhoods,” said PCRI Executive Director Maxine Fitzpatrick. “This grant is an important tool to make homes available and affordable for families who want to return and stay in the neighborhoods they once called home.”

The Wells Fargo grant will make homeownership more affordable by helping offset PCRI’s development costs for new homes built on land it owns. The completed homes will be prioritized for sale to households who have been involuntarily displaced or are at risk of displacement from North and inner Northeast Portland.

Families purchasing the homes will receive support from PCRI’s HUD-certified homeownership education and financial education programs.

The 22 homes are part of a larger PCRI initiative: Pathway 1000. The initiative aims to develop 1,000 new homes during the next 10 years, prioritized for residents involuntarily displaced or at risk of displacement from North and inner Northeast Portland.

“This grant is part of our commitment to the community to support the creation of more affordable housing, which is so desperately needed in Portland,” said Wells Fargo Oregon Regional President Tracy Curtis of Portland. “We work in tandem with PCRI and other community-based nonprofits to ensure stability and opportunity for local families.”

One of 56 Grants Nationally 

The $100,000 grant to PCRI was one of 56 neighborhood revitalization grants totaling $6 million that Wells Fargo Housing Foundation gave to nonprofits in 20 states and the District of Columbia through its Priority Markets Program. Since 2009 the program has provided grants totaling more than $42 million to nonprofits in 125 communities.

Grant recipients were selected from requests submitted by local Wells Fargo employees and nonprofits Wells Fargo identified as being in need of extra help with large-scale neighborhood revitalization projects. A recipient must be a nonprofit with a successful history of building or renovating housing for low-to moderate-income homebuyers.

 

About Wells Fargo Housing Foundation 

The Priority Markets Initiatives are administered through the Wells Fargo Housing Foundation. The foundation has stewarded more than $82 million and 4.5 million team member volunteer hours in support of creating affordable housing and community revitalization programs. The foundation has mobilized more than 175,000 volunteers to build or refurbish 3,600 homes in low-to-moderate income communities. More information: www.wellsfargo.com.

 

January 23, 2017 · by pcriadmin · Featured, Pathway 1000, PCRI
PCRI

Cheryle Clunes, 2017 PMAR Vice President Member Services (left) and 2017 PMAR President Kerri Hartnett (right) presented the grant to PCRI’s Travis Phillips and Linda Tellis Kennedy at a January 20 event.

On January 20, The Portland Metropolitan Association of Realtors (PMAR) presented an Oregon Home Foundation grant for PCRI’s homeownership education program. The grant will help support increased attendance in PCRI program as well as development of ongoing post-purchase support programs.

“Homeownership is the most effective way for most families to achieve and retain stability within their community,” said Andrea Debnam, PCRI’s Manager of Resident Services. “This grant will help PCRI clients realize their dreams and build assets through homeownership, breaking cycles of poverty.”

PCRI, whose vision is to help low-income families achieve stability and build wealth, shares the Oregon Association of Realtors HOME Foundation’s belief in the incredible value of homeownership to break generational cycles of poverty. PCRI also understands that education and support prior to purchase are key to the long-term success of first-time buyers, especially for PCRI’s target population of African Americans who have been disproportionately excluded from homeownership.

Since 2004, PCRI has successfully provided culturally-specific homeownership education, counseling services, and financial assistance to low- and moderate-income residents living in PCRI housing and in the larger community. Interest in PCRI’s homeownership program has nearly doubled in the last year and, with increased development of homes for purchase associated with the Pathway 1000 initiative, attendance is expected to continue to increase. The Oregon Home Foundation grant will help PCRI meet increased service needs as well as develop new programs.

The Homeownership Opportunities Website Northwest (HOW NW) sponsored by PMAR provides additional resources for buyers without charge or obligation. In addition to PCRI’s education services, buyers are encouraged to visit the HOW NW website to learn more about buying, owning and retaining a home.

October 13, 2016 · by pcriadmin · Featured, PCRI

Travis Phillips, PCRI’s Director of Housing and Development, took to the airwaves Wednesday, October 12, to discuss PCRI, involuntary displacement, and homeownership on XRAY.FM’s “XRAY in the Morning” show.

IMG_8851Talking about gentrification and displacement, host Jefferson Smith noted that there is a risk of people growing numb to an ongoing challenge such as displacement due to residents no longer being able to afford their neighborhoods.

“Are people motivated to do things right now, to help your work?” Smith asked. “Do you have any risk of fatigue?”

