Forty units in a condominium project scheduled to open in 2021 are being offered at discounted prices to qualified applicants.

COURTESY HBP - 5020 Condos, an affordable housing project being developed at 5020 N. Interstate Ave.

Longtime current and former residents of North and Northeast Portland will soon be able to apply to buy family-size condominiums at a discount.

The units will be priced between $121,000 and $275,400 and located in 5020 Condos, an affordable housing project at 5020 N. Interstate Ave., scheduled to be completed in 2021.

The Portland Housing Bureau will accept applications to purchase the units between April 22 and May 3 as part of the city's North/Northeast Neighborhood Housing Strategy. The preference policy is intended to compensate current and former residents for the harmful effects of gentrification, including housing cost increases and the demolition of existing homes for redevelopment projects.

Forty of the two- and three-bedroom units in 5020 Condos will offered to qualified applicants at the discounted prices.

According to the bureau, "The N/NE Preference Policy gives priority to housing applicants who have generational ties to N/NE Portland. Applicants receive preference points based on their current or past residency within the areas most heavily impacted by urban renewal, as well as the current or past residency of a parent, guardian, or grandparent ... Those with the highest points will have the first opportunity to purchase one of the 40 available homes."

Preference does not guarantee housing, the bureau adds. Among other things, applicants must still meet income criteria and qualify for a mortgage loan.

5020 Condos is being developed by Proud Ground in partnership with Habitat for Humanity Portland/Metro East. To ensure permanent affordability, purchasers who decide to sell their units in the future will receive a fair return on their initial investment, but must agree to maintain affordability for the next income-qualified homebuyer based on a Community Land Trust model.

You can learn more, including details about applying, here.

You count on us to stay informed and we depend on you to fund our efforts. Quality local journalism takes time and money. Please support us to protect the future of community journalism.