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1 he P ori land O bserver • J une 12, 1996
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‘House Portland’ Creates Homes Over 3000 This Year
Celebrating the first anniversary
oftheir"HousePortland "partnership.
Fannie Mae (NYSE: FNM), the na­
tion’s largest source o f home mort­
gage funds, and the city o f Portland
announced today that their efforts
over the last year have provided $277
million in mortgage financing, help­
ing more than 3,000 local families
find affordable housing. Congress­
woman Elizabeth Furse (D-OR),
Commissioner Gretchen Kafoury,
and Fannie Mae Senior Vice Presi­
dent Libby Snyder announced the
results at a press conference in front
o f The Belmont Dairy, one o f the
investments made under the first year
o f HousePortland.
“ Most Americans dream o f be­
coming homeowners. Today, I am
encouraged to see that the first year
o f FlousePortland has shown such
tremendous results. Working fami­
lies in Portland now have better ac­
cess than ever before to affordable
homeownership, and they are taking
advantage o f it,’’ said Congresswom­
an Furse.
“ T he first y ear re su lts o f
HousePortland represent an enor­
mous effort made by the city, Fannie
Mae, and our local housing lenders
and nonprofits to help more Portland
residents improve the quality o f their
lives and become homeowners. To­
gether, we have made a significant
step toward meeting our city’s hous­
ing needs and strengthening our com­
munity," said Mayor Vera Katz in a
statement.
As the backdrop for today’s event,
Fannie Mae announced its commit­
ment to invest $5 million in The
Belmont Dairy project to support the
city's efforts to increase affordable
housing and m ixed-use projects.
Rehabilitation o f the former Carna­
tion dairy will result in ground floor
retail space and 85 units o f afford­
able rental housing on the floors
above.
Douglas Obletz, developer o f the
project, sees The Belmont Dairy as
the flagship for partnership efforts in
the city. “I am pleased to be part o f
this innovative effort to combine new,
energy efficient, affordable housing
for families, with retail space that
will provide services vital to neigh­
borhood revitalization,” said Obletz.
In March 1994, Fannie Mae an­
nounced a $ I trillion commitment to
finance more than 10 million homes
by the end o f this decade for families
and communities most in need Last
year, as part o f this initiative, city
officials joined Frank Raines, vice
chairman of Fannie Mae, to announce
HousePortland, a five-year, $1 bil­
lion investment partnership to in­
crease the affordability and avail­
ability o f housing in Portland.
“ We are very pleased that this
partnership has already made an im­
pact on the lives o f thousands o f local
families," Snyder said. "This has
been a great example o f the power o f
partnership within the local housing
community
lenders, nonprofits,
real estate professionals, and city
officials.”
Snyder noted that the first-year
HousePortland results show a signif­
icant percentage o f loans were made
to first-time and minority home buy­
ers in Portland. By working with the
city, local lenders, and other housing
partners, Fannie Mae has brought
more low- and moderate- income
borrowers, minority borrowers, and
first-time buyers into the home-buy­
ing process:
• More than 1,300 single-fam ily
loans were made io fam ilies earning
less than the median income;
• I-I percent o f the loans made were
to minority home buyers;
• 38 percent o f the loans were made
to first-time home buyers; and
• 116 fam ilies in the Portland area
received low three percent down pay­
ment loans using the Fannie97(SM)
product, generating more than $9
million in business.
Fannie Mae also invested more
than $ 1 1 million in affordable rental
developments, helping nearly 360
low-, moderate-, and middle-income
families find safe, convenient rental
housing. Fannie M ae’s multifamily
investments included the renovation
ofaffordable rental units in the Villa
de Clara Vista project by purchasing
$3.7 million in existing debt on the
development. The rehabilitated struc­
ture now provides a safe, secure en­
vironment for children and families
from the crime and violence that
once plagued the complex.
“ I am p a rtic u la rly proud o f
Empowerment Zone Projects Success
Success stories are beginning to
evolve from the U.S. Department of
A gricultures’s Federal Empower­
ment Zone/Enterprise Community
(EZ/EC) projects in some ofthe poor­
est rural areas in the south, according
to Alvin Brown who was recently
cited on the floor o f the U.S. House
o f Representatives for his outstand­
ing work with the Empowerment
Zone project.
Brown served until recently as
EmpowermentZone/EnterprisesCom-
munity Program Director. He said a
key goal o f the Federal EZ/EC pro­
gram was to reach out and bring to­
gether groups and organizations that
had no previous working relationship.
He admitted that this was not an easy
task in the rural South.
Rep. Bill Emerson, o f Missouri,
Subcommittee Chairman on Depart­
ment Operations, Nutrition, and For-
Alvin Brown
eign Agriculture, said in formal re­
marks that Brown’s service “to my
constitutes in the Eight Congressional
District o f Missouri and to countless
other communities was the embodi­
ment o f public service at its finest. ”
The formation o f “new partner­
ships" among groups ofcitizens, black
and white, with previous poor working
relationships has been an important
Oregon’s Historic Bybee
House Opens For Season
The Oregon Historical Society’s
historic James F. Bybee House opens
for the 1996 summer season June I .
The Classic Revival house mirrors
the culture and development o f the
1858-85 settlement period in Ore­
gon and is located in Howell Territo­
rial Park on pastoral Sauvie Inland.
G rounds include an A gricultural
Museum and Pioneer Orchard.
Since its restoration in 1962, the
Bybee House has become a popular
tourist attraction, offering a quiet,
natural setting for family o u tin g s-
just outside Portland. Built in 1858,
the house is now the oldest standing
residence on Sauvie Island. The two-
story, nine-room house was built by
James F. and Julia Ann Bybee, who
migrated to Oregon from Kentucky
in the 1840’s. In 1872, the Bybees
sold their home to John Howell, a
neighboring dairy farmer. The house
remained in the Howell family until
1961, when Mrs Rose Howell sold
the property to Multnomah County
to preserve and maintain as a historic
house open to the public. The O re­
gon Historical Society Interprets and
maintains the residence, in addition
to the Agriculture Museum.
