NeighborImpact launches the Principal Reduction Program for low income homeowners

CAPO member organization, NeighborImpact, is promoting a new program for low income folks in the central part of our state. The program, known as the Principal Reduction Program, helps low-income households by lowering their mortgage payments through a combination of principal reduction and refinancing. For eligible families, the program will pay down the principal of their mortgage by up to $50,000, which reduces their monthly payment making it more affordable to stay in their homes.

The program serves veterans, seniors, and people with disabilities on fixed incomes of no more than 125% of state median income. News channel 21 in Bend did a story profiling the first family to be helped by the PRP.

Applications for the PRP may be submitted through the Oregon Homeownership Stabilization Initiative (OHSI) website.

NeighborImpact’s HomeSource also runs an array of other homeowner assistance services in Crook, Deschutes and Jefferson counties, including financial and energy conservation workshops, homeowner coaching, weatherization grants, and more. Visit their website for more information.