First Time Homebuyer Tax Credit Extended and Expanded
Congress has passed an extension for the $8,000 tax credit
for first time home buyers that was set to expire November 30, 2009. The new deadline is April 30, 2010 for signed
sales contracts with the transaction to be closed by June 30, 2009. There is
also now a tax credit of up to $6,500 for qualified repeat buyers.
To learn
more about the tax credit visit: http://www.federalhousingtaxcredit.com/home.html
If you have questions about qualifications and filing for the tax credit, please contact Irena Solomon, NAYA Family Center Tax Advocate at 503-288-8177 x280 or by email at irenas@nayapdx.org.
And don't forget about our FREE tax preparation assistance at NAYA Family Center from February 1-April 15th, 2010!
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Loan Program Available to Purchase Foreclosed Homes
Neighborhood Stabilization Program
(NSP) is a one-time program funded
through federal economic stimulus dollars.
Each city, county and state received different amounts and is offering unique types of loans to purchase foreclosed homes
in specific targeted areas. All of these
programs require homebuyer education and pre-approval in the program. PLEASE NOTE: The purchase of a foreclosed home (also known as Real Estate Owned or REOs) can be a more complicated and time-consuming transaction. Please consult Sharon
Sanders, Homeownership Coach if you have questions.____________________________________________________________
City of Portland & Multnomah County, Lottery
to apply for loan funds November 9th to November 30th,5pm. The
Portland Development Commission (PDC) is now accepting candidates for the Own Your Own (OYO) Program. PDC will
accept candidates for the homebuyer assistance program from Monday November 9
at 9:00 a.m. through 5:00 p.m. on Monday November 30. OYO is a
zero percent secondary loan to help income eligible households earning up to
120% of Median Family Income to purchase a foreclosed home in certain target
areas. Preference for the program will be given to low-income
(80% of the Median Family Income adjusted for size) first-time home buyers who
have not owned and occupied a home in the past three years. To see a chart for Median Family Income, click here. The loan amount is up to a maximum of $50,000 and may be used for down payment,
closing costs and home repairs. To be considered for the program,
candidates must submit a complete OYO Entry Packet to PDC by the deadline and
then be randomly selected through a lottery process. PDC will
select a total of 32 households.To learn more visit www.pdc.us/oyo or contact Jon Gail at 503-823-3292 or by e-mail at gailj@pdc.us._________________________________________________________
Clackamas County-Loan Funds
currently available, first come, first servedQualified middle-income homebuyers can access up to $50,000
for down-payment, closing costs, repairs and improvements. NSP loans are 0%
interest with no monthly payments. Loans are due upon sale or refinance. There are
specific eligibility criteria for both the homebuyer and the property. NSP
funds are for owner-occupants, not investors. To learn more visit Clackamas County's website or contact Kathy Rock at 503-655-8591 or by email at kathy@co.clackamas.or.us.__________________________________________________________
City of Gresham offering loans of $10,000, program accepting applications after November 16thThe Come Home to Gresham Home Loan Program
offers 0% interest, deferred-payment loans up to $10,000 for down payment
assistance and/or closing costs on the purchase of foreclosed homes. To learn more visit City of Gresham's website or contact Rebecca Miller from Community Vision at 503-292-4964 x116 or by email at rmiller@cvision.org. __________________________________________________________
Washington County
(Oregon) NSP program availableIn Washington County, the Office
of Community Development will provide second mortgage assistance of up
to $50,000 to income-eligible homebuyers to purchase bank-owned foreclosed
properties in targeted areas
undergoing foreclosures or are at high risk of foreclosures To learn more visit Washington County's website or contact Ben Sturtz,
NSP Coordinator, at 503-846-8615 or by email at ben_sturtz@co.washington.or.us.
___________________________________________________________
Non-Metro Oregon StateOregon
Housing and Community Development is the state agency administering NSP loans for
non-metro areas. (i.e. Yamhill, Columbia County) To learn more visit OHCS's website, or contact Rich Malloy, NSP Coordinator at 1-503-986-2142 or by email at Rich.Malloy@hcs.state.or.us.____________________________________________________________
Vancouver/Clark County (Washington State)
More
information to come. Loan program available January 2010
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