Today, the house is furnished as it
may have looked between 1858-85
and encompasses the lives o f both
the Bybees and the Howells. The
Agricultural Museum, which illus­
trates typical nine-teeth-century farm­
ing practices in Oregon, includes a
hops baler and basket, dairy equip­
ment, and harness shop. The Pioneer
Orchard, grown from stock carried
over the Oregon Trai I, contains more
than one hundred different apple va­
rieties.
The By bee House in open for tours
from 12-5 on Saturdays and Sundays
through September I . There is a sug­
gested admission fee of $3 for adults
and $2 for students. Howell Territo­
rial Park is open year round from
sunrise to sunset; picnic areas are
available. The Bybee House is just
twenty minutes from Portland at
13901 NW Howell Park Road.
Directions: from Portland, drive
northw est on H ighw ay 30 past
Linnton to the Sauvie Island Bridge.
Cross the bridge, and drive north
approximately one mile to Howell
Park Road. Turn right, and park in
the designated area to the left o f the
road. Howell Territorial Park and the
Bybee House are just a few steps
away.
Gas Rate Reduction
N orthw est N atural G as C o m ­
pany has filed for a rate re d u c ­
tion o f 1.2 percent for its O re ­
gon resid en tial cu sto m ers e ffe c ­
tive July 1, 1996.
The red u ctio n w ould low er
the av erag e re sid e n tia l c u sto m ­
e r ’s bill by about 51 ce n ts a
m onth assu m in g av erag e c o n ­
s u m p tio n o f 6 6 .7 th e r m s a
m onth.
The proposed rate reduction is to
pass through to customers the ongo­
ing impact o f property tax savings
attributable to Ballot Measure 5.
This would be the fourth rate
reduction by Northwest Natural Gas
in the last two years. It follows a 4.6
percent reduction for residential
customers that became effective
Dec. I, 1995.
The filing requires approval by
the Oregon Public Utility Commis­
sion.
factor in what some officials have de­
scribed as “the remarkable success" o f
new economic development initiatives
in these rural area.
Brown said the Mississippi Delta
Empowerment Zone project headquar­
tered in G reenville, M ississippi
achieved this goal when it brought
together blacks and whites throughout
the six countries that made up the EZ/
EC and, through the process, forced
them to cooperate to create a strategic
plan for the whole community.
“In an area plagued with a high
poverty rate, a per capital income
that was on third the national aver­
age, with nearly 40 percent o f all
citizens living in public housing and
almost a 50 percent high school drop­
out rate, people from all walks o f life
and all economic levels learned to
work to solve their own social and
economic problems," Brown said.
“It was only when they overcame
their differences and worked togeth­
er that they successfully created part­
nerships with government organiza­
tions, schools and universities."
S ingles& Seniors, lean h elpyo u!
“1st Class Guarantee"
A-ZEBKA
RMLS
homes for area families.
The Fannie Mae Foundation sup­
ports national and local nonprofit
organizations working to provide
decent and affordable housing in
communities throughout the United
States. The Foundation also funds
programs that promote education and
training including public service out­
reach efforts such as consumer edu­
cation and home-buying fairs, and
conducting housing research. The
Foundation’s sole source o f support
is Fannie Mae, a private company
with a public mission to increase the
availability o f affordable housing for
low-, moderate-, and middle- income
Americans.
Fannie Mae is a congressionally
chartered, shareholder-owned compa­
ny and the nation’s largest source of
home mortgage funds. It has commit­
ted to provide $1 trillion in targeted
lending for 10 million new homes by
the end o f the decade. The targeted
lending will serve low- and moderate-
income families, minorities, new im­
migrants, residents o f central cities
and other underserved areas, and peo­
ple who have special housing needs.
Advertise In
USCENSED IN OREGON SINCE 1975
H
u
nr To«
HousePortland’s role in rehabilitat­
ing the Villa de Clara Vista. As a
result, the complex has been reno­
vated and now provides safe, decent
housing for 178 families. I hope this
is the first o f many such partnerships
that wil I help neighborhoods in need,”
said City Commissioner Gretchen
Kafoury.
For additional information on
HousePortland and a list o f partici­
pating lenders, consumers may call
Fannie M ae's Public Information
Office at I-800-7FANNIE (1-800-
732-6643), Monday through Friday,
9 a m. to 5 p.m. EDT.
Assistance from the Fannie Mae
Foundation: The Fannie Mae Foun­
d a tio n c o n trib u te d m ore than
$200,000 to housing nonprofit orga­
nizations whose efforts support in­
creased homeownership. The Foun­
dation awarded a $75,000 grant to
HOST (Homeownership One Street
at a Tim e) to create a revolving con­
struction loan fund for projects built
under the Fannie Mae Foundation/
Portland Trailblazers "Home Team”
partnership The partnership has al­
ready completed four single-family
Realty Inc.
«The m t la nò ODliserurr
( all 503-288-0033
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DEVELOPMENT
"COMMISSION
Service
COMMISSION MEETING
Date: June 19,1996
Place: PDC
1120 SW 5th Ave., Suite 1100
Commission Conf. Room
Portland, Oregon
Time: 6:30 p.m.
Speedy Service
Friendly
Call For Quote
Commission meetings are open to
the public. A complete agenda is
available at PDC or by calling
823-3200. Citizens with disabilities
may call 823-3232 or TDD 823 6868
for assistance at least 48 hours in
advance.
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