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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Dec. 23, 1987)
Page 10, Portland Observer, December 23, 1987 Low Interest Mortgage Loans Available Los-Angeles-Long Beach Lead in Minority and Women-Owned Businesses The Los Angeles Long Beach metropolitan area and the state of California lead the nation in the number of minority and women owned businesses, according to the Census Bureau. Surveys show that the Los Ange les area had more than 200,000 minority and women-owned busi nesses in 1982. Women owned a majority, more than 117,000 or 56 percent of all such area busi nesses. Persons of minority race, and Hispanics, owned about 92,000 businesses. Asians, Pacific Islanders, and other racial minorities were the lar gest group of such owners in the Los Angeles area, with more than 38,000 businesses. This was more than 40 percent of the area's mino rity-owned businesses. The Hispa nic total was about 30,000 busi nesses. Blacks owned more than 23,500, an increase of some 9,000 since 1977. Los Angeles was the major metropolitan area with the highest number of firms for each business owner group. Los Angeles had nearly 77 percent more Asian, Paci fic Islander, and other minority- owned businesses than the second- ranked U.S. area. There were 20 percent more His panic, and 16 precent more Black and women-owned businesses in Los Angeles than in the next high est area. California had nearly one-sixth of all minority and women-owned businesses in the United States, a total of more than 600,000. The state's total of women-owned busi nesses was more than 396,000, nearly 65 percent of the state-wide total of minority and women-owned businesses shown by the surveys Asians, Pacific Islanders, and other minorities were the state s largest minority business owner group, with nearly 96,000 busi nesses. Hispanics owned nearly 74,000 and Blacks, about 45,000. California and Los Angeles also were top-ranked for sales and re ceipts from women and minority owned businesses, with about $24 billion for the state and $9 billion for the area. Data for the nation show that rity groups. Excluding large corporations, the nation had more than 12 million business establishments in 1982, nearly one fourth of them owned by women. The exact total of busi nesses identified as being owned by women who are members of a minority group or who co-own busi nesses with members of a minority group is not available. This information is drawn from four reports published from the 1982 Survey of Minority-Owned Busi- 10 Largest Standard M e tro p o lita n S tatistica l Areas W ith B lack-O w ned Firms: 1982 SMSA SM SA Firms receipts (number) ($1,000) Total, United S ta te s .............. 339,239 12,443,572 Los Angeles-Long Beach, CA New York, N.Y.-N. J ............... Washington, D.C. M d .-V a ... Chicago, III............................. Houston, T e x ......................... 23,520 20,242 18,805 13,660 12,206 775,355 725,245 556,363 933,666 328,088 San Francisco-Oakland, Calif Detroit, M ic h ......................... Philadelphia, Pa.-N.J............. Dallas-Fort Worth, T e x .......... Atlanta, Ga............................. 9,388 8,731 8,581 7,825 7,077 390,433 368,771 353,596 210,443 335,732 businesses owned by minorities totaled more than 800,000. The breakdown by minority group was about 339,000 for Blacks; nearly 256,000 for Asians, Pacific Island ers, and other minority groups; and some 248,000 for Hispanics. The group subtotals include nearly 43,000 businesses that reported more than one minority owner. For example, a firm might be co owned by a Hispanic and an Asian a n a therefore in e r e iu r e L u u i i L c u i in n u uu i H HHv and counted both mino If you are an Oregonian with moderate or lower income and are considering buying a home, now may be a good time to make that move! The Oregon Housing Agen cy (formerly the Housing Division, Department of Commerce) has $6 million of low interest mortgage loan funds available to help in the purchase of homes statewide. From now through March 1988 or until funds are gone, mortgage loans are available through partici pating lenders at 6.75 percent, 7.25 percent, and 9.25 percent interest rates. If your annual household income does not exceed $22,500 and the price of the