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
—
STSfi?
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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