P age B4
0%, 3% & 6%
Home Improvement Loans
Join Other Portland Homeowners
with Neighborhood Pride!
H o m e improvement loans are available in Piedmont, Woodlawn, Concordia, Sabin, Eliot,
Boise, Humboldt, King and Vernon neighborhoods. At 0%, 3% and 6% interest, depending
on your income - these are probably the best rates in town. You may qualify to borrow up to
$12,500 from the Portland Development Commission (PDC) and show your neighborhood
pride by making your home and neighborhood an even better place to live.
Y o u r chances of qualifying for one of these City loans are good if you own your home, need
PDC Okays Rental Rehab Loans, One For
Chronically Mentally III Housing Project
And One For Eight-Plex In North Portland
The Portland Development C om ­
mission (PD C) at its m onthly meeting
today approved a $286,100 loan to
Southeast M ental Health Network, Inc
for 32 new permanent liv in g units for
low-incom e chronically m entally ill
individuals. The C om m ission also ap­
proved a $204,000 loan to Portland
C om m unity Reinvestment In itia tive s
In c., (PC RI) for the purchase and reha­
b ilita tio n c f a vacant and derelict eight-
plex in N orth Portland.
Both loans w ill be made through
P D C ’ s Rental Housing Preservation
Program (RHP) w hich preserves and
upgrades affordable rental housing in
the C ity. PDC is the C ity ’ s agency for
urban renewal, housing and economic
city-approved repairs or improvements, and have a qualifying income.
development.
The $ 1 m illio n Southeast M ental
H e a lth p ro je c t at S.E. 8 8 th and
Lafayette w ill be funded-in addition to
PLJC’ s loan-Through grants:
♦ $90,000 fro m the Federal Home
Loan Board;
♦ $225,000 from Oregon Housing
Before and after photos o f a successful home repair loan project— one more family showing neighborhood pride
I f you have questions, or would like to find out if you qualify for a loan, call PDC s Eastside
Neighborhood Housing Preservation Office at 823-3400, Monday through Friday, 8 a.m.
to 5 p m Remember, City funds are limited for this program, so call
today to begin enjoying the benefits of your home repairs.
PDC is the City s agency for urban renewal, housing and economic development. The
home repair loan program is funded through a federal Community Development
Block Grant administered by the Bureau o f Community Development.
fir
EQUAL HOUSING
O P PO R T U N ITY
L ^l i f
PORTIANI)
DEVELOPMENT
COMMISSION
H O M E guidelines, the loan to South­ berta PCRI is an Oregon n o n -p rofit
east M ental Health requires that the public benefit corporation founded in
units rem ain affordable to low-incom e 1991 to acquire about 280 rental resi­
dential units in N orth and Northeast
in d ivid u a ls for 20 years.
New guidelines fo r the RHP pro­ Portland as a result o f the bankruptcy
gram a llo w fin a n cing o f new construc­ o fD o m in io n Capitol, Inc. P C R l’ sgoals
tio n w h ile in the paste only rehabilita­ are to acquire, own, develop, re h a b ili­
tio n o f existing structures were a l­ tate and lease residential properties for
lowed The Southeast M ental Health the benefit o f very low , low and m od­
project w ill be the second new con­ erate income individuals. P D C ’ S a b il­
struction project funded; the firs t was ity to fund the project is made possible
the 132-umt A lder House w hich opened through a Priv ate Lender P articipation
Agreement w ith Bank o f A m erica
last September
The proposed project w i ll consist
o f two, two-story, wood frame b u ild ­
ings, w ith 15 studios, 16 one-bedroom
units, and one two-bedroom unit. Each
u n it w ill contain a range, refrigerator
and modest furnishings. Rents are ex­
pected to be $193 to $203 per month
Southeast M ental Health N etw ork
is an Oregon n o n -p ro fit corporation
founded in 1980 to provide mental
health serv ices tochronically m entally
i ll residents o f Southeast Portland It
operates sixproperties w hich are fille d
to capacity. T rained sta ff w ill live at
the fa c ility and provide counseling and
and C om m unity Sendees D e p t;
♦ $50,000 from the Oregon Devel­
opmental D isa b ility Sendees D ivisio n support to tenants.
A needs assessment undertaken
U. S. Bank w i ll prov ide a construc­
by
the
M ultnom ah County Housing
tion loan o f $470,000 to be replaced
A
ffo
rd a b ility Study (C H A S ) esti­
w ith a permanent loan from the O r­
mates
the
number o f ch ro n ica lly men­
egon Housing and C om m unity Ser­
ta
lly
i
ll
homeless
at 2,638 to 3, 133.
vices Department for $472,000.
