M ay 4 , 1 9 9 4 • T he P ortland O bserver
P age B 4
rllanh
trseruer
Oregon’s First African American
Weight Master Resigns
HUD Launches Program To Produce And
Maintain Affordable Apartment Units;
by
Risk Sharing Program Announced In New York City
A program to increase the pro­
duction and preservation of afford­
ab le m u ltifa m ily h o using w as
launched today by the U.S. Depart-
m entof Housing and Urban Develop­
ment. HUD Secretary Henry G.
Cisneros announced the Housing Fi­
nance Agency Risk-Sharing Program
for Insured Affordable Multifamily
Project Loans today in New York
City.
“This program represents an new
way of doing business for HUD and
will be a cornerstone of FHA’s hous­
ing production efforts,” said Housing
Secretary Henry G. Cisneros.
The program introduces a new
mortgage insurance concept in which
default risk is shared between HUD
and slate and local housing finance
agencies(HFAs). Qualified HFAs will
become HUD’s partners and perform
the traditional roles of HUD field
staff.
This program represents an in­
novative approach to the mortgage
insurance delivery system aimed at
increasing the supply of much needed
affordable rental housing in thiscoun-
try. Agencies will share in the risk of
loss on loans for multifamily mort­
gage insurance which they will origi­
nate, underwrite and service.
HFAs will enter into a risk-shar­
ing agreement with HUD under which
they will originate, underwrite, and
close loans for projects requiring new
construction, substantial rehabilita­
tion or refinancing and acquisition.
The HFAs will also be respon­
sible for the full range of loan man­
agement, servicing, and property dis­
position activities. HUD’s role in the
risk-sharing arrangement will be to
insure the loans for the full mortgage
insurance.
Through a Risk-Sharing Agree­
ment, HFAs may contract to assume
form 10 to 90 percent of the risk on
each loan they underwrite. In turn,
HUD will commit to pay 100 percent
of the outstanding mortgage balance
upon default of the loans and filing of
a claim. In the event of a loss, HUD
and the HFA will each assume the
loss in accordance with the amount of
risk assumed by each under the Risk-
Sharing Agreement. HFAs assuming
less than 50 percent of the risk on
loans must have their underwriting
standards and loan terms and condi­
tions approved by HUD. HFAs as­
suming 50 percent or more of the risk
may use their own underwriting stan­
dards and loan terms and conditions
without further approval from HUD.
The full mortgage insurance will en­
hance FH A bonds to investment grade,
thereby increasing access to capital
markets.
“The partnership between HUD
and this country’s leading housing
financiers, who have a proven track
record in this business, is a double
bonusforH U D .lt will help to ease the
workload burden on HU D’s field stal 1
and increase the supply of affordable
multifamily housing,” said Cisneros.
A total of 33 HFAs were selected
to participate in the Housing Finance
Agency Risk-Sharing Pilot Program
authorized by Section 542(c) of the
Housing and Community Develop­
ment Act of 1992. O f the 33, 10
Agencies represent those applicants
for the Program which have a Top-
Tier designation by Standard and
Poor’s and five are HFAs with an
overall rating of “A” on their general
obligation by M oody’s Investors
S erv ice ..h )0 * 0 * 0 * m ax im u m o f
30,000 units will be allocated to ap­
proved HFAs by a formula primarily
based on population. The Department
anticipates that this new partnership
will result in a more efficient and
timely delivery mechanism for mort­
gage insurance.
The pilot program was autho­
rized in Section 542(c) of the housing
and Community development Act of
1992. The legislation authorized HUD
to enter into partnership arrangements
with qualified HFAs to increase the
supply of much-needed affordable
multifamily housing. Included in
HUD’s 1994 reauthorization legisla­
tion, the Housing Choice and Com ­
munity In vestment Act, is a request to
extend the program and add addi­
tional units.
J imi J ohnson
Oregon’s first A frican American
Motor Carrier Enforcement Officer
resigns after nineteen years of ser­
vice. Charles Parker, Oregon’s first
and only African American Motor
Carrier Enforcement Officer (Weight
Master) has resigned his post at the
Oregon Department of Transporta­
tion (ODOT) to pursue higher call­
ing.
Parker and his wife Joy will leave
for Dallas, Texas late this month
where Parker will become the Pasto­
ral Assistant at the Gospel Taber­
nacle Church. Parker was bom and
raised in Portland where he attended
Jefferson High School and Portland
State University. He also attended
A.L. Harding School of Theology to
help him prepare for his new mission
in Dallas.
In 1975 Parker was hired by the
Oregon Department of Transporta­
tion as a Weight Master. His duties
included monitoring the cargo and
weights of tracker trailer trucks trav­
elling on the Oregon’s highways.
Parker worked in seven different coun­
ties throughout the state including
Eastern and Southern Oregon. Many
times he was confronted with racism
in motels and restaurants. He also had
to deal w ith racist truckers who would
question his authority at weight sta­
tions, but he always maintained a
sense o f dignity carried out this duties
in a professional manner. Many of
these same truckers came to respect
and admire Parker over the years
because of his ability to handle ad-
DREAM S
FO R SALE.
