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T he P ortland O bserver • M ay 19, 1993
N G
Eight Reclaimed Portland Habitat Home
Building
Homes Available For
Center Parade
Ownership At PDC’s
Of Checks
Homestead Open House
Eight homes in Portland neigh
borhoods w ill be offered to lower-
income residents at the upcoming
Homestead Open House on Sunday,
May 23, 1993, from 1 to 4pm. The
Portland Development Commission
administers the Homestead Program,
which provides home ownership op
portunities to those who otherwise
might not be abe to afford their own
home. The program provides a sig
nificant tool to help the city reclaim
vacant and abandoned housing, while
encouraging neighborhood preserva
tion, revitalization and stability.
Through the Homestead Program,
PDC acquires vacant homes in need o f
repair and transfers them to qualified
Homesteaders. In turn. Homesteaders
agree to make necessary repairs be
fore moving in, accept a low-interest
PDC home repair loan and live in the
house for at least five years There is
no down payment involved in becom
ing a Homesteader. Homesteaders pay
a one-time charge for taxes and insur
ance o f $500 Monthly payments on
the home repair and acquisition loans
average $350, including taxes and
Portland Habitat for Humanity
announces
plans to establish a com
offered May 23 w ill be open between
munity
Home
Building Center N.E.
1 and 4pm. Potential homesteaders
Portland!
must visit each home in which they
On Saturday, May 15th, from
are interested to be considered for
ownership. PDC w ill hold a random 11 :(X) to 11:30am, Habitat w ill spon
draw ing for each home and w ill notify sor a Parade o f Checks to announce
those whose names are selected PDC and celebrate its plans to purchase and
advisors w ill be at each home to an renovate a long-neglected building,
swer questions during the open house formerly Shags’s tavern, into the Habi
The Addresses o f the homes being tat Home-Building Center. The Pa
rade o f Checks w ill take place at the
offered are:
• 4916 N.E. 21st Ave , 2 bedrooms future Home Building Center on the
• 9115 N. Bayard Ave., 3 bedrooms corner o f N .E. 14th Place and
Killingsworth Avenue.
The Center, located in the heart
of a neighborhood troubled by drugs
ad gang activity, w ill be dedicated to
community rejuv enation and the em
powerment o f low-income families
through home ow nership
The C enter w i ll house a
warehouse for building materials, a
dormitory for work camps, and a
carpentry shop for sponsoring “ part
nership” building programs. In part
nership programs. Habitat w ill col
laborate
w ith youth-outreach pro
day.
The Portland Development Com grams to enable teams o f youth to
mission is the City ’ s agency for urban build new homes in their own neigh
renewal, housing and economic de borhoods.
insurance.
Habitat w ill announce on Satur
Each o f the eight homes to be velopment.
day that it has raised $100,000.00 to
purchase and begin renovation o f the
building We express our profound
appreciation to the following organi
• 6405 N.E. 7th Ave., 2 bedrooms
• 6445 N.E. N.E. 6th Ave., 3 bed
rooms
• 5023 N Minnesota Ave., 2 bed
rooms
• 5128 N.E. 13th Ave., 2 bedrooms
• 944 N.E. Winona St., 3 bedrooms
Individuals interested in being
added to the m ailing list for Home
stead Program offering should call
PDC’s Neighborhood Housing Pres
ervation Office at 823-3422 between
Sam and 5pm, Monday through F ri
ATTENTION
HOMEOWNERS
2 5 HOMES
WANTED
To Train Applicators
(Under Supervision-
Fully Guaranteed)
To Install
NEW 1993
Vinyl Siding
AS
SEEN
ON TV
I MAIL COUPON OR CALL I
I
I
ANDERSON
BUILDERS
&
I
I
CONSTRUCTION, INC. I
I
I 3511 N.E. 74th Portland, OR 97213 I
I
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(503) 281-1855
I
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I
I
I
I NAME
I
I
I
I ADDRESS
I
I CITY
I
Financing
k O.A.C.
PHONE
1
CCB#52603
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________ I
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F /y /' hex/ rcx/t//x !
“ ANC£RBC135R[Z
Purchase, repair and remodel. One loan does it all. You can
even refinance an existing loan to add a room, a roof or do
just about anything else to make your home more cozy. Visit
your nearest Washington Mutual Financial Center or call
1-800-562-3565 and ask about our Affordable Rehab loan. It’s
zations:
Collins Foundation $10,000
Meyer Memorial Trust $50,000
First Interstate $7,500
Rose E. Tucker Charitable Trust
$7,500
Jackson Foundation $5,000
U.S. Band $5,000
Key Bank $10,000
Wessinger Foundation $5,000
To complete renovation o f the
b u ild in g . H abitat needs to raise
$100,000 more.
Habitat is a non-profit organiza
tion that builds and renovates homes
in partnership w ith low -income fami
lies. The homes are built mostly with
volunteer labor and donated materi
als. The families help to build and
renovate the homes, investing 500
hours o f “ sweat equity.” Habitat sells
the homes to the families at-cost with
a zero-interest loan
The Parade o f Checks on Satur
day w ill be attended by walkers par
ticipation in Habitat’s Walk for Hu
manity. The Walk w ill k ic k -o ff at
Portland Community College, Cas
cade Campus, at 705 N. Killingsworth
the home loan, home improvement loan and repair loan
rolled into one.
That’s Different. That’s Washington Mutual.
An Equal Housing Lender tsï
FDIC Insured
NECDC
\ l SUPPORTS
FIRST-TIME
HOME
BUYERS
at 9:00am.
