Page 8 Portland Observer A p ril 13,1989
0REG0N1ANS...M AY
SOON BE ABLE TO BLY
HOMES
News Around Town
M ore than 600 below-median income
state program o ffe rin g $26.7 m illio n ot
lo w e r interest rate m ortgage m oney.
B e g in n in g M a y 3 ,1 9 8 9 , the Oregon
H ousing Agency w ill be o ffe rin g 27-
year m ortgage loans at a fix e d rate o f
8.35% . Loans w ill be available on a
first-co m e , first-served basis through
21 p a rticip a tin g lenders. These funds
M ANY CHILDREN WHO
W ORK PA RT-TIM E
FACE FIRST TA X FILIN G
REQUIREM ENT
M ANY CHILDREN W HO
W O R K PART-TIM E
FACE FIRST TA X FILIN G
REQUIREM ENT
O regonians thought the state m ay soon
be able to buy homes, w ith the help o f a
A n y in d iv id u a l w h o can be claim ed
A n y in d iv id u a l w h o can be claim ed
as a dependent on another person’ s tax
return is not e n title d to a personal
exe m p tio n on his o r her ow n re tu rn , and
as a dependent on another person’ s tax
return is not e n title d to a personal
exem ption on his o r her ow n return, and
w ill be available through Decem ber
the dependent’ s standard deduction may
also be lim ite d . F o r this reason, the
1989, o r u n til funds are gone.
“ W e expect this program to be
In te rn a l Revenue Service says, some
dependent c h ild re n may have to file
e xtre m e ly popular. The 8.35% interest
rate is nearly 3 points b e lo w the go in g
federal incom e tax returns.
C h ild re n w ho are not b lin d and w ho
co n ve n tio n a l 3 0 -year fix e d loan rate,
q u a lify to be c la im e d as dependents on
another person’ s tax return generally
according to K athryn Eustrom , manager
o f the H ousing A g e n c y ’ s sin g le -fa m ily
program s. " T h is program w ill help
address tw o o f the housing problem s
co n fro n tin g O regonians to d a y. The lo w
interest rate makes hom eow nership a
possibility for a segment o f our population
w h o otherw ise face housing costs that
are unaffordable. In addition, by enabling
these
fa m ilie s
to
m ove
in to
hom eow nership, the program frees up
rental properties fo r other fa m ilie s use
at a tim e when rentals are hard to com e
b y .”
The loans are available fo r o w n e r-
occupied homes o n ly . The a p p lica n t s
household incom e m ust be $28,500 or
less per year. The purchase p rice o f the
hom e m ust be 65,000 o r less fo r new
co n stru ctio n , and $61,650 fo r e xistin g
homes.
Federal la w requires that applicants
be firs t-tim e home buyers, o r not have
owned and occupied a principal residence
w ith in the past three years.
T h is
re q u ire m e n t m ay be w a ive d i f the hom e
being purchased is located in a “ targeted
area” . “ Targeted areas” in clu d e a ll o f
B aker, C latsop, Coos, C ro o k , G rant,
H arney, Jefferson, Josephine, K la m a th ,
L a ke , M a lh e u r, U n io n , W a llo w a and
W heeler counties; c itie s o f A shland,
M ilto n -F re e w a te r, M y rtle C reek, P ort
O rfo rd , Silverton, Turner and Vernonia;
and portions o f A lb a n y , C o rv a llis ,
Eugene, M e d fo rd , Salem and P ortland.
The home being purchased may be
located anyw here in O regon. E x is tin g
homes, new construction, manufactured
housing perm anently a ffix e d to an
acceptable fou n d a tio n , co n d o m in iu m
u nits, o r units in a Planned U n it
D evelopm ent (P U D ) a ll m ay q u a lify
fo r the program .
A ll loans m ust be insured by the
Federal Housing A dm inistration (F H A ).
The Oregon H ousing A g e n cy accepts
F H A ’ s m in im u m d o w n p a ym e n t
requirem ents o f 3-5% and fin a n c in g o f
the m ortgage insurance p rem ium and
F H A -a llo w a b le c lo s in g costs. The loan
o rig in a tio n fee and d isco u nt points
together m ay n o t exceed 1.75% o f the
m ust file a tax return fo r 1988 i f they
have o n ly unearned incom e and the
to ta l is o ver $500, o r have both earned
and unearned incom e and the total is
over $500, o r have earned incom e o n ly
and th e ir gross incom e exceeds $3,000
i f single o r $2,500 i f m arried.
F o r 1988, the a llo w a b le standard
deduction fo r a n o n -b lin d , dependent
c h ild w ho can be claim ed on another
person’s tax return is generally the greater
o f $500 o r the c h ild ’ s earned incom e,
b u t not m ore than $3,000.
In other w ords, the IRS says, a
dependent c h ild w h o is not b lin d and
w h o does not w o rk w ill get a standard
deduction o f $500. I f this dependent
c h ild w orks and earns over $500, the
standard deduction w ill equal earned
incom e, b u t m ay not exceed $3,000.
