< • •' IMÑtoX» •k->, r ■-»n P . - j f * *>r.l fart *• . ■ . >•*** T?^< • K * . • • , ♦ • á >• ■'* ■ r.M » • • ' . •• « *•« . >A ’ -*' ■■ • • ^ ■ ' £ he P ortland O bserver • D ecember 20, 1995 P age A 7 (Lije lanh bserucr zero And Three Percent Home Repair Loans Available The Portland D evelopm ent Commission (PDC) hopes to be busy helping homeowners make needed repairs to their homes in newly tar­ geted neighborhoods beginning this fall. New guidelines allow qualify­ ing low-income homeowners to apply for 0% and 3% loans for essential home repairs. C hancesofqualitying fora low- interest loan are good ifhomeowners own the home they now live in, need City-approved repairs or improve­ ments, and have a qualifying in­ come. For instance, a family o f four may not have a gross annual income exceeding $20,350. Money can be used for basic repairs such as plumbing, wiring, heating, roofing, home security and weatherization. There are also op­ portunities to refinance an existing mortgage along with needed repairs in one convenient loan payment PD C’s Neighborhood Housing P re se rv a tio n m a n a g e r Je n n ife r Gardner indicated staff was ready and excited for the push into new neighborhoods. “ W e’ve begun an intensive marketing campaign to let neighbors know they may now qual­ ify. Funds for the program are limit­ ed so we hope people apply right away. W e’d like to be helping people make repairs to items such as furnac­ es and roofs before winter comes.” PDC also offers other emergen­ cy home repair loan programs city- wide. Income qualifications are the same and monthly payments are kept affordable. PDC, as the city’s agency for urban renewal, housing and eco nomic development, has been com ­ mitted to helping Portland's neigh­ borhoods through its loan programs for 20 years. Last year, PDC helped over 250 homeowners make neces­ sary repairs such as new roofs, fur­ naces, exterior paint, carpentry, weatherization projects and electri­ cal work PDC receives its home repair loan funding through the C ity’s Bu­ reau o f Housing and Community Development (BHCD) Block Grant program. Homeowners interested in the home repair loan program should call PDC’s Neighborhood Housing Preservation Office at 823-3400 to see if they qualify. Safety, Performance And Control In The Kitchen Safety, performance and con­ trol in the kitchen have always been top priorities. One way to achieve these culinary goals is to choose re­ liable cooking equipment. Natural gas cooking appliances provide even heat and precise tem­ perature control. The blue flame elim­ inates guesswork as to whether the burner is on or o ff - a safety advan­ tage over electric cooktops. Because the heat is instant and precise, most professional chefs prefer natural gas to other cooking fuels. “Ask the manager at your favor­ ite restaurant what kind o f appliance the ch ef cooks on - odds are it’s natural gas,” said Lanny Pitts, super- visor o f the Northwest Natural Gas ApplianceCenterin Portland. “There are so many features that make natu­ ral gas the best way to cook, that once people try it, they rarely go back to electric cooking.” Increased convenience and effi­ ciency in the kitchen is possible with options such as self-cleaning ovens, pilotless ignition, computerized con­ trols, sealed burner cooktops, and a new low-heat burner specifically manufactured to melt food such as chocolate or simmer soups or sauces. According to the U.S. Department o f Energy statistics, the cost o f operat­ ing a natural gas range is half the cost o f operating an electric model. There are many options for those who enjoy spending extra time in the kitchen. Restaurant-style ranges pro­ vide even more control and speed. Commercial-style ranges designed for home use have additional burners and a higher heat output. A micro- wave oven or even a second convec­ tion oven can be added to the existing range. Grill and burner cooktop com ­ ponents and interchangeable grid­ dles are more options for serious chefs. For more information about nat­ ural gas cooking appliances, please visit your local appliance retailer, or call Northwest Natural Gas. Loans To Assist Storm Victims Bank o f America has initiated a , special loan program to assist Ore­ gonians who have had property dam­ age as a result o f the Dec. 12 storm that swept through the state. The program offers loans with sharply reduced interest rates, no loan fees, lower loan minimums and pri­ ority processing, said Jim Barri, vice chairman o f retail banking for Bank o f America. “This storm took a heavy toll on individual property owners. W e’re hearing that it could take weeks and even months before all insurance claims are paid off, but in most cases people just can’t wait that long,” Barri said. “And o f course, a lot o f the damage, particu larly the removal o f downed trees, may not be covered by insurance. Our program is de­ signed to help people to begin the process right away.” The program includes unsecured loans from $1,000 to $7,500 at 10 percent interest rate with no loan fees, and equity loans from $7,500 to $25,000 at 8 percent interest rate with no loan fees. I o quality for the program, indi­ viduals are required to have loan payments paid automatically from a Bank o f America checking account and provide a letter indicating the type and amount o f storm damage received. Applicants must also qual­ ity under the bank’s standard credit policies. Oregon Economy Expected To Level Off Although O regon's current in­ dustrial boom is driving its economy above the national average, the state’s economy is expected to level off by the year 2000, predicts First Inter­ state Bank Economist and Senior Vice President William Conerly, PhD . Conerly was one o f the featured speakers at the 1995 Winter Confer­ ence o f the Oregon Bankers Associ­ ation and the Independent Commu­ nity Banks o f Oregon, held recently in Portland. In his “ Look o f 96” address, Conerly singled out the $10 billion that the semi-conductor industry has committed to the Portland metropol­ itan area as one o f the main stimuli behind O regon’s recent economic upswing. While the current national econ­ omy remains fairly stable, the Oregon boom has seen unemployment levels drop within the Portland area to about 3.7 percent and to4.7 percent through­ out the rest of the state, he said. O regon’s low unemployment will eventually lead to the economy stabilizing, Conerly predicted. As wages rise and unemployment re­ mains low, companies will seek oth­ er locations for their new operations where more workers are available at lower wages, he predicted. Conerly pointed to rising real estate prices and growing urban con­ gestion, both in Portland and through- Dad's out other Oregon cities, as two other factors that will contribute to the expected economic shift by the year 2000. These factors will also eventual­ ly lead other workers to decide not to migrate into Oregon, he predicted. “Oregon has grown to the point w here it is not going to see that rapid growth that w e’ve seen in the past couple o f years,” he said. Oregon companies that depend on national markets should expect to see some stability in the short term, Conerly said, adding that Oregon companies that focus solely on their local markets should prepare for an upcoming shift to a more moderate economy. 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