P age A4
A pril 19, 1995 • T he P ortland O bserver
Wlje
JjJortlanh
(©hseruer
Emanuel Home Program
Extended
Three y ears and 5 S homeowners
later, the Emanuel Neighborhood
Home Ownership Program is build
ing momentum by extending hous
ing incentives for Legacy Hospital
employees for an additional year.
The announcement was made
last week by Legacy Portland Hospi
tal President James E. May.
The goal o f the program is to
assist in the revitalization o f inner
north and northeast Portland by help
ing Legacy employees purchase a
home within Emanuel hospital’s im
mediate neighborhoods. The impact
area is bordered by Broadway to the
south. 15th Avenue to the East. Lom
bard Street to the North and Greeley
to the west.
Those who quality can obtain a
loan o f up to $5,000 on a home with
a purchase price o f at or below
$65,000. The loan can be used for the
down payment, pre-paid reserves and
closing costs. Emanuel will forgive
20 percent o f the loan's outstanding
balance each year o f employment in
good standing. Only the interest pay
ments on the outstanding balance, at
an annual rate o f 8.5 percent is paid
back to Emanuel.
The program began in 1992 and
was originally scheduled to operate
tor 3 years. To date. Emanuel has
committed over $ 2 6 1.000 to 59 em
ployees.
May said while a number of
other programs exist for those who
buy homes in north and northeast
Portland, the Emanuel housing in
centive is the only program offered
through a private institution.
"It's now being used as a model
foranum beroforganizations in Port
land and across the country. We hope
to encourage even more!" May said.
Cristi Soto, an operating room
technician at Emanuel took the ad
vice o f her fellow workers and is now'
a three-month resident o f her first
home in the Piedmont neighborhood
at 6604 N. Mississippi.
Soto, who is thrilled to own her
ow n home, lives with two roommates
and says the house payment on her
$65,000 home is equal to her former
apartment rental.
LISCENSED IN OREGON SINCE 1975
Singles & Seniors, lean help you!
“1st Class Guarantee"
A-ZEBRA
EBL rmls
O
—
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REAu’O«
Bank Boosts
Community Lending
Bank o f America has reported
that it made $275 million in Oregon
community development loans in
1994 for low and moderate income
home buyers and consumers, small
businesses and multi-family afford
able housing.
“This was a very strong perfor
mance in spite o f a challenging inter
est rate environment." said Bank of
A m erica
C h a irm a n
C huck
Armstrong.
The investment w as an increase
o f nearly 75 percent and $70 million
over 1993.
The vast majority of more than
$205 million in home loans came
Lawn
Service
office: 503-335-0263
pager: 503-940-7721
Estimates
call (503) 288-0033 or Fax: 288-0015.
under Bank o f Am erica's Neighbor
hood Adv antage Program, which tar
gets low and moderate-income areas
and borrowers and allows buyers to
purchase a home with as little as 3
percent down.
"O ur neighborhood advantage
program has proven very effective at
making home ownership possible for
a broad range o f O regonians who
historically couldn't quality for a
home.” Bank o f America Com m uni
ty Development Manger Rich Brown
said.
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A N N IV E R S A R Y
A N Y IT E M !
“Can you think of
a better reason to
be careful around
power lines?
Us neither.”
Columbia Special Olympics will
co-sponsor the Family Living Home
Show, April 28-30 at the Portland
Exposition Center.
More than 60 volunteers will
help collect a $l voluntary admis
sion fee from the thousands o f people
expected to attend. The donations
will support the annual sports train
ing programs and athletic com peti
tions for persons with mental retar
dation.
"W e are very pleased to part of
this fun and exciting event,’’ said
Richard Janal, C olum bia Special
Olympics director.
The show is expected to draw
300 vendors showcasing family rec
reation and home improvement ser
vices and products.
Columbia Special Olympics sup
ports sports training programs for
about 1,500 athletes in training and
competition events which are made
possible through the efforts o f more
than 2,000 volunteers.
Wishes You A Happy New Year
As We Begin
Our 25th Anniversary
O f Publication.
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