We know that home repair and maintenance can be costly–but’s it’s even more costly to put it off. That’s why Proud Ground is partnering with CASA of Oregon to provide matching grant funds for qualifying home repair and maintenance projects. It’s simple: save $1, earn $3 toward your project.
If you are interested in applying for a Proud Ground HIDA, here’s what you’ll need to know about the steps in the process.
- Review the qualification requirements to ensure your household and your project qualify.
- Complete a notice of interest form.
- Proud Ground will contact homeowners that are selected to complete a full application. Priority will be given to projects focused on health & safety, code violations and accessibility.
- If your application is approved, Proud Ground will schedule a site visit to review your project.
- You’ll meet with Proud Ground staff to enter into a savings plan agreement & pay the $75 application fee.
- Start saving!
How do I qualify for a HIDA?
- Your household income must be less than or equal to 80% of area median income.
- Your household’s net worth (assets MINUS debts) must be less than $20,000. To determine this: Please calculate net assets using the following guidelines:
- Do not include your first home, one car, and up to $60,000 in retirement savings
- Add the value of assets such as: bank accounts, your 401k/IRA, 2nd house, or 2nd car
- Subtract liabilities such as: credit cards bills, home loans, or car loans
- The result is your net worth.
- You must be a resident of Oregon.
- You can take this online quiz to see if you meet the income and asset test to qualify.
What type of home improvement projects qualify for a HIDA?
- Earthquake retrofitting on homes built before 1974. Example: Attaching the home to its’ foundation.
- Emergency conditions, including repair/replacement of major housing systems. Example: Repair or replace roof
- Improve accessibility for household members. Example: Install a ramp to an entrance door.
- Aid weatherization and/or energy efficiency (sorry, no solar energy projects). Example: Replace furnace or water heater
- Repairs that reduce the risk of building deterioration. Example: Paint exterior
- Eliminate health & safety hazards. Example: installing missing hand rails.
- Correct code violations. Example: repair improperly vented plumbing fixtures.
- Provide essential improvements to maintain the home’s structural integrity. Example: Replace broken roof rafters
- Home repairs only (sorry, no garages, driveways or yard improvements allowed.)
How much money can I deposit in my savings account?
Your savings plan will be finalized by you and Proud Ground staff, based upon your project costs and your timeline for when repairs need to be completed. The minimum amount of savings each month is $25/month but most homeowners will need to save more than that to meet their project needs.
Do I have to deposit the same amount each month?
No, you are not required to deposit the same amount each month but you must not deposit less than what you indicated in the Savings Plan Agreement. Lump sum deposits that are more than what your household’s earned income is will not be matched unless otherwise specified.
How long can I save for?
It depends on your project but the minimum is 6 months and maximum is 3 years.
Are there any education requirements?
Yes, all HIDA members will need to complete a total of 16 hours of education to receive their matched funds. This includes 10 hours of financial education and 6 hours of home repair and asset management education. Proud Ground will provide a list of resources of where you can complete the education requirements.
Is there an application fee?
Yes, there is a $75 application fee.
What is the match?
For every dollar you save, Proud Ground will match it three times. The maximum match is $9,000.
Can I use my own savings account?
No, you will be required to open a new savings account at a partner lending institution.
Can I ever be kicked out of the program?
Yes, if you miss two savings deposits in a 6 month period or three in a 12 month period.
What if more homeowners are interested than money allows?
Proud Ground will maintain a waiting list to fill open slots.
Is this a “scam” that will cost me money?
No. The match funds are provided by foundations and federal grant funds. No strings attached!