“Sure we have a risk of fatigue,” Phillips responded. “What I think is really exciting right now is there is an attention to displacement and more importantly some solutions to displacement that are long overdue but ones we haven’t seen before,” referring to PCRI’s Pathway 1000 Initiative and “Right to Return” program that gives waiting list preference for some units to households involuntarily displaced from N/NE Portland.

The show continued, discussing homeownership opportunity for lower-income and first time buyers.

“For a lot of Portlanders, becoming a homeowner is akin to running an ever-quickening treadmill. You want to do it, but it’s getting faster and faster,” Smith said, wondering how PCRI works with home buyers to overcome the challenges of the current market.

Education, Phillips noted, is one of PCRI’s key strategies for home buying success. It is PCRI’s goal to ensure that buyers are well-prepared for their home purchase so they can maintain homeownership for the long term. On the show, one resource (Portland Housing Bureau’s Down Payment Assistance Loan) was discussed, but PCRI helps connect buyers with multiple resources that can be leveraged and combined to help ensure home buyers borrow from a bank only what they can afford.XRAYFM

For XRAY listeners and others who are interested in learning more about buying a home with PCRI’s assistance, PCRI offers a HUD-certified education program, one-on-one assistance and regular educational seminars. Visit our homeownership page for details or contact Homeownership Program Specialist Linda Tellis-Kennedy for more information.

Jump over to XRAY’s website to listen to the entire broadcast. Or find specific segments and archives from more than two weeks back by going to XRAY’s SoundCloud page.

 

October 7, 2016 · by pcriadmin · PCRI

homebuyer workshop flyer-Oct16For anyone who has applied for a credit card, a personal loan, or insurance: there’s a file about you. This file is known as your credit report. Credit reporting companies sell the information in your report to landlords, creditors, insurers, employers and other businesses with a legitimate need for it. They then use this information to evaluate your applications for a car or home loan, credit card, or even an apartment lease. Having a good credit report means it will be easier for you to get loans and access lower interest rates.

Join PCRI and Kriss Parnell, Senior Loan Consultant at HomeStreet Bank, for this seminar which will help you better understand what goes into a credit report, how it can impact you, and what you can do to improve your report.

When: Wednesday, October 26, 6:00 pm – 7:30 pm

Where: PCRI Annex 6601 NE Martin Luther King Blvd., Portland, Oregon

Due to limited seating, PLEASE RSVP TO LINDA BY MONDAY, October 24 via email or at (503) 288-2923 x131

Interested in more information about PCRI’s homeownership programs? Learn more HERE. Additional classes will be offered each month; please check back for more information.

For more information contact Linda Tellis-Kennedy at (503) 288-2923 or by email. Click the photo at right for a downloadable flyer.

September 12, 2016 · by pcriadmin · PCRI

budget workshop 092016Buying a home is the biggest purchase most of us will ever make. Properly budgeting for this important purchase is critical! On Wednesday, September 28, Portland Community Reinvestment Initiatives will host a budgeting workshop with tips, tricks and useful information for everyone–and especially anyone who would like to buy a home.

This Homebuyer Education class is designed to help residents who need help creating their first budget as well as those who already have a budget but need a boost to reach higher goals, including homeownership.

Interested in more information about PCRI’s homeownership programs? Learn more HERE. Additional classes will be offered each month; please check back for more information.

For more information contact Homeownership Program Staff Ted Salter or Linda Tellis-Kennedy at (503) 288-2923 or by email at ted@pcrihome.org or linda@pcrihome.org. Click the photo at right for a downloadable flyer.

May 23, 2016 · by pcriadmin · PCRI

HO Debt FlyerAre you getting calls from collection agencies and you don’t know what to do? Do you want to clean up your credit so that you can achieve your goal of homeownership? On May 26, Portland Community Reinvestment Initiatives will host a debt settlement workshop that will give you the answers you need.

This Homebuyer Education class is designed to help residents in any part of the credit spectrum with answers you need to reduce debt and improve credit. The hour-long class will help you get prepared to settle your debts before contacting your creditors (and hopefully before they contact you).

Interested in more information about PCRI’s homeownership programs? Learn more HERE. Additional classes will be offered each month and new public resources will soon be available; please check back for more information.

For more information contact Homeownership Program Coordinator Ted Salter at (503) 288-2923 ext. 130 or ted@pcrihome.org. Click the photo at right for a downloadable flyer.