The
C
H
A
S
has
id
entified
the need in
PDC w ill u tiliz e its RHP program
as a conduit for the use o f new federal M u ltn o m a h C ounty fo r affordable
H O M E funds. The N ational A ffo rd ­ housing fo r this population as a high
able H ousing A c t o f 1990 created
H O M E funds w h ich can be used to
construct, acquire and rehabilitate a f­
fordable housing projects targeting lovv-
and very low -incom e tenants. Under
Oregon.
The b u ild in g contains four one-
bedroom apartments and four two-bed-
room apartments. Planned im prove­
ments include a new roof, plum bing
andclectrical repairs, asbestos removal,
concrete repairs, site w ork, w indow
repair or replacement, replacement o f
a ll entry doors, in te rio r and exterior
repairs, capping a chim ney, painting,
new carpet and vin yl, and installation
o f new appliances. Rents at the b u ild ­
ing are expected to be $360 fo r one-
bedroom units and $445 fo r two-bed-
room units.
In other business today, the C om ­
mission also approved tw o additional
loans to PCRI:
In other business today, the C om ­
mission also approved tw o additional
loans to PRCI:
♦ $61,600 fo r the re h a b ilita tio n o f
a duplex at 632 N. Webster. The du­
plex contains two, tvvo-bedroom units.
♦ $39,800 for the reha b ilita tio n o f
p rio rity.
a
three
bedroom single fam ily d w e ll­
The loan to Portland C om m unity
reinvestm ent In itia tive s Inc., (PC RI) ing at 5036 N M .N . 23rd.
For more in fo rm a tio n, contact:
is for the purchase and rehabilitation
Harrv Lenhart, PDC, 823-3296
o f a vacant eight-plex at 939 N. A l-
—----
A HOME
LOAN
f
i
A
C O N V E N T IO N A L
H O M E LOAN
I X)WN PAYMENT
HOW DO YOU GET YOUR DOWN PAYMENT?
Can be a gift from
a relative
NECESSARY REPAIRS
Must be done before
All repairs (except those
loan is given
required lor health or
safety reasons) can be
done after loan is given
or
ADDITIONAL CLOSING COSTS
All costs m ust be
Most costs can be
paid up front
financed
TOTAL CASH REQUIRED AT CLOSING FOR
A 1IOUSE WITH A SALES PRICE OE
(For down payment, up front closing costs,
estimated taxes and insurance)
$6,250
$3,196
I X ) Y O U Q U A L IF Y ?
% OF MONTHLY INCOME ALLOWED
FOR I IOUSE PAYMENT
CREDIT HISTORY
Previous loan
W ithout prior loan experience
landlord references and a
experience on cars,
good record of paying utility
credit cards, etc.
bills can be used to establish
credit history'.
less than even the usual federally insured home loan
requires. And most closing costs, for things like title
insuranc e and other fees, don’t have to he paid up
front-they can he borrowed with the rest of the money.
Net ettly ileis this heme lean rest less, it’s easier to
qualify for. A steady income and a good history of
paving vour hills might he .ill von need.
Nett', in aren't c.vmT/y tjiifr/yunofy these loans to
everyone who walks in the door. But, we guarantee
1 lo in el’artners can help
you purchase a hom e in
(. Oregon up to $65,000.
You may he eligible it
your annual household
incom e does not exceed
the following: 1 person-
$26.300.2 peo p le-
$30.300. 3 or m ore
peo p le-$34.300.
I*
•
•
"
(M ultnomah, (. lat kamas.
W ashington and Yamhill
Counties: 1 person-
$ 3 0 3 0 0 ,2 people-
$34300, 3 or m ore
$393003 I lom ePartners
ed through
loans offered
EQUAL HOUSING H
^ ’’P M o r,,w '
OPPORTUNITY Co,,'tany-
that a lot o f people w ho thought they’d never he able
to get a home loan, will get one.
,Se, before yen yii'c tip en the idea of owning your ow n
home, take a look at what U.S. Bank’s I lom el’artners
loan has to offer. It could save von from a lifetime
o f r e n t.
BANK
c l«r>2 I Jutted States N a tio n a l
• tel * * * 5 e.* * ‘ 3
*C
.
U p to 33%
28%
< ; eto n e .
i
f '
C ’ - .S *« ’.«»H *.
2%
M ust be from your
own savings
THINK THEY CAN’T
loan from a bank.
/ini ritflit nett', a lot of people in Oregon who
think tliev can’t qualify for a home loan, can. W ith
.1 1 Ionic Partilers loan from U.S. Bank. It gives you the
ni< mt v von need to huv a house without costing an arm
and a leg. L )r even a foot. I lere's how it works.
11 'ir/t it I leiiiePiirtners lemt, the amount of money
you need for a down payment is about one third
A
11OMEPARTNERS
H O M E LOAN
5%
PEOPLE W HO
.\i>( eeeyem Ike tlh nteiny 11 hikes to take out a home
VS
• '
-
n
B a n k >4 ( k e g o n