April 27, 2022

Building Connections and Communities

Portland, Oregon

Building Connections and Communities

A Craft3 loan helped Randal, a first-time homeowner, build an accessory dwelling unit (ADU) that will be rented to a tenant who earns 80 percent or less of the area median income. 

Craft3 uses capital to lessen the racial wealth gap and expand economic opportunity for all. We focus on making connections and enabling impacts that ripple outwards across communities and over time. 

Randal is the Executive Director of Taking Ownership PDX, a nonprofit that connects Black homeowners in Portland with services to protect and improve their homes. The organization aims to help homeowners age in place, generate wealth, and avoid displacement due to gentrification. 

He recently bought his first home in NE Portland and learned about BackHome ADU. BackHome ADU partners with Craft3 to offer subsidized financing for ADU construction. Homeowners who participate in this program agree to rent their completed ADU to tenants who earn no more than 80 percent of area median income for at least 8 years.

Randal immediately saw the benefits of building an additional in-fill unit of lower-income housing while also creating a permanent asset. When Randal shared a photo and told his story on social media, BackHome ADU and Craft3 received an immediate surge in ADU Loan inquiries.

Learn more about Craft3’s ADU Loans.