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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Sept. 17, 1997)
• •, - •? ir. r. r*-- »V. - ''« * £ F T ? S E M M *i SEPT 17, 1997 8*ESS>iÈ Page A3 ffhc ^Jortknib (D hsrrurr (Tlje ■J^ortlanb sem er Partners Celebrate Grand Opening of Pearl Court Apartments In a unique public and private partnership, C ity C om m issioner Gretchen Miller Kafoury, the Hous ing A uthority o f Portland, the Port land D evelopm ent C om m ission. R ealty T ru s t A sso c ia te s, an d Fannie M ae, the n atio n ’s largest source o f hom e m ortgage funds, jo in ed several local housing p art ners today to celebrate the grand opening o f Pearl C ourt A p art m ents, the first affordable rental housing in the R iver D istrict. Pearl C ourt will provide 199 af fordable apartm ents for h o u se holds earning betw een 4 0 and 60 percent o f the area m edian R ents will range from $310 to 595 per month. T he c ity ’s R iver D istrict Plan call for public and private d ev e l opm ent o f 5,555 new apartm ent in the area ov er the 20 years that reflect the incom e diversity o f the city as a w hole. “The R iver D istrict is one o f the last undeveloped areas close to d o w ntow n,” said City Commissioner Gretchen Miller Kafoury. “ It’s developm ent is cru cial in helping the city achieve some o f its im portant housing and density g o als.” Located at 9 th and N W K earney Street, Pearl C ourt A partm ent rep resent a significant step in m eet ing the c ity ’s affordable housing goals for the area. Pearl C ourt is the first affordable rental housing to be built in the R iver D istrict and was designed specifically for fam i lies and individuals w ho live and w ork in dow ntow n P ortland. Corporations support affordable living Tips On When, How To Order An Appraisal T hat is a question only you can answ er. H ow ever, because o f m uch inaccurate inform ation being pub lished and discussed, this article will try to clarify and sim plify the answ er to the question: are reverse m ort gages for m e? T he realistic answ er is maybe. Reverse m ortgages, in their present form, have been in existence for about eight years. C ongress, at the urging o f the A A R P, p assed legislation w hich allow s senior citizens, age 62 and above, to access a p ortion o f the equity in their hom e for w hatever the senior(s) d eem necessary. T he hom e should be ow ned and occupied by the senior(s) free and clear, o r nearly free and clear. T he best candidate(s) for a reverse m ortgage h ave proven to be w idow s and w idow ers in their seventies w ho have run out o f savings and invest m ents, and w ho are starting to have difficulty in m eeting their m onthly expenses. Som e o f these folks are paying their living expenses and home repair bills w ith high interest credit Mel Etheridge, Portland General Electric (from left); Marnie Vlahos, Portland Community Reinvestment Initiatives staff member; Maxine Fitzpatrick, executive director of the community group; and Carol Morse, PGE; share a light moment during presentation of awards to contributors of a PCRI program to replace old heating systems with new ones in single-family, affordable housing units. o rty -sev e n fam ilies in P o rtlan d w ill n o t h av e to face the coming winter months with expensive heating bills. A partnership between non-profit, pub lic and private sectors has helped to replace old, inefficient heating systems with new gas furnaces in 47 single-family, affordable F housing units. “Affordable rent doesn't mean much it you can't keep the house warm, said Maxine Fitzpatrick, executive director of Portland Community Reinvestment Imtiativest PCRI). The non-profit group was formed in 1991 to acquire and renovate houses once owned by Dominion Capital. a fraudulent mortgage PDC PORTLAND DEVELOPMENT "COMMISSION COMMISSION MEETING Date: September 25,1997 Place: Masonic Hall 