“ Building simple homes in part
nership w ith God’s people in need”
A dvertise in the O bserver
Housing Affordability Improves For
First-Time And Repeat Buyers
The affordability index for first - time buyers and move-up buyers, in
time buyers, which also posted a gain addition to the continued low interest
for the first quarter o f 1993, measured rates, are helping to improve overall
86.2, compared to 79.6 during the affordability, said N AR C hief Econo
mist John A. Tuccillo. “ In addition,
same period the prev ious year.
“ While more first-time buyers are sellers are pricing homes more rea
finding it a little easier to purchase a sonably Together, these factors hav e
starter home, there still remains many lowered monthly payments and en
young families and renters, who want couraged many who have been unde
to own a home but are finding it cided to buy,” he added.
The averagecffective rate for loans
d ifficult to come up w ith the necessary
down payment to reach that goal, “ closed on existing homes, as reported
said NAR President W illiam S. Chce by the Federal Housing Finance Board
“ Affordability has continued to was 7.55 percent for the first quarter
o f 1993, down from 8.36 percent in
strengthen in part because o f Presi
measured 131.8.
dent C linton's efforts to maintain low the first quarter o f 1992. Mortgage
When the index measures 100, a
interest rates However, there is a sig interest rates so far this year arc the
family earning the median income
nificant discrepancy between the abil lowest since 1972, when they aver
has exactly the amount needed to pur
ity for people to move up and the aged 7.52 for the year
chase a median -priced resale home,
Under current affordability con
ability o f people to make their first
using conventional financing and 20
ditions
for all buyers during the first
purchase A major difference is that
percent down payment. Since the
quarter
o f 1993, a fam ily earning
first -time buyers don't have equity to
median price is the midpoint, the com
put into their purchase The inability $20,000 per year would have suffi
posite index show s that half the fam i
to come up with a down payment is the cicnt income to qualify for a $74,000
lies in the nation and at least 1311
largest obstacle to home ownership home w ith a $59.200 loan A family
percent for the income needed to
earning $.30,000 would qualify for a
for first-time buyers, Chce added
qualify for the purchase o f a home
During the first quarter o f 1992, $ 111,000 home using a $88,800 loan
w ith a median price o f $104,200, and
Fora family earning $40,000, qualify
the affordability gap between the two
h alf did not
ing for a loan o f $118,400 woulc
In comparison, NAR s first-time groups measured 3.3.8 percent, com enable them to purchase a $148,00
pared to 1993’ s first -quarter gap of
home buy cr index shows the ability ol
home. F in a lly , a fam ily earning
renters who arc prime potential first- 34.6 percent The 1993 first-quarter, $50,(M)0 annually w ould be able to by
first-time buyer index shows that the
time buyers to qualify for a mortgage
a $185.000 home after qualify ing for
qualify
ing income needed for conven
on a starter home When this index
a $148,000 loan.
equals 100, the typical first-time buy tional financing covering 90 percent
The National Association of Re
ers can afford the typical starter home o f an $88,600 starter home was altors, "The Voice for Real Estate.” is
$27,553 Yet the median income of
under existing financial conditions
prune first-time buyers was $2.3,74.3, the nation s larges, trade association,
The first-lim e buyer median income
representing nearly 750,000 members
represents the typical income o f a a difference o f $3.810
On the other hand, a continued involved in all aspects o f the real
renter family with wage earners be
rise i median incomes for both first- estate industry
tween the ages o f 25 and 44 years
Purchasing power for both first-
time and repeat buyers continued to
show steady growth in the first quarter
o f 1993, according to the National
Association o f Realtors Housing
Affordability Indexes released today.
N A R ’ com posite H ou sing
Affordability Index, which measures
affordability factors for all home buy
ers, was 131.7 in the first quarter o f
1993, compared to 120.2 in last year s
first quarter. In addition, the first
quarter index was the highest posted
since the first quarter o f 1974 when it
Interested in owning your own home, but
aren’ t sure you can afford it?
The NORTHEAST C O M M U N ITY D EV EL
OPMENT CORPORATION (NECDC) has newly
constructed and completely renovated homes avail
able for purchase at affordable prices.
W hy rent when you may be able to own
your own home for less than what you are
currently pay ing in rent?
I f you are loo king for a fle x ib le home-
owners plan
and a ffo rd a b le
q u a lity
in
a
diverse neighborhood, you could benefit from our
program
If you are:
Bad credit stopping y ou? Through the Nehcmiah
• A first-tim e home buyer
• A w age earner w hose total family income docs not
Housing Opportunity Program. NECDC has been
able to help individuals w ith past credit problems
exceed $39,200 annually
• A tenant paying more than $400 in monthly
and even bankruptcy purchase their own homes So,
don't give up your hope o f home ownership until
rent
You may be qualified to purchase a 3 bedroom.
you’ve tried all avenues
1 1/2 baih home featuring a fu lly equipped kitchen,
Stop dreaming and start liv in g in a house o f your
washer , dryer, security system, and a fully land
own Just call the Northeast Community Develop
scaped lawn for a first mortgage amount o f $60.000.
ment Corporation at 282-5482 and ask for more
You may also be qualified for a 30-year fixed rate
information on the Nehcmiah first-time home buy
mortgage a, 6.5% interest and up to $3,000 in down
ers program and how wc can help you afford the
payment assistance grants
house o f vour dreams
NECDC
NORTHEAST COM M UNITY DEVELOPM ENT CORPORATION
4 1 1 4 N V A N C O U V E R A V E N U E - P O R T L A N D O R E G O N 9721 7 - 5 0 3 2 8 2 5 4 8 2 - F A X 5 0 3 2 8 2 9 1 5 2
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