home you are interested in does not exceed $65,000, you may be eligible for mortgage loan funds at 7.25 percent. If your an nual household income does not exceed $28,500 and the purchase price does not exceed $65,000, you may be eligible for a rate of 9.25 percent. In either case, the resi dence may be either an existing home or new construction, manu factured housing permanently af fixed to acceptable foundations, or qualified condominium units. According to Kathryn Eustrom, Manager of Single-Family Programs for the Oregon Housing Agency “ We are also making 6.75 percent funds available to finance the pur chase of certain houses which the Housing Agency owns." The in come limit for the 6.75 percent money is $28,500. With all three interest rates, the term of the mortgage loan is 20 years. According to Eustrom, “ While the reduced term slightly increases the monthly mortgage payment, the home owner's equity builds up much more quickly and the interest saved over the life of the loan can be dramatic. For example, a 20-year loan at 9.25 percent is comparable to a 30-year loan at 10.5 percent in terms of monthly payment. On a $45,000 mortgage loan, the monthly principal and inte rest on a 30 year loan at 10.5 per cent will be approximately $411; on a 20-year loan at 9.25 percent, the payment will be approximately $412. With that small difference in monthly obligation, after only 7 you will owe almost $5,500 less on your home with the 9.25 percent loan than with the 10.5 percent loan. Not only that, but the interest saved by reducing the number of years of repayment can amount to thousands of dollars. The Oregon Housing Agency funds may be used on both conven- tional and FHA-insured loans. Re financing an existing mortgage loan is not permitted. While these funds are not limited to first-time buyers, borrowers must not own any other residential pro perty at the time the loan is closed. Further, borrowers must live in the home. “ While Winter is not the most ac tive home buying season, I expect these funds will move quickly and I would urge prospective home buy ers to contact one of our participa ting lenders as soon as they can, warns Ms. Eustrom. There are 12 lenders participating in the "Special Reservation Pool" of mortgage loan funds. For more information, interested parties should contact the Oregon Housing Agency at (503) 373-1616, or one of the participating lenders listed be low; Benjamin Franklin Federal Sav ings & Loan, The Commercial Bank, Community First Federal Savings & Loan, Far West Federal Bank, First Interstate Bank of Oregon, Freedom Federal Savings & Loan, Inland Em pire Bank, Northwest Funding, Ltd., US Bancorp Mortgage Com pany, Ward Cook, Inc., Western Security Bank, Willamette Savings & Loan. Proqram Helps Business Owners Prepare for Success I IC O O U l H U I - men-Owned Businesses: MB82-1, A new program to help aspiring Black (GPO Stock No. 003-024- and new business owners is being 06351-4), MB82-2, Hispanic (GPO offered by the Portland Community Stock No. 003-024-06214-3), MB82- College Small Business Develop 3, Asian Americans, American In ment Center. The six-month "Pre dians, and Other Minorities (GPO paring For Outrageous Success" Stock No. 003-024-06223-2), and program will consist of four courses WB82-1, Women (GPO Stock No. on the essentials of stargting a new 003-024 06502-9). Copies are avail business: Where's The Money? able from the Superintendent of Exporing Your Market; Will Your Documents, U.S. Government Business Be Profitable?; Financing Printing Office, Washington, D.C. • m m . Your Venture; and Getting Started. . a - o During the seminars, participants will investigate the potential fo, on Wednesday evenings from 6:30 to 9:30 p . m . at the Portland Cham- their business, forecast sales and expenses and develop business and marketing strategies. ber of Commerce. In the "Preparing For Outrageous Success" program, the participants will also receive bi-monthly consul tation. The program begins Wednesday, January 20. All courses are held The cost of the program is $150 per business or $100 for Portland Chamber members. Enrollment in the program is limited. To obtain additional information contact the PCC Small Business Development Center at the Portland Chamber, 273-2828. _______ JOBS & CLASSIFIED ADVERTISING