Loan will amortize on a 10-year term requiring monthly payments. Loans may be amortized over a longer period. Longer amortizations are a program exception. The owner must provide proof of available matching funds. The City approves loans only after complete, independent evaluations of the applicant's credit worthiness and project feasibility.
All loans are secured to collateral appropriate to the loan request.
Your loan is based on an inspection of your property and a write-up of the necessary work. A City historic rehabilitation specialist will inspect your property to understand proposed work 3.5 Bidding Before a loan is approved, the applicant must obtain bids for the rehabilitation work from at least two contractors. If these bids vary greatly, then another bid is recommended. The City reserves the right to deny the use of a contractor. Borrowers are not allowed to perform their own work on projects unless they hold current registration with the state of Oregon as a General Contractor.