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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Nov. 30, 1989)
•W committee Begins Work On Mannix Housing Plan SALEM--A law passed by the 1989 Oregon Legislature establishing a “ Low- Income Housing Fund” is designed to meet the severe shortage of low-cost housing in many urban areas. State Representative Kevin Mannix, D-Salem, the chief sponsor of the legislation, was at the State capitol on Wednesday to explain the goals of the plan and assist in implementing it. " what is exciting about the Low Income Housing fund is that it does not use up any tax dollars, nor does it cost the people involved any money, everybody w ins," Mannix told the House Interim committee on Housing. Under the plan, the fund will be supplied by the interest on refundable deposits paid to property management companies by ten ants. Mannix said that interest should gener ate at least $2 million a year to provide housing for low-income Oregonians. “ Property managers won’t have any additional paperwork, they will only need to C entury 21 P eninsula R ealty "Home of the Week" St. Johns Area $36,900.00 2 Bedroom, Single Family Residence with attached garage, sculptured 1 & 1-1/2 lot well maintained. Close to Shopping, Schools and Parks. Great Investment! ASSUMABLE FHA FINANCING Are you interested in selling your house and arent't sure of what the value would be in today's market call for a free "Competitive Market Analysis." A "Competitive Market Analysis" will give you a range of value by showing you what homes are currently selling for, what your compe tition is in today's market and what buyers are not willing to pay for homes similiar to yours. Cali Rose Marie Davis for your Free " Competitive Market Analysis!" establish a special interest-bearing account at their bank. The bank will transfer the interest to the fund for them,” Mannix ex plained. “ 1 want to ensure that everyone--low- income people, property managers, real es tate agents, legislators--knows how easy and smooth this can function. It has no tax con sequences for anyone and puts otherwise idle money to work for low-income fam ilies." The program should prove valuable in cities like Salem, where the vacancy rate for all housing is around 1-2 percent, that, ac cording to Mannix, puts those with low- incomes at a great disadvantage in the fight to acquire decent housing. “ Those families on the margin are fac ing tremendous financial obstacles to getting into housing,” he said. “ They are people who work, who are out there trying to make it in the community. Now this fund can provide them with a rental subsidy to get into housing they otherwise could not afford.” The law sets up the Low Income Hous ing Fund beginning January 1,1990, in order to allow property managers and real estate agents to become familiar with the program and set up an account at their bank. Partici pation in the program is not mandatory, and the funds will be distributed by the Oregon Housing Agency. Economists Predict Lower Interest Rates And Stable Housing Markets In 1990 DALLAS--Lower interest rates, stable housing markets and increasing popularity of fixed-rate mortgages were among the predictions made for next year, by econo mists addressing a session of the National Association of Realtors 1989 Convention and Trade Exposition here today. John A. Tuccillo, NAR's chief econo mist; James Christian, chief economist of the U.s. League of Savings Institutions; and Neil Roberts, senior manager for Roulac Consulting Group, gave their perspectives on the economic and real estate market out look for 1990 and beyond, during the session held on the fifth day of the Nov. 9-14 conven tion. About 15,000 Realtors and guests are attending the meetings. Terming his 1990 forecast a “ crashing bore” becauseheexpects “ m oreofthesam e stable but slowing growth w e’ve seen in the tail end of 1989," Tuccillo said long-term mortgage interest rates should average about 9.5 percent next year, compared with about 10.3 percent this year. “ Inflation will turn out to be a small lizard with a big growl,” with consumer prices rising about 4.1 percent next year, compared with a 4.8 percent in 1989, he said. — — Christian agreed with Tuccillo's fore cast, adding that slower housing demand next year would likely result in slower home price appreciation and lower mortgage demand. the three economists agreed that the first half of the next decade would be character ized by falling interest rates, which would cause buyers to turn more heavily to fixed- rate mortgages than adjustable-rate mort gages. by the latter half of the 1990s, Tuccillo said the aging of the baby boom generation is likely to bring a decline in housing demand. “ However, this could be offset by demand for different kinds of housing by changing needs of changing households,” he added. 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