•% • • •A «*« • **■ "fc1*** P age A4 J uly 3, 1996 • T he P ortland O bserver (Tlje Bänrtlanh W bacruer AT Corporations Invest Corporate leaders from across the country came to the U S. Conference o f Mayors meeting in Cleveland to present the nation s leading mayors with a check for $410 million in equity This check will be invested in the affordable housing development intitiaves o f nonprofit neighborhood- based developers. “In Cleveland and cities across the country, corporations are joining in dynamic partnerships with city agencies and the community to re build neighborhoods and transform lives,” Cleveland Mayor Michael R. White said “These partnerships stretch scarce public resources and work because they are following the lead o f the community. The Housing Credit has been critical in stimulat ing corporate investment and creat ing these partnerships. This $410 million investment demonstrates that the credit works, and works well.” The check was presented to May ors White, Richard M Daley and Norman B Rice at a ceremony in Cleveland's Hough neighborhood by Local Initiatives Support Corp. (LISC), the nation’s leading commu nity development support organiza tion. It represents the record-setting 1995 raise o f LISC’s affiliate, the National Equity Fund (NEF), which uses the federal Low Income Hous ing Tax Credit to channel corporate investment into affordable rental housing development. “This is a great day for our cities," Chicago Mayor Daley said, “As may ors, we know first hand the challeng es we face in rebuilding and reviving our cities. But we also know the potential that exists in our neighbor hoods— potential that this corporate investment through L ISC 's NEF helps to bring to fruition.” Cities where nonprofit develop ers will receive NEF 1995 funds in clude: Cleveland, T oledo and Y oung- stown, Ohio; Guilford, Hartford and New Haven, Conn.; Atlanta; Chica go; Detroit; Minneapolis, Coon Rap ids and Worthington, Minn.; Oma ha, Nebraska; Monroe, N Y ; Newell Creek, Ore.; Providence, Rhode Is land; Lynnwood and Everett, Wash.; and Los Angeles, San Jose, North Hollywood, Sylrnar and Oceanside, Calif. Other cities and states where funding commitments are expected include. Little Rock; Arizona; Colo rado; Indianapolis; Kansas City; Durham and Rhode Island. Daley and Seattle Mayor Rice— respectively the incoming and out- goingU.S. Conference presidents — and White were joined by Ohio Gov. George Voinovich, LISC President Paul S. Grogan, NEF CEO George Latimer and corporate and commu nity leaders. The ceremony was held Minority Homeownership Effort Set In Motion Revelation Corporation, a histor ic partnership o f five o f the nation’s largest Black denominations, and Northwest Mortgage, Inc., the na tion’s leading provider o f residential mortgages, today announced the cre ation o f Revelation Mortgage Com pany o f America, a for-profit joint venture o f the two companies de signed to spur homeownersh ip among the nation’s minority population. The joint venture is subject to approval by HUD (Housing & Ur ban Development), VA (Virginia) and !ie Federal Reserve Board. In addition. Revelation Mortgage Com pany will require licensing in each state in which it intends to originate loans. Upon gaining these approvals, officials say they plan to begin pro cessing mortgages, rolling out one major market at a time. Ultimately, Revelation Mortgage Company is expected to have national outreach. Revelation M ortgage Company will originate mortgage loans through adedicated national 800 number com plemented by a nationwide network o f specially trained, certified loan officers. This approach will use N orthw est’s state-of-the-art technol ogy and its stores and loan officers in all 50 states. Loan officers will exclusively mar ket spec ial ized mortgage products and services through Revelation Corpora tion’s 43,000 members churches, rep resenting nearly 20 million members. 06786676 in front o f the historic Crawford- Tilden Apartments, a landmark 19- unit building in Hough being reha bilitated as affordable housing for low-income families by Famicos Foundation using a combination o f Historic Preservation and Housing credits. Hough, a community devastated in the riots o f the 1960s, has seen significant reinvestment spurred by these and other federal incentives. In addition to Crawford-Tilden, doz ens o f new and rehabilitated homes and apartments are being built. Some 60 market-rate for-sale homes are bringing middle-class families back to the neighborhood and the Church Square retail development is thriv ing. NEF is the nation’s leading non profit syndicator o f Housing Cred its. The Housing Credit, enacted in 1987, has become