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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (March 25, 1992)
- •- J’ Page 12...The Portland Observer...March 25, 1992 Bank of America Aims to Increase Home Affordability in Lower-Income Communities Census Bureau to Collect Employment Data Here » I I of median family income, poverty, and year-to-year mobility of the nation’s population. Information supplied by individu als to the Census Bureau is kept confi dential by law. Only statistical totals are published. The fol lowing graph shows the kind of information that com es front this survey. It compares the average earn ings of production or nonsupervisory workers by industry for 1970,1980, and 1990. The U.S. Census Bureau collected data on employm ent, income, m igra tion from area residents the week the March 15-21, according to Mr. Leo C. Schilling, director of the bureau’s Se attle regional office. The local labor force data will contribute to the n a tional em ploym ent and unem ploym ent picture to be released April 3 by the Bureau o f Labor Statistics. The additional data on income, work experience, and migration will be used to provide a comprehensive study Continued from front page The Eighth Oregon Black Political Convention "Today’s Leaders Preparing Leaders fo r Tomorrow" B O KNO W S: March, Bank o f A merica is waiving certain non-recurring closing costs typi cally paid by the borrow er including appraisal, docum ent preparation, title insurance and escrow , credit report and recording fees. On a $68,000 purchase, this represents a savings o f approxi mately $900. In addition, the bank is waiving its origination fee on adjust able-rate mortgage loans. Bank of A m erica Oregon began piloting the Neighborhood Advantage home loan program in November. “The initial response in terms o f the number of Neighborhood A dvan tage loans we’ve made is exciting,” James said. “We wanted to be sure the program met the needs o f low er-in com e communities before launching it with full marketing and advertising support. Bank of America Oregon has 65 branches and is the Portland-based sub sidiary o f BankAmerica Corporation, one o f the nation’s largest banking companies. Bank o f A m erica Oregon is an equal housing lender. E ditor’s Note: Information on spe cific ZIP code and census tract areas eligible for the Neighborhood A dvan tage home loan program is available by c a llin g D oug V a u g h a n , B ank o f A merica Oregon, (503) 275-1109. How Neighborhood Advantage Eases Qualifying The N eighborhood A dvantage home loan program makes it easier for people purchasing and refinancing homes in specifically designated lower- income areas to qualify for loans thanks Y O U D O N ’T H IT K ID S April 11-12, 1992 to special underwriting and financing terms. Among its features: - H igher H ousing Expense R atio is P erm itted . Borrowers can qualify for a h igher-than-normal debt-to- income ratio when they have demonstrated the ability to manage monthly expenses at that level. Under Neighborhood A d vantage, borrowers can spend up to 40 percent o f gross monthly income on housing expense with a 10 percent down payment. Using conventional under writing standards, no more than 28 to 30 percent is allowed. - L ow er Down Paym ents. N eigh borhood Advantage allows down pay ments as low as 5 percent for owner- occupied properties. - No M inim um L oan A m ount. In fact, one o f the first Neighborhood A d vantage loans made in Oregon was for a $12,500 home. - J o b H istory. Typically, appli cants for home loans must show a his tory of em ploym ent at one job for sev eral years. With the Neighborhood A d vantage program, overall job history is used as a guide. - C re d it H istory. Creditw orthi ness may be established using tele phone and utility bills along with rental history. Usually a formal credit report focuses only on such items as credit cards and bank loans. - Special Attention. If a Neighbor hood Advantage loan application is ini tially declined by an underwriter, it is forwarded to a team of senior credit offic ers who are familiar with the unique credit profiles and needs of potential home buy ers in lower-income communities. Howard Johnson Plaza-Hotel 14811 Kruse Oaks Blvd. • Lake Oswego, Oregon 97035 RiverPlaçe D o w n to w n 's W a te rfro n t N e ig h b o r h o o d FIRST MONTH FREE R IN F BRAND NEW APARTMENTS WITH RIVER VIEWS, CITY VIEWS, AND GARDEN VIEWS. ’ First month free rent with 1 year lease A.s Bo knows, hit home runs, atul y«»u u in lx a T i learn how io prevent child abuse, io niasi winner at the ballpark. But. hit your k id s ami your kxal chapter ol t l x National ( .oinniiltse for PreventH»n oi C Juki Alwise or w ine N t l*t 1A. you'll never l x a winner at home. I liltin g wont teaeh a child a lesson; it only teaches k ir and pain. Box lX66|. t Jns.igo. Il H ittin g doesn't solve problems, it only hurls. brought to you as a public service l»y the A n x rita n Amusement child abuse. />»«’/ /«A because it shouldn't hurt to Machins l x a child. Bo knows, and so should you. Association. Portland Civic Theatre and Cus tom Built Computers present OncThou- sand Cranes by Colin Thomas at the Interstate Firehouse Cultural Center, 5340 N. Interstate, Portland, OR 97217. April 3 through April 12, 1992. This beautiful and sensitive drama traces the lives of two children, sepa rated by hundreds of miles and several decades, who creatively deal with the reality o f nuclear weapons. Sadako, a young Japanese girl, survives the bom b ing of Hiroshima, and her own fears of oncoming leukemia, to become a sym bol of peace for her nation. Buddy, an American boy, obsessed with the para noia o f the present-day nuclear threat, becomes empowered to overcome his fear when he realizes he is not alone, and (hat he and others can take action to change their world. The two stories intertwine with com passion, sensitiv ity, and humor. The play is directed by Julie Akers, award winning director for Teens and Company and for the critically ac claimed 1FCC production of Mei Mei. Her cast includes Caroline King, who was featured in the film Com e See the P arad ise shot Iasi year in Portland, as Sadakoand Andrew Kaloury as Buddy. Local actresses Elaine W erner and Elaine Garner appear a.s their respec tive mothers with Loretta Kim and Daniel Olson as the children’s sym pa thetic friends. One T h ousand C ran es runs be ginning April 3 and ending April 12. Call IFCC.it 823-2(XX) for tickets. Group rates available. Secured garage parking included in rent Easy move-in: Credit check and deposit. 60690. 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