Eugene builds up loan program
to upgrade substandard housing
By CAROLE HAMILTON
Of the Emerald
If your home is beginning to crumble around
you, there may be help available. Eugene is currently
enlarging its housing rehabilitation loan program to
meet the growing demands of the city.
The loan program makes funds available to
homeowners who are living in “substandard” hous
ing. This includes houses with rotted porches,
broken windows or other safety hazards. According
to Paul Osborn, superintendent of the program, the
purpose of the housing loans is to eliminate slums
and blight in the Eugene area.
Previously, all housing loans were federally
funded “312” loans. Currently, there is no funding for
these loans, but Osborn is expecting additional
money in the near future. The interest rate for the
“312” loan is three per cent.
A new addition to ihe program is the Community
Development (CD) loan. Eugene has just borrowed
$600,000 from local banks to make available in loans
to local residents, Osborn said. The interest rate for a
CD loan varies between zero and 7.25 per cent,
according to the borrower’s income.
Both types of loans will be utilized, allowing a
larger amount of money for housing rehabilitation.
Osborn said he feels the main disadvantage of
the “312” loan is that the funds are given to the city
for six months. At the end of this time, if any money is
left, it is given to other cities that have spent the entire
amount. Osborn says this causes the city to spend all
its money as fast as it can.
Osborn is optimistic about the CD loan. He says
the main advantage of this loan is that the money is
available anytime. There is no deadline in spending
the money.
The “312” loan requires the improvements bring
the house up to the standards of the city code. Ac
cording to Osborn, the CD loan does not.
“Basically we look at the deficiencies that create
a health and safety hazard,” he says. Osbom adds
the borrower must meet the standards eventually,
but a loan will still be given for work that does not
meet the requirements.
For both loans, the amount of borrowed money
can be up to 90 per cent of the property value, but
can’t exceed $17,400. Usually, the borrower is given
up to 10 years to pay, but this deadline is sometimes
extended to 20 years.
Since 1975, Eugene has made 75 “312 ’ loans,
totaling $504,000.
The housing loan program is restricted to eight
“target areas” — University, West University, Bethel,
Whiteaker, Willagillespie, Laurel Hill, Friendly and
Westside.
The boundaries for the University area are
Franklin to the north, Hilyard Street to the east, Fair
mont Street to the west, and 25th Avenue to the
south.
The West University area includes the residen
tial districts between Broadway and 18th Avenue and
between Willamette and Alder streets.
Osborn says he has tried to make the loans
available to as many persons as possible. He be
lieves rehabilitation loans are the best way to stop
deterioration of neighborhoods before they become
slums.
The rehabilitation program also offers no
obligation inspections, loan advising and cost esti
mates. For more information, call 687-5443.
%
Get your life
“Oregon-ized”
The University’s Summer Session is the
time to put some "Oregon-ization" intfc
your .life. You can probably pick up those
extra courses you've been wanting to take
but couldn't find time for during the regular
emit year Classe's-begin June 21All
students pay resident tuition.'
Visit the Summer Session Office..for your
free copy, of the Summer Se'ssion Catalog
and advice on '‘Oregon-izing- your life.
Call extension 3475 or drop by Room 64
PLC for more, information.
Read the Emerald
Photo by Perry Gaskill
Owners of older houses interested in remodeling their dwellings, like
Brian Lawrence who is involved in extensive work on his 46-year-old
house, can now receive additional help in the form of a new Community
Development loan program recently initiated by the City of Eugene.
King of gum dies at 82
CHICAGO (AP)—Philip Wrigley, whose name was a symbol of
nickel chewing gum and day baseball, died Tuesday.
Wrigley, chairer of the gum company his father founded and owner
of the Chicago Cubs, died of a gastrointestinal hemorrhage, a spokes
man for the William Wrigley Jr. Co. said. He was 82.
He was stricken Monday night at his resort home in Lake Geneva,
Wis., and died Tuesday at Lakeland Hospital in Elkhorn, Wis.
Wrigley, whose wealth has been estimated at more than $100
million, preferred the life of a recluse, saying once his ambition was “to
go live in a cave somewhere.”
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