Waitlist for 5020 Condos Opens Application Opens April 22

The waitlist for a new affordable condominium development for families with generational ties to North/Northeast Portland opens at 9 a.m. April 22 and closes May 3. There will be an information session with Proud Ground from 6 to 8 p.m. April 22 at New Song Community Center, 220 NE Russell Street. Registration is recommended at: www.tfaforms.com/4651670.

To qualify for ownership of these two- or three-bedroom condos at 5020 N. Interstate Ave., which will be move-in ready by 2021, individuals must:

Be first-time homebuyers and meet the income criteria;

Qualify for a mortgage with a Proud Ground-approved lender for the purchase price amount (ranging from $121,000-$274,500);

Have at least $4,000 available for earnest money and inspection costs;

Demonstrated employment history for two continuous years in same line of work.

Applicants for the development also need to meet income criteria; the majority of units in the development will be affordable to a variety of lower income families who fall between 35 and 100 percent of annual median income for the metro area. Income maximums are based on family size and are as follows: $56,980 for a family of one; $65,120 for a family of two; $73,260 for a family of three; $81,400 for a family of four and $87,912 for a family of five.