The city of Portland and housing advocates are celebrating a program with Wells Fargo that offers $15,000 grants to moderate and low income home buyers in Portland.

Buyers who stay in their homes for five years, don't have to pay it back.

Wells Fargo had a similar program it was ordered to conduct as part of a settlement with the U.S. Department of Justice last year -- over mortgage irregularities.

But this program is separate. It's for someone who needs help with a down payment on a primary home within the city.

A family of four would have to make less than $83,000 a year to apply. For a single person it's $58,000.

Portland Mayor Charlie Hales called it real money that will make a difference.

"For that family that can't quite scrap together enough for a down payment, the family that needs a little help, a hand up, help is now here," he said.

A fair has been arranged for December 13th and 14th at the Oregon Convention Center to distribute the money.

Buyers are encouraged to register at www.neighborhoodlift.com.

This story originally appeared on Oregon Public Broadcasting.

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