RESOURCES for Central Oregon Housing

How new ideas are breaking down financial barriers to home ownership and building creative housing

We all know that we’re in a housing crisis here in Bend and that it impacts the local workforce. This is nothing new. What is new are the strides private sector and nonprofit organizations are making in breaking down the financial barriers of home ownership. They’re doing this through creative and innovative solutions that are already on the market or soon to be available. Here are some of these new solutions to help ease the financial crunch of the housing crisis and creative development plans for Bend.


Reports/Sources of Information

Land Trusts

  • NEDCO – Lane County’s Neighborhood Economic Development Corporation supporting financial stability and responsible homeownership and other services overview & website on down payment financing

Equity-Share Scenarios

  • – California equity match program for educators who can’t afford initial costs of home ownership
  •  – awarding prizes for housing financing innovation
  • Unison equity-based loans – Down payment loans with pay out on equity share at home sale or mortgage duration.

Non-Profit/Affordable Housing

Retaining Homeownership

Financing Options from Consolidated Community Credit Union

  • Sand-alone second mortgage that creates a line of credit for users to use as the ADU is built, with a line of credit base on a loan-to-value of 90% of the home and ADUs final value.  The homeowner has fixed and adjustable rate options with this loan and payments can be interest only or amortized at a term chosen by the borrower.  The borrower will pay all the out-of-pocket costs plus a $500 inspection fee.  Loan is also offered to investors for rental properties up to an 80% LTV.
  • Stand-alone second mortgage that uses the existing equity in a borrower’s home, based on the as-is-value of the property.  This line of credit is similar to the first loan option, the differences are the borrower manages the construction draw process and the credit union pays all the loan set up costs (excluding the property appraisal).
  • Construction to Permanent loan financing is a one-time loan closing, so you have two loans wrapped into one (the construction loan and the final take-out first mortgage loan).  The advantages of this product are the ability to borrower larger amounts, the two loans roll into one, you can lock your interest rate on the permanent loan a year in advance and you can receive a longer term fixed rate loan options.
  • For more information contact Consolidated Community Credit Union – David Hertig at 503.963.6641 or visit us online at
  • Match Savings Program. The state funded IDA program allows individuals 80% AMI and below to receive 3 to 1 match towards down payment and closing cost, up to $12,000. For maximum match participants stay in the program over 2 years. 
  • (DPA) Down Payment Assistance Loans:  Helping first time homebuyers with down payment and closing costs, eliminating the need for a down payment and mortgage Insurance.  These loans are amortized over 30 years.  Income & asset restrictions apply. For more information contact


Opportunity Zones

The second round of guidance on Opportunity Zones was released by the US Treasury earlier this week. The release is a whopping 169 pages but here’s a quick snapshot from The National Law Review that teases out some of the highlights and identifies the big questions that remain.


That lack of clear guidance is putting a damper on the enthusiasm that accompanied the initial Opportunity Zone designations when they were released in spring of 2018. As the clock keeps ticking here’s a good read from Bloomberg on which benefits associated with Opportunity Zones may now be unattainable for some investors.


City of Bend Affordable Housing Update

Resources for Developers:

There are a number of items of interest involving the Affordable Housing Program coming up for Council review, here are the highlights:

  • Point of Contact w/ the city: Lynne McConnell, Affordable Housing for the City of Bend
  • 2019-23 Consolidated Plan: This acts as the strategic plan for the Affordable Housing Program and is required under federal law to receive Community Development Blog Grant funding. Council heard an overview of the draft plan at their last meeting and will make a decision about adopting the plan on May 1st. You can read the whole plan here or download a slide deck overview of the plan’s goals here.
  • Renewal of the Existing Affordable Housing Fee: The current Affordable Housing Fee levies a charge of one-third of one percent of the building permit assessed value on development in Bend. Since implementation the fee has generated about $7 million which has been leveraged into over $100 million in state, federal, and private funding for Affordable Housing development. The fee is up for renewal at the next Council meeting, Councilors were amenable to maintaining the existing fee during a recent work session discussion.
  • Affordable Housing Awards: The Affordable Housing Advisory Committee (AHAC) recently made recommendations on this year’s funding awards which will be reviewed by Council on May 1st. Most notable is a Housing Works project at 2790 NE Conners which will put 48 affordable units above a new Mosaic Medical clinic.

 Housing Legislation


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