In an effort both to support the University’s strategic investment plans and to benefit our employees, the University is offering two of its residential properties for sale to interested faculty or staff employees. These properties are located on Portsmouth Avenue between Willamette Blvd. and Harvard St. (6719 and 6727 Portsmouth Avenue), half a block from Lund Hall and the Chiles Center.
This opportunity will allow qualified employees to purchase the home at a pre-determined price (based upon an independent appraisal) under our Employee Home Loan Program with a $40,000 forgivable loan (the maximum loan for non-UP properties is $18,000). This loan is forgiven over a period of seven (7) years of continuous employment and requires that this be your primary residence during the forgiveness period (details of the loan program can be found HERE). The only other two caveats are that you must maintain the street appearance of the property and if, in the future, you decide to sell the property, University will be given the opportunity to buy back the property at an updated independently appraised price first. The homes are being sold AS-IS.
If more than one employee is interested in purchasing a particular home, the choice will be made by a random drawing.
To qualify, employees must:
- Be a full-time, benefited faculty or staff employee of the University of Portland for two or more consecutive years prior to December 31, 2024.
- Qualify for the University home loan program, which means it must be their first purchase of a home within the North Portland area as defined in the UP Home Loan Program.
- Be in good standing with their employment at the time of purchase (i.e., not placed on a performance improvement plan or under any current or pending disciplinary action within the past six months).
Important Dates:
- Open House #1 (must show UP ID to enter – both houses will be open): Saturday, January 11, 2025 – (10:00 a.m. – 2:00 p.m.)
- Open House #2 (must show UP ID to enter – both houses will be open): Saturday, January 18, 2025 – (10:00 a.m. – 2:00 p.m.)
- Deadline to Indicate Interest: Thursday, February 27, 2025
- Target Closing Date: Monday, March 31, 2025
The University will make both the home appraisal and the home inspection reports available to prospective buyers as well as the sale and purchase agreement, covenant of codes and restrictions (CC&R), and repurchase agreement. A lender will likely require their own appraisal of the properties and the appraisals may or may not agree on value.
Property Details
Please refer all questions to homesales@up.edu. Thank you!