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“ The House 01 Clear Vision” : 178 Affordable Units Available
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Residents, citizens,
city,
county
and state leaders, developers and oth
ers recently celebrated the opening
ofthe newly renovated V illad eC lara
Vista Apartments Rehabilitated by
Hacienda Community Development
Corporation, the $6 million project
is located at the corner o fN .E . C u llly
and Killingsw orth streets and offers
178 units of low-income housing.
The project consists of four sepa
rate apartment complexes formerly
know as the Galaxy (108 units,, the
C u lly ( 18 units), the Town House (27
units) and the Wendorf (25 units.)
Prior to renovation the units had suf
fered years o f neglect and were a ha
ven for drug and crime activity much
to the dismay of the predominantly
Hispanic families who lived there and
the surrounding C u lly neighborhood.
C liln n fc
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The extensive rehab o f the units with
on-site social services and a Commu
nity Policing contact office has re
turned the units to safe, affordable
housing for the families who live there.
Speaking at the opening, Mayor
Katz praised the neighborhood resi
dents for their involvement in return
ing the V illa d e C la ra Vistatodecent
housing. “This project is further proof
that we are all united in seeing that all
Portlanders, regardless of race, reli
gion or income, have a safe place to
call home and have their fair share of
government resources,” she added.
Financing for the project was
completed through the following
sources. $1.3 m illion Rental Hous
ing Development loan from P D C ;
$1.2 m illion in Community Devel
opment Block grant funds through
the city’s Bureau o f Housing and
Community Development; $2.8 m il
lion Hacienda-assumed underlying
loans; $ 150,000 Housing Trust Fund
Grant from the State's Housing and
Community Services Department;
$320,000 in energy grants through
Multnomah County Community A c
tion Program; and $250,000 Federal
I tome Loan Bank, Seattle, sponsored
by the Bank of America The project
has also been awarded Low-Income
Housing Tax Credits.
Project owner. Hacienda Com
munity Development Corporation, is
a non-profit corporation addressing
the needs of Hispanics with a mission
o f providing safe, affordable housing
in the Portland area. “This ambitious
project would not have come together
without the partnerships with Mult-
nomah County, the C ully Neighbor
hood, the city and scores o f others who
worked very hard to see this project
completed,” said Hacienda President
Baltazar Ortiz.
Rehab ofthe V illa de Clara V is
ta was extensive and involved i epair
and improvement to interiors and
exteriors o f the units. During the
summer months work included land
scaping, new roofs and siding, new
windows, and weatherization up
grades. During the winter remodel
ing included new electric heating ‘
systems, upgrading plumbing fix
tures, replacing carpets, cabinets, ap-
pliances and interior paint. The
Project also features a new commu
nity center for meetings. Units at the
V illa are 98% occupied and rents
range from $398 to $565 a month
THE VALUE OF A H O M E
This NECDC home has
increased in value steadily
each year since it was
constructed in 1992. All
other NECDC homes have
also proved sound
investments.
Ask different people what the
value of a home is, and you will re
ceive a variety o f responses.
"It’s security for my children,” a
mother is likely to respond.
“ It’s our future,” a married cou
ple might tell you.
“ It's my refuge from the world,”
a weary tradesperson may say.
“ In today’s market, we’ll get
$78,500 within 30 days,” a Realtor's
typically response. “ But wait a year,
and the way property values in this
neighborhood are going up, we’ll get
$85,000 as soon as it hits the market ”
A ll responses are valid. A home
is different things to different people.
So, in order to honestly evaluate the
value of an N E C D C ’ home, we have
chosen one ofthe first models sold, an
attached unit. This house was pur
chased in 1992. Built by Walsh Con
struction, it was completed during the
model/demonstration phase. It was
built on-schedule and on-budget. The
total cost o f construction, develop
ment and sale was $67,500.
The first mortgage was $53,000.
Under the Nehemiah Program, the
homeowner was given a $ 15,000 sec-
ond mortgage, to be repaid when there
is a change in the use, occupancy, or
title o f the property. This arrangement
is a common method o f reducing the
front-end cost’ for first-time, low-in-
come home buyers. It not only makes
it easier for the home-buyer to qualify
for the loan and afford the house pay
ments, but it also assures that no one
can make a wind-fall profit at the
organization’s or government’s ex
pense when they resell the property.
When our homeowner moved into
the Rome in 1993, the County gave a
10-year tax abatement, which freezes
the taxes on the home. Multnomah
County exempted property taxes of
$60,500 on the improvements to the
lot.
The County assessed the value of
the lot at $7,000 for the first year o f the
home-owner’s residence. In 1995, the
house was assessed at $79,700. Again,
$60,500 was exempted and with the
tax exemption, the homeowner now is
taxed on $19,200.
This increase tax assessment
proves that the home, like all N E C D C
homes, has held its value. Right now,
i f the homeowner sold the house at the
accessed value, which isgenerally less
than homes actually sell for, the
homeowner could pay the first and
second mortgages and still, after liv
ing in the house for only two years,
realize a $12,000 net profit.
Whether the value of a home is
, determined by net worth or by the
intrinsic value to the person living in
the home, N E C D C homes are a good
investment.
depending on unit size.
Mutlnomah County’s Com m u
nity and F a m ily Services D epart
ment provides cultu rally-relevant
services on-site for the residents
inclu ding language classes, a ctiv
ities for children, counseling, and
Come Join the Fun At Housing
Our Families’ Annual
Neighborhood Festival
W ho: Housing Our Fam ilies
W h at: Neighborhood Festival
W hen: Saturday, Ju ly 29, 1995. Noon to 3 pm
W here: North Kerby and Shaver St., N W corner o f Unthank Park
C o n tact: K ris Smock: 335-0947 x 301
The community is invited to jo in Housing Our Fam ilies and North
Portland residents at a celebration o f neighborhood unity on Saturday, July
19 .1 he third annual Neighborhood Festival w ill be held from noon to 3:00
pm at the northwest comer o f Unthank Park (N Shaver and Kerby).
The festivities w ill include performances by local musicians and
artists, a bar-b-que, snow cones, clowns, games and crafts for kids, and
much more. The event is free and open to the community.
For more information about this exciting event, call 335-0947.
The Neighborhood Festival is made possible by generous donations
from Rose C ity Sound. Meyer Memorial Trust, Oregon Food Bank, and
many local musicians and artists.
P o ’ F olk C onstruction, Inc.
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In G O D almighty
we tru st
281-5935
After
Licensed • Bonded * Insured
901 N .E . Roselaw n Portland, Oregon
A t First Interstate Bank,
Commercial Recycling Gets Green Light
The Portland C ity Council unan
imously voted to require all Portland
businesses and multifamily living
complexes to recycle by January I,
1996.
The vote moved the commercial
recycling ordinance on to its second,
and final, reading next week.
The ordinance requires business
es and multifamily complexes to file
a recycling plan detailing specific
materialsthey w ill recycle. Business
es and multifamily complexes w ill
continue to choose their own gar
bage haulers Hauler and Environ
mental Services staff w ill help busi-
nesses that need assistance complet
ing recycling plans. Businesses that
do not com ply may be subject to a
civil penalty o f up to $500.
“This ordinance is the final ma-
jorpiece in Portland’s recycling puz
zle,” said C ity Commissioner Mike
I Jndberg. “ It would be impossible to
reach our recycling goals without a
strong, aggressive commercial pro
gram like this.” Lindberg said this
the only commercial recycling plan
o f its kind west o f Chicago and Port
land w ill implement it with no fee
increases and no additional city staff.
The Portland recycling rate is
T
I f YOU
in to a dream hom e you
DON T
never dream ed you
TH IN K Y O U ’D QUALIFY
FORA HOME LOAN,
Singles & Seniors, I can help you!
CONGRATULATIONS,
“1st Class Guarantee”
A-ZEBRA
RMLs ig f
(O h s e v u e v
Realty Inc.
300 NE Multnomah, Suite #27
Portland, Oregon 97232
George A. Hendrix
MBA. GRI, Broker
(503) 230-1390 • (Res.) 287-6837
THAT’S THE FIRST
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firs t-tim e -b u y e r
payment plans and fixed
o r variable rate options.
we have hom e loans to
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program s, lo w dow n-
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(The
( all 503-288-0033
currently about 40-percent. Linberg
expects the commercial program to
increase the overall recycling rate to
52-percent. The C ity's goal is to reach
a 60-percent recycling rate by 1997.
Environm ental Services w ill
hold a public hearing later this sum
mer before adopting final adminis
trative rules for the commercial recy
cling plan.
The Bureau o f Environmental
Services provides city residents with
water qua I ity protection, sewage treat
ment, wastewater collection and sew
er installation, and oversees solid waste
collection and recycling services.
a health c lin ic . Other services o f
fered include a Com m unity P o lic
ing contact o ffice , and O S U E x
tension O ffice which teaches ba
sic life sk ills , and two V ista v o l
unteers p roviding case work and
advocacy.
everyone So stop by and
$500 a month rent is $6,000 a year or $30,000 in 5 years of nothing!
The higher the rent the more you pay for nothing.
talk to a First Interstate
Few homes in the Portland/Vancouver area cost less than $100,000.
repi esentative today
Northeast homes are going to people who know value.
Don't delay See me today for a home.
I will work with you to get financing.
heating oils
Best Cash Prices
104 NE Russel
Portland. OR 97212
282-5111
you
Q ÿ
fj.
Congi atulations
George Hendrix
A-ZEBRA R e a l t y I n c .
Portland Office: (503) 230-1390 • Vancouver Office: (360)690-0281
First Interstate Bank
Loans subiect to credit approval O ther conditions may apply
LENDER © 1995 First Interstate Bancorp
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