F o r m ore in fo rm a tio n on how taxes
a ffe c t dependents, taxpayers m ay c a ll
the IRS at 1-800-424-3676 and request
free P u b lica tio n 929, “ T ax R ules fo r
C h ild re n and Dependents,” o r use the
the dependent’ s standard deduction may
also be lim ite d . F o r th is reason, the
Internal Revenue Service says, some
dependent c h ild re n may have to file
TELE-TA X IS AVAILABLE
STATEW IDE FOR TAX
INFO
o ffe rs m ore than 150 in fo rm a tio n tapes
on tax su b je cts such as f ilin g
requirem ents, item ized deductions, tax
reference num bers is located in the tax
in fo rm a tio n package and P u b lica tio n
'
*
• Kindergarten
• Pre-School
'Latch Key Program ’
910.
T e le -T a x also provides autom ated
Children 6 wks.
to 11 yrs.
refund inform ation. It gives direct access
to IRS com puter in fo rm a tio n fo r those
w ho m ailed th e ir personal incom e tax
returns to the IRS service center in
• Breakfast
• Hot Lunches
i f single o r $2,500 i f m arried.
F o r 1988, the a llo w a b le standard
O gden, U tah. C a lle rs w ill need to know
• Snacb
deduction fo r a n o n -b lin d , dependent
c h ild w h o can be cla im e d on another
and expected refund am ount to access
the com puter. T h is autom ated refund
inform ation is available Monday through
but not m ore than $3,000.
In other w ords, the IRS says, a
dependent c h ild w h o is not b lin d and
w h o does n o t w o rk w ill get a standard
•
Day Care
Revenue Service.
The recorded in fo rm a tio n service
q u a lify to be cla im e d as dependents on
another person’s tax return generally
m ust file a tax return fo r 1988 i f they
person’s tax return is generally the greater
o f $500 o r the c h ild ’ s earned incom e,
'
“Since 1952”
credits, dependents, and adjustm ents to
incom e. A lis t o f subjects available and
and unearned incom e and the total is
over $500, o r have earned incom e o n ly
and their gross incom e exceeds $3,000
l
-
T e le -T a x o ffe rs a sta te * ide to ll-fre e
telephone service to p e rm it O regonians
to receive re fund and recorded tax
in fo rm a tio n p ro vid e d by the Internal
federal incom e tax returns.
C h ild re n w h o are no t b lin d and w ho
have o n ly unearned incom e and the
total is over $500, o r have both earned
Grace Collins
Memorial Center
Mon-Fri
6:30 am - 6.00 pm
their Social Security number, filin g status
F rid a y fro m 7:00am to 6:00pm .
Users o f push-button (tone signaling)
C an
281-6930
128 N.E. RusseU St.
phones have access to Tele-Tax 24 hours
a day, seven days a week. T ax subjects
4 Y e a r O ld s - M a k in g C ookies
are selected by pressing the appropriate
deduction o f $500. I f this dependent
c h ild w o rks and earns o ver $500, the
standard deduction w ill equal earned
incom e, b u t m ay not exceed $3,000.
num bers on the phone.
Access fo r rotary (d ia l) and push
F o r m ore in fo rm a tio n on how taxes
a ffe c t dependents, taxpayers m ay c a ll
1 1:30am and 12:30 to 4 :3 0 p m . These
callers w ill need to ve rb a lly te ll the IRS
the IRS at 1-800-424-3676 and request
free P u b lica tio n 929, “ Tax R ules fo r
operator the to p ic o r tape num ber they
Grace Collins
button (pulse dial) phone is not automatic.
Memorial Center,
It is lim ite d to w o rk in g hours, 8:00 to
C h ild re n and D ependents,” o r use the
w ant. T e le -T a x telephone numbers are:
Portland, 294-5363, elsewhere in Oregon,
o rder fo rm in th e ir tax package.
1-800-554-4477.
5 Year O lds -
R eading F irst G rade B ooks
Day Care
o rd e r fo rm in th e ir tax package.
Come See What’s
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loan.
These funds m ay n o t be used to
rz
Prices Effective 4/12 Thru 4/18/89
refinance an e x is tin g hom e loan. These
funds m ay n o t be used in co n ju n ctio n
w ith the Oregon H ousing A g e n c y ’ s
M ortgage C re d it C e rtific a te P rogram .
T w e n ty-o n e lenders around the state
are p a rticip a tin g in the S in g le -F a m ily
M ortgage Program :
T he B e n j F ra n k lin Federal Savings
& Loan: C entennial M ortgage C o;
The
C o m m e rc ia l
Bank;
Commonwealth Mortgage Company;
Continental Savings Bank; Crossland
M ortgage C o rp ; Far W est Federal
Mortgage C orp; First Interstate Bank
o f Oregon; Inland Em pire Bank; Key
P a cific M ortgage; L ib e rty Savings
and Loan; N o rth W e s tF u n d in g , L td .;
P a cific F irst Federal S avings B ank;
Plaza M ortgage; S e cu rity B ank;
Security Pacific Bank Oregon; United
Savings Bank; US Bancorp Mortgage
C om pany (US B a n k); W ashington
Federal Savings Bank; Western Bank;
and W illa m e tte S avings and Loan
A ssociation.
T he Oregon H ousing A gency is able
to make lo w e r-in te re st rate m ortgage
loan funds available by issuing tax-
exempt mortgage revenue bonds. Current
federal la w w ill end new issuances o f
mortgage revenue bonds after December
3 1 ,1 9 8 9 .
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