P age KJ
J uly 26, 1995 • T he P oru and O bserver
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Walnut Park Update
M o d el o f to w n h o u se s N E C D C will co n stru c t in W alnut Park this su m m e r,
NECDC is pleased to an
nounce that the Walnut Park
Project is moving off the table
and into the construction phase
“ We have now assembled
all the land required for the
W alnut Park Project,” says
M ichael T ro w e r, N E C D C
I lousing Development Consult
ant.
In a d d itio n to the 16
townhouses that will be con­
stru c te d in W alnut Park
NECDC will build an addition
al 24 housing units in the neigh-
borhood.
NECDC Director Receives Award
NECDC executive director
Jaki Walker was one o f two winners
chosen to receive the 1995 Urban
League o f Portland’s Equal O ppor­
tunity Award for work in the area o f
equal opportunity. Dr. Vivian Bull,
L in field C o lleg e p re sid e n t in
McMinnville, was the other award
winner.
Both award winners were asked
Walker and co-winner Bull were
to award two $1000 scholarships to
honored at The Urban League of Port­
persons o f color currently attending
land's Equal Opportunity Dinner on
a college or university. Walker chose
February 23 at the Portland Hilton
Nekicia Luckett, a student attending
Hotel. I he award ceremony included
the University of Oregon, and Hope
a video presentation each award win­
Asana, a young woman attending
ner and testimonials from colleagues,- -Pomona College o f California.
Creative Financing/funding
In order to make it possible for
low and moderate-income families
to p u rch ase th e ir first hom e,
NECDC has put together an exten­
sive, multi-partnered program that
allows many people normally shut
out o f the home ownership market
an opportunity to own their own
home. NECDC plans to build a total
o f 20 million dollars o f new housing
in the targeted area.
To ensure N ECDC’s success and
to enable growth and expansion, the
Agency applies for and receives sub­
stantial grant money from private
contributions.
Within the past year, NECDC
has received $ 3 10,000 in foundation
grants and corporate support. These
funds have been used for a variety of
purposes, including administrative
costs, public relations, special events,
and publications such as informa­
tional packets and brochures.
New Furnaces For Low income Homes
P o rtlan d C om m unity R ein­
v estm ent In itia tiv e s, Inc. have
receiv ed a $ 7 5 ,0 0 0 federal gran t
to pay for new furn aces to heat
45 lo w -incom e, o ccu p ied hom es,
p rim arily in north and n o rth east
P o rtlan d .
T he fu rn aces w ill p ro v id e a
m ore e ffic ie n t, cost effe c tiv e and
e n v iro n m e n ta lly sound h eatin g
unit to each ten an t, a c c o rd in g to
M axine F itz p a tric k , PCRI e x e c ­
utive d ire c to r.
“ By lo w erin g our te n a n t’s
high m onthly w inter heating bills,
the fu rnace c o n v ersio n p ro je c t
w ill allow a ffo rd a b le h o u sin g to
be tru ly a ffo rd a b le ,” F itz p a tric k
said.
T he o rg a n iz a tio n w ill raise
an a d d itio n a l $ 7 5 ,0 0 0 in m a tc h ­
ing funds to co m p lete the pro ject.
P ortlan d C o m m unity R ein ­
vestm ent Initiatives is a n o n -p ro f­
it co m m unity d ev elo p m en t c o r ­
p o ratio n that sp e c ia liz e s in the
lo n g te rm m anagem ent o f a ffo rd ­
ab le ren tal units.
T he g ro u p w as form ed to a c ­
q u ire a 354 h o u sin g unit p o rtfo ­
lio from D om in io n C a p ita l, a
m ortgage b ro k er w ho filed for
b a n k ru p tc y r e o r g a n iz a tio n in
1991.
T he p ro ject is part o f P C R I’s
c o n tin u in g e ffo rts to p ro v id e an
a ffo rd a b le p lace to live for fam ­
ilies in the P ortlan d area.
The federal grant com es from
the John H einz N eig h b o rh o o d
D e v e lo p m e n t P ro g ra m o f the
B ureau o f H ousing and U rban
D evelopm ent.
T h e p ro g ra m e n c o u r a g e s
n e ig h b o rh o o d -b a se d o r g a n iz a ­
tio n s to build th e ir cap acity and
d e v e lo p a ffo rd a b le h o u sin g or
o th e r co m m u n ity d e v e lo p m e n t
p ro je c ts in low incom e n eig h ­
borh o o d s.
Come Join the Fun At Housing
Our Families’ Annual
Neighborhood Festival
W ho: Housing Our Families
W h a t: Neighborhood Festival
W hen: Saturday, July 29, 1995. Noon to 3 pm.
W here: North Kerby and Shaver St., NW com er o f Unthank Park
C o n ta c t: Kris Smock: 335-0947 x 301
I he community is invited to join Housing Our Families and North
Portland residents at a celebration o f neighborhood unity on Saturday, July
19. The third annual Neighborhood Festival will be held from noon to 3:00
pm at the northwest corner o f Unthank Park (N Shaver and Kerby).
Ihe festivities will 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.
File Neighborhood Festival is made possible by generous donations
from Rose City Sound, Meyer Memorial Trust, Oregon Food Bank, and
many local musicians and artists.
P o ’ Folk C onstruction, Inc.
- In G O D almighty
we trust
v '
How To Buy A Host Home
I. Determine your price range:
The best first step is to find out what
you can afford by getting pre-quali­
fied for a loan at a bank or mortgage
company. You can also call the Port­
land Housing Center (282-7744). a
non profit organization, which pro­
vides free information to home buy­
ers.
