•% • • •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