Through the Neighborhood Stabilization Program the city will offer interest-free, deferred payment loans to help low income residents cover down payment and repair costs.  The goal of the federally-funded program, according to the City of Eugene’s Bob Briscoe, is to fill vacant houses.

“The idea is the more vacant houses and especially boarded-up lender-owned properties there are in a neighborhood, it further depresses values.  And that’s really the intent: to get those into home ownership and then them fixed up to a basic health and safety level, habitability level, and get them occupied.”

To be eligible, the properties have to be located in certain neighborhoods – including parts of the Whiteaker, Trainsong, Bethel and Danebo.  Eugene has around $300,000 in Neighborhood Stabilization loans to give out.  

Springfield has a similar program and will provide approximately $225,000 in loans to its low-income residents.  More information about the programs can be found on the city of Eugene and Springfield’s websites.