Proud Ground, an Oregon nonprofit agency that aims to provide affordable homeownership for low- to middle-income, first-time homebuyers, has won a grant to expand its services into Clark County.
The Urban County Policy Board has awarded Proud Ground $153,000 in Community Development Block Grant funds. That will help the agency buy down the purchase price of market rate homes for three income-qualified, first-time homebuyers in Clark County. Qualifying households can have incomes that are up to 80 percent of the area median, and will be required to obtain a traditional 30-year mortgage from a Proud Ground-approved lender. Currently these lenders are HomeStreet and Umpqua banks.
Eighty percent of the median area income for Portland and Vancouver, as defined by the federal government, is $55,500 for a family of four and $49,950 for a family of three. According to Proud Ground, the median household income of new homeowners served by the program is $37,000.
In addition to the CDBG grant, $45,000 more is coming from a federal sweat-equity program; that money will help with repairs and upkeep for the three Clark County homes.
Homes purchased through this program stay affordable and become part of Proud Ground’s portfolio of homes through a shared-appreciation resale agreement between Proud Ground and homeowners.
To learn more, visit www.proudground.org or call 503-493-0293.