Title

Portland's New Neighbors Program offers low interest loans to low-to-moderate-in

Authors

Connie Pacillo

Source

Casco Bay Weekly

Date

10-8-1998

Pages

9

Abstract

Portland's New Neighbors Program offers low interest loans to low-to-moderate-income first-time home buyers who purchase property in targeted urban areas and who agree to live there. The program has become so popular that bidding wars have broken out over available properties. The maximum price for an eligible four-unit building was lowered from $265,000 to $196,000 in order avoid creating an inflationary spiral. Still, most New Neighbor homes are under contract within a month after being advertised, compared to the average of four months.

Subjects

Housing finance, New Neighbors Program

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