PPS Finance Committee Meeting INFORMATIONAL ADVERTISEMENT PORTLAND PUBLIC SCHOOLS CALL FOR BIDS Sealed bids will be received until TOO p.m. on the dates indicated in the Purchasing Department, Multnomah County School District #1 J, 501 N Dixon, Portland, Oregon for the items listed herein: BID FILING DATE DESCRIPTION Jan. 5, 1988 Staples and Processed Foods for Warehouse Stock, 1988-89 Jan. 5, 1988 Frozen Foods for Warehouse Stock, 1988-89 Jan 5, 1988 Commodity Processed Chili Burritos for Warehouse Stock. Jan 5, 1988 Hardware for Warehouse Stock (Requirement Contract) Jan 5, 1988 Birch Plywood for Warehouse Stock Jan 5, 1988 Athletic Supplies (All Sports, Games), 1988-89 Jan 5, 1988 Stage Rigging for Various Schools. Formal announcement, detailed specifications and bidding document may be obtained at the above address F o r a d d itio n a l in fo r m a tio n , p le a s e c o n ta c t M ich a e l J. H u tch e n s. D ire c to r o f P u rch a sin g . 249-2000, Extension 581 M E N T A L HEALTH T E A C H IN G P A R E N T S teaching parents needed to operate innovative group home for pre delinquent boys, ages 11-14. Hours: Sunday p.m. to Friday noon. Bachelor's plus two year's experience in residential treatment or shelter care. Competitive salary, excellent benefits. Send resume to: The Board's Finance Committee is scheduled to meet on Mon day, January 25, 1988, at 12:00 noon in the L-1 classroom at the Robert Blanchard Education Service Center, 501 N. Dixon Street. This notice is provided in accordance with provisions of the Oregon PORTLAND OBSERVER The Eyes and Ears of the Community” 288-0033 Open Meeting law. Lower down payments, Lower interest. RTC Screening C om m ittee Edgefield C hildren's Center 2408 S.W. Halsey St. Troutdale, OR 97060 Equal Opportunity Employer Real Estate PROJECT COORDINATORS Exciting New Projects With The Portland Development Commission! For nearly 30 years, the Portland Devel opment Commission has been dedicated to enhancing Portland's quality of life through a variety of programs. We have several new long-term projects in the works that have created the following positions: Convention Center Area Project Coordinator You will implement a development strategy in cooperation with public/ private agencies to maximize the use of the new convention center to be opened in 1990, and to provide support facilities including transportation and commercial projects. You will also be responsible for development section finance. We require 5 years' experience in a development or urban renewal agency, and an education in Economics, Planning, or Real Estate Financing. A thorough knowledge of development finance, budgeting, grants, bonding, as well as experience in public/ private negotiations essential. Salary range: $33,000-$43,000. Waterfront Development Project Coordinator You will be responsible for the completion of the Waterfront Park improvement projects, as well as coordinating possible public/privale ventures with other city bureaus. Requires 5+ years experience with a development of urban renewal agency, and education in Planning/ Design or Real Estate Development. Experience with publicly oriented design and construction projects is essential. Salary range: $33,000-$43,000. We offer the opportunity to be an integral member of a motivated, successful team To apply, request a Commission applica tion packet by calling (503) 796-5295. mx: Portland Development Commission 1120 SW Filth Ave. Portland, OR 97204 i*» m r i \ \ i » IH .V U l »PMFM I « iMMls.sK Equal Opportunity Employer «••• OP M MtV«» («XI ,/z Buy an FHA-insured HUD-owned home now and enjoy a lower down payment and interest rate with our all new Double Play offer. Now for a limited time, HUD has dropped the down payment to just 3% for owner-occupants and 10% for investors on all HUD-owned properties eligible for FHA Mortgage Insurance. Plus, HUD will pay up to 6 additional points to help cut your interest rate up to one full percent . . . or more! Check the HUD listings ad in the classified section of your Friday or Sunday Oregonian. Then for details, see any real estate agent. Lower down. Lower interest. Our all new Double Play will help you come home a winner. HUD and your real estate agent. We’re The Home Team.® HUD nr DEPARTMENT OF HOUSING ANO URBAN DEVELOPMENT