Chief Weight Master, Doug Gyllenskog (left) and Charles Parker
(right)
verse situations.
“ Having a career in a field that
historically has been dominated by
white males has been a challenge
from the first day” stated Parker. “But
you must maintain your own sense of
identity and ethnicity because that’s
who you are... and that’s what people
respect” continued Parker. He also
attributes his strong religious upbring­
ing and faith in God as factors that
helped sustain him during times of
challenge.
Parker believes that the Oregon
Department of Transportalion should
make a concerted effort to hire more
African Africans and people of color.
Many people in the community are
simply not aware of the opportunities
that ODOT has to offer, and ODOT
should make these opportunities
M More value
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State Farm insures more
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rfSfe.
Michael Harper
4245 S.W. Corbett Ave.
Portland, OR 97201
221-3050
/ f y o u 'v e a l w a y s h a d t h e d r e a m
o f o w n in g y o u r o w n h o m e , y o u r
d re a m
known to all prospective employees.
A com m itted family person,
Charles and his wife Joy have been
married for 29 years and have three
grown children. They are both mem­
bers of Emmanual Temple Church
were Charles is an Elder. Parker has
served the church in several capaci­
ties ranging from President of Young
M en’s Association to adult choir
member.
In his spare tim e, P arker likes
to listen to m usic and play b ask e t­
ball to keep the m ind and body in
good co n d itio n . C om ing from a
large fam ily , P arker stated the
hardest part about m oving to D a l­
las is the “ thought o f m issing the
fam ily ou tin g s that we have year
aro u n d ”. “ T h at w ill take som e
ad ju stin g ” added his w ife Joy.
m a y h a v e ju s t c o m e tr u e .
S TA TI FARM
A *7»
x Æ
F o r a s l i t t l e a s y o u ' r e p a y i n g in
m o n t h ly r e n t a n d a m o d e s t d o w n
p a y m e n t, y o u c o u ld b u y a H U D H o m e
CALL ME.
IN S U R A N C E
®
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Fire and Casualty Company
Home Office: Bloomington. Illinois
T h a t 's r ig h t . T h e
Like a good neighbor. State Farm is there.®
U .S . D e p a r t m e n t o f H o u s in g a n d U r b a n D e v e lo p m e n t
Mark Your Calendars
And Plan To Attend
T H E D R E A M O F O W N IN G Y O U R O W N H O M E C A N C O M E
T R U E FO R A B O U T W H A T Y O U ’RE TA Y IN G IN R E N T .
The Open House
at
( H U D ) h a s p r o g r a m s t h a t m a k e o w n in g a h o m e e a s i e r
Margaret Carter’s
Campaign Headquarters
t h a n y o u th in k . P r o g r a m s t h a t
w ill e v e n h e l p y o u c o v e r m o s t i f
Saturday, May 7, 1994
2:00 to 6:00 p.m.
3939 NE Martin Luther King Jr, Blvd
(Corner of MLK Jr. Blvd & NE Shaver)
n o t a ll o f y o u r c l o s i n g c o s t s .
If y o u 'd lik e m o r e i n f o r m a t i o n
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h o m e , c a ll 1 - 8 O O - 7 6 7 - 4 H U D .
T h e r e 's n e v e r b e e n a b e t t e r
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tsì
F QUAI MOUSING
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To qualified buyers, only on homes with FHA msuied financing Closing costs and loos additional
' »J, •>.
(NU) - Just when you were think­ household use — they were just too
ing this is about as good as it gets big and awkward.
It wasn’t until later that canister
when it comes to floor care, vacuum
cleaner manufacturers are pulling some vacuum cleaners tor home use first
appeared. But they, too. were clumsy
innovative new features out of the bag.
Among them: special bmshes for things made ot metal tubes with a
bare floor cleaning, a carpet cleaning
hose at one end and an exhaust pipe
machine with a motorized scrubber
at the other. They rested on chrome
head and powerful new hand vacs.
runners rather than riding on wheels.
Ryobi, which makes Singer brand
The home cleaning machine has
vacuum cleaners, has also introduced
a new 12 amp upright that' s so quiet, come a long way since then.
night owls can use it without waking
the baby — or annoying the neigh­
For instance, the Singer product
bors in the apartment next door.
line includes the first wet/dry deep
The machine, which just recently cleaning system with a motorized
came on the market, has a quiet clean­ power scrubber head and a new hand
ing feature, says Ryobi Vice President vac with a revolving brush.
Gary Gosztonyi. that lets you "reduce
Manufacturers are also develop­
noise level by adjusting a dial
ing new battery-powered vacuums,
Gosztonyi says.
Sweeping Through History
He also predicts the industry will
While modern vacuum-cleaner develop a standardized formula to
m anufacturers worry about such measure the cleaning efficiency of a
things as reducing noise pollution. vacuum cleaner, as well as its power.