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
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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