the country’s prin ciple generator o f affordable hous ing, responsible for stimulating $ 12 billion in private investment, creat ing some 800,000 affordable homes and apartments and generating an nually 90,000 jobs and $1.3 billion in tax revenues. The 1995 raise is $100 million more than NEF has raised in any previous year and demonstrates both corporate A m erica's growing social consciousness and recognition that investing in community-based re newal initiatives is good business. I his also highlights the importance o f permanent Housing Credit. Since the credit was made permanent in 1993, corporate investment in NEF has more than doubled. “These investments, in cities large and small across the country, dem onstrate the enormous diversity and Affordable Housing For Seniors TRI Capital Corporation has provided a $2.1 million loan for the refinancing o f a new, low-in- come senior apartment complex in South San Francisco, Califor nia. Sixty-eight o f A lida M anor A partm ents’ 75 units are available exclusively toelderly residents that qualify forU .S. H ousing& Urban Development (H U D ) Section 8 certificates and vouchers. This m eans the San M ateo County Housing Authority assists resi dents with rents that exceed 35 percent o f their income. “ This project fulfills a need for affordable housing in San Mateo County where few facilities ac cept subsidized housing vouchers for low-income households,” states BUI Szymczak, chief underwriter for TRI Capital. TRI Capital C orporation’s pri Speedy Service Friendly Call For Quote The Olympic symbol consists of five interlocking rings that rep resent the continents of Africa, Asia, A ustralia, Europe, and North and South America. Rings are black, blue, green, red and yellow. The flag of each nation competing in the games has at least one of these colors. PURHAf^ Buying A House? We Offer Free Prequallflcatlon Purchases/Refln<uices/2nds Conventlonal/FHA/VA Loans Debt Consolldation/Credit Lines 203(k) Rehab Loans Options For Those w/Bad Credit New Construction Loans In-House Processing In-Housing Underwriting I M orto aol O ne The Largest Mortgage Broker In Oregon and Southwest Washington CALL MARK AT 1-800-746-4184 S WASHER & DRYER FROM THE HOME LAUNDRY EQUIPMENT SPECIALISTS With o p tio n to buy. This C o u p o n G o o d T o r $ 1 0 Off DE LIVER Y AND INSTALLATION FEE re n ta l Co. w ash er 1 6 5 7 S. E. TACOMA ST. 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(503) 319-0821 FAX 283 -2 9 77 □ Quality Home Remodeling □ No Project Too Small □ Finish Carpentry' & Woodworking □ Senior Discounts (g j . » m is C O N S T R U C T IO N DEVELOPM ENT Thinking of rate America to the table, and shown corporate leaders that community- based development is a worthy in vestment.” Congress last year voted to termi nate the House C redit's permanent status by the end o f next year. How ever, an unprecedented bipartisan coalition o f mayors, governors, sen ators and representatives, joined by some 1,600 business and civic asso ciations, rallied in support o f the credit President Clinton vetoed the bill and referred specifically to the Housing Credit provision as one rea son for his veto. “ What Cra wford-Ti Iden i 11 ustrates is the potential o f the Housing Credit to create these partnerships and chan nel critical private resources to com munity-based renewal initiatives that have transform ed neighborhoods across the country," Latimer said. RENT YOUR NEXT George A. Hendrix MBA, GRI. Broker heating oils Best Cash Prices 104 NE Russel Rortland, OR 97212 282-5111 vitality o f the community-based de velopment movement,” Rice said “These groups represent the future for our communities. It is why we as mayors have worked so hard to sup port them, and why we rallied be hind the Housing Credit when its permanent status was threatened in W ashington.” “ Here, with this construction and other reinvestment in Hough taking place around us, we see what is pos sible when dedicated community leaders, supported by a powerful partnership o f city officials, local corporations and national founda tions, are able to leverage scarce public dollars and gain access to the financial and technical resources they need to realize their dreams for their neighborhoods,” Grogan said. “A, a time o f diminishing resources, the Housing Credit has brought corpo mary business is making multifam ily housing loans to fund the con struction, acquisition or refinanc ing o f rental housing and senior health care facilities. The compa ny specializes in arranging gov ernment agency and conventional financing nationwide as well as providing nontraditional funding alternatives. 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