May 16, 2016 · by pcriadmin · Featured, PCRI

PCRI has been working with valued partner Qualen Carter, loan officer at HomeStreet Bank, since 2014. He has helped many of PCRI Homeownership Program clients to find appropriate home financing, guiding them through the complexities of the mortgage lending process with a level of care that is distinctly unusual in his field.

IMG_3370Qualen is a tireless and resolute advocate for first-time homebuyers; his approach to his work is rooted in his deep commitment to his community, and in his belief that opportunities for homeownership should be made accessible to all. He says that most of all he wants his clients to know homeownership is for them. That message is particularly meant for African Americans, who have historically been denied the opportunity to own homes through exclusion from the mainstream mortgage market, redlining, predatory lending practices, and other forms of discrimination. As an African American loan officer, Qualen knows that it’s powerfully important for clients of color to see him — someone who reflects their identity, someone who is intimately familiar with their community — in order to gain a sense of recognition, and a degree of confidence that they will be welcomed and understood.

New Homeowner 003Qualen’s mission-driven approach runs counter to the profit-driven business model that governs much of the financial sector. He highlights what he sees as the huge disparity that exists in the industry based on a borrower’s income — whereas financial institutions ‘roll out the red carpet’ for wealthy buyers (in terms of lower interest rates, more leniency around requirements for debt-to-income ratios, and more), moderate-income buyers struggle to find affordable products. While Qualen shares that he’s had to take some losses in order to do his work with the level of care and integrity this is his trademark, the opportunity to help families get into their first home is well worth it. Qualen cobbles together all possible resources in order to make a loan work for clients, utilizing programs like the Mortgage Credit Certificate, Oregon Bond, Down Payment Assistance Loans and Individual Development Accounts (the second two are available through PCRI). If there was ever a doubt, he wants his clients to know that he’s “grinding just as much as they are” — he’s prepared to advocate and work hard on behalf of deserving first-time homebuyers.

Wondering how you might get started on the road to first-time homeownership? Qualen leaves us with some expert advice:

  • Get prepared. The importance of having a budget (that you actually follow!) and a regular savings practice cannot be overstated. They are the building blocks of successful and sustainable homeownership. Connect with a homeownership counselor (come see Ted, our Homeownership Program Coordinator here at PCRI!) to evaluate your readiness before meeting with the folks who are trying to sell you something.
  • Ask questions. It’s important to have a full and clear understanding of the home purchase process, so that you can know what to expect from each individual or institution with which you interact. The more questions you ask, the better. No amount of information is too much information when closing a loan.
  • Work with people you trust. Find a counselor, realtor, and lender that is available to you and who is transparent with information. You want to be sure that the professionals in your corner will advocate for you and prioritize your best interests.
  • Take your time. Now might not be the right time for you to buy a home — and that’s okay! Take the time you need to get your budget right, to build or repair your credit, and to accumulate some savings. Take the time you need to get yourself in the best possible position to buy — it will be worth the wait!

 

Qualen’s passion for working with first-time homebuyers, his deep commitment to his community, and his true industry expertise make him an invaluable partner to our organization and the individuals and families that we serve in our Homeownership Program. We are proud to partner with Qualen, and grateful for his work.

April 15, 2016 · by pcriadmin · PCRI

PPFlier_Final_ColorWould you like to be able to buy a home in North/Northeast Portland? PCRI is developing new homes for sale to qualifying first-time buyers and is partnering with the Portland Housing Bureau to make homeownership affordable and available to longtime residents of North and Northeast Portland. Portland Housing Bureau’s applications for this opportunity will be available beginning April 18, 2016 but must be completed and returned between May 2, 2016 – May 13, 2016.

Families who experienced or are now facing involuntary displacement from their historic neighborhood will be able to apply to receive preference for financial assistance to purchase a home via a policy developed by Portland Housing Bureau. Applications and additional information about the opportunities available and the preference policy are available on Portland Housing Bureau’s website, at PCRI and at other designated application sites.

As part of our Pathway 1000 Initiative to mitigate and prevent involuntary displacement, PCRI is developing these new homes for first time buyers beginning in 2016. These homes will include family-size single family homes, row homes and other types of housing. Families who purchase these homes can receive the full benefit of their homes’ equity and appreciation. Repayment of certain down payment assistance programs may be required; PCRI can help buyers understand all the opportunities and restrictions. More information on PCRI’s homeownership initiative can be found HERE.

More information about the Housing Bureau’s program and application is available online at www.portlandoregon.gov/phb and at PCRI. If you have any questions or would like to request printed copies of materials, call or visit PCRI or contact Jacquelyn Giordano at Portland Housing Bureau at 503-823-4100.

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