Family-Sized Condos at 5020 N Interstate Ave. $121,000 – $274,500

Family-Sized Condos at 5020 N Interstate Ave. $121,000 – $274,500

  • $121,000 - $274,500
  • Property Type:
  • Beds: 2-3

Registration for Preference Policy is now closed. Now that the application round has closed, PHB will sort the list of applicants in order of points received, from highest to lowest, with eminent domain households at the top of the list, followed by six-point households, then five-point households, and so on. PHB will notify applicants by mail of their waitlist status. Once preference has been verified, PHB forwards applicants from the top of the list to the Portland Housing Center to be screened for their housing eligibility and work on mortgage readiness. Regardless of preference, applicants must income-qualify to be eligible.

For more information, email or call 503-823-4147

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Non-profit homeownership agencies, Proud Ground and Habitat for Humanity Portland/Metro East are developing these condominium units, which are anticipated to be completed by 2021. Homeowners purchasing these units will be purchasing into Proud Ground’s Community Land Trust. In a Community Land Trust, homeowners who decide to sell their home receive a fair return on their initial investment and agree to maintain that affordability for the next income-qualified homebuyer.

Features of 5020 N Interstate Avenue in Portland, move-in ready by 2021:

• Family-sized 2 – 3 Bedroom Condominiums

• Dishwasher, stove, refrigerator, microwave & washer/dryer in unit

• 1,400 square feet of protected outdoor play area & raised box landscaping

• Sustainable energy efficient features

• Enclosed bike parking

• Convenient to public transportation, parks, childcare and more

For more detailed information, please read this 5020 Condominium Project Description.

Do I qualify for this opportunity?

Applicant must be first-time homebuyers & income-qualified.

Applicant needs to qualify for a mortgage with a Proud Ground approved lender for the purchase price amount (ranging from $121,000—$274,500).

Applicant needs at least $4,000 of your own money for a earnest money & inspection costs.

Applicant must have demonstrated employment history for 2 continuous years in the same line of work.

Maximum household income limits at the time of purchase:

Family Size               1               2                   3                  4                 5

Max Income     $56,980    $65,120     $73,260     $81,400     $87,912

The Portland Housing Bureau (PHB) will be accepting applications from households interested in applying for preference for affordable, homeownership opportunities.

Interested homebuyers must apply through the City of Portland’s Preference Policy. Applicants will be paired with housing counselors to evaluate and support households in becoming mortgage ready within the Preference Policy homeownership timeline.

The application window for preference is April 22 – May 3, 2019
The date and time that an application is received during the application period will not affect an applicant’s position on the waitlist. The Preference Policy application does not guarantee assistance or units; rather it prioritizes households for the aforementioned affordable homeownership opportunities.

Once the application period closes, the Portland Housing Bureau will sort applicants on a waitlist for the advertised housing program openings, including the 5020 N Interstate Ave condominium units. Top priority will be given to households who owned property in N/NE Portland that was taken by City government, and to their descendants. All other applicants can receive up to six preference points based on their current or historic residence (as well as that of a parent/guardian or grandparent) within the identified areas of concentrated urban renewal in N/NE Portland.

To apply, visit PHB’s website for application sites, application forms and additional information as the application window approaches (April 22 – May 3)

Preference Policy Application Questions / 503-823-4147

5020 N. Interstate Condominium Questions
Tyler Koski, Listing Principal Real Estate Broker / 503-493-0293, ext 11

Community Land Trust Questions
Yesika Arevalo, Homeownership Program Manager / 503-493-0293, ext 10

Click here to view and download a flyer with all the information above.

Price:$121,000 - $274,500
Address:5020 N Interstate Ave
Zip Code:97217
Year Built:2021
Garage:8 covered parking garage stalls & bike parking
Property Type:Condominiums
Location:N/NE neighborhoods now provide all the critical amenities a growing family needs to thrive: safe streets, a variety of transportation options to employment and shopping, parks, schools, proximity to family support services that can help meet the needs of working parents and their children, as well as close availability of grocery stores, hospitals, and other essential retail shopping and services.
Recreation:a safely enclosed 1,400 square foot outdoor play area for children
General:Proud Ground has partnered with Habitat for Humanity Portland/Metro East to embark on the development of a new mixed-income condominium development ownership in Portland, Oregon. To be located at 5020 North Interstate Avenue, the 64-unit project will provide 40 affordable homes in addition to 24 market rate units in a six-story, 71,128 square foot building.
Inclusions:All floors will contain central trash rooms, and all units will have a full set of appliances including microwaves, dishwashers and individual washers and dryers. A back-up generator will also be provided to operate the elevator and monitor the fire and egress control systems for the building in the case of power outages or emergencies.
Parking:12 onsite parking spaces and 8 covered parking garage stalls, bike parking
Laundry:Washer and Dryer in each unit.

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