2. Tell H OST w hat you are
looking for: Let us know your price
range, the number o f bedrooms you
need and any other features you want.
We will tell you about homes that are
available or keep you in our tile for
future homes that fit your needs.
3. T o u r a H OST home: If we
have a house available which fits
your price range and needs, we can
schedule a time to tour the house. If
you are interested in one that is not
completed being rehabed or con-
Record Shortage Of Affordable Housing
The sh ortage o f a ffo rd a b le
homes for low -incom e renters has
reached record levels, w ith a m a­
jo rity o f the po o r now sp en d in g
more than h a lf th eir incom e on
housing, acco rd in g to a rep o rt
released M onday.
The C enter on B udget and
Policy P rio rities, a n o n p ro fit o r ­
ganization that stu d ies g o v e rn ­
m ent sp e n d in g , p ro g ra m s and
policy issues a ffe c tin g lo w -in ­
com e A m e ric a n s, found th e re
w ere a lm o st tw o lo w -in c o m e
renters for every low -rent unit in
1993.
T he rep o rt com es as C o n ­
gress c o n sid ers large re d u c tio n s
in housing assista n c e for low-
incom e renters.
The H ouse A p p ro p ria tio n s
C om m ittee last w eek approved a
bill that w ould cut funding for
low -incom e housing by $7 b il­
lion in 1996.
D ata from the C ensus B u­
re a u ’s latest A m erican H ousing
Survey show ed there w ere I 1.2
m illion low -incom e renters but
only 6.5 m illion low -rent units in
1993, the rep o rt said.
In 1970, the num ber o f o f
low -rent units exceeded the num ­
b er o f lo w -in co m e re n te rs by
9 0 0 ,0 0 0 , acco rd in g to the study.
“A 43 p ercent decline over
the past two d ecades in the num ­
ber o f low -rent units in the p ri­
vate housing m arket coupled with
a sig n ific a n t increase in the num ­
ber o f low -incom e renters caused
the record sh ortage to d e v e lo p ,”
Advertise In
(Hlje _
Singles & Seniors, I can help you!
“1st Class Guarantee"
A-ZEBKA
'JJnrtlarth
0»
ODh s e in e r
Call 563-288-0033
E
M o r tg a g e L oan
C o n s u lta n ts
C o m e H o m e to
G r e a t W estern
Oreat Western Bank, one o f the leading
real estate lenders in Am enca. is expand­
ing, and is seeking experienced Mortgage
Loan Consultants to serve the Seattle,
Bellevue, Federal W a y , Tacom a and
Lynnwood areas
Applicants must be experienced self­
starters with a proven sales record, an
understanding o f competitive selling, and
a strong desire for an excellent commis­
sion schedule (up to 70 basis points).
Oreat W estern’s size and reputation can
be among your greatest assets! W e ’ ve
been helping Americans make the dream
o f home ownership come true for more
than a century. For immediate consider­
ation, call: 206-451-3070, mail resume to:
G re a t W estern B ank, P .O . Box 1115,
A ttn : L L C C , N o rth rid g e, C A 91328-
1115, or F A X resume to: 818-718-8417,
A ttn : L L C C . E O E.
GREAT WESTERN BSD,
Now is the time to be Great
t
RMLS
Q
Realty Inc.
300 NE Multnomah, Suite #27
Portland, Oregon 97232
George A. Hendrix
MBA, GRI, Broker
(503) 2301390 • (Res.) 287 6837
A t First Interstate Bank,
we can help you get
I F YOU D O N ’T
into a dream home you
never dreamed you
T H IN K YOU’D QUALIFY
FORA HOME LOAN,
could afford. W ith our
first-tim e-buyer
programs, low down-
payment plans and fixed
281-5935
Before
After
THAT’S THE FIRST
S
o r variable rate options,
we have home loans to
901 N .E . Roselaw n Portland, Oregon
L
it said.
T hree o f every five poor re n t­
ers — 4.1 m illion — spent at
least h a lf th eir incom e on h o u s­
ing in 1993, the C e n te r rep o rted .
O f those, about 51 percent w ere
w hite, 26 percent w ere black and
18 percent w ere H ispanic.
T he study d e fin e s lo w -in ­
com e ren ters as those w ith in­
com es o f $ 12 ,0 0 0 or less, ro u g h ­
ly equal to the p o v erty line for a
fam ily o f three.
U n d e r fe d e r a l s ta n d a r d s ,
housing is co n sid ered a ffo rd a b le
for low -incom e A m ericans if it
consum es no m ore than 30 p e r­
cent o f household incom e.
L ow -rent units are those w ith
rent and u tility c o sts e q u alin g no
m ore than $800 a m onth.
LISCENSEO IN OREGON SINCE 1975
CONGRATULATIONS,
Licensed • Bonded • Insured
s
structed, you don’t have to wait. We
can write an Earnest Money Agree­
ment, tying up the home or you,
before the home is completed.
4. Sign an E a rn e st M oney
A greem ent: W hen you fin d a
house you w nat to buy, we can
w rite up an o -o o ffe r called an
E arnest M oney A greem ent It is
a legally binding c o n tra c t that
states you agree.
QUALIFICATION
accommodate almost
SAVE MONEY, BUY A HOME
I will show you how.
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 $1 00,000.
Northeast homes are going to people who know value.
representative today
Don't delay See me today for a home.
I will work with you to get financing.
YOU
Q f Q
Congratulations
George Hendrix
A-ZEBRA R e a l t y I n c .
Portland Office: (503) 230-1390 • Vancouver Office: (360) 690-0281
I
First Interstate Bank
___ _ Loans su ble t to credit approval O ther conditions may apply
LENUER J1995 First Interstate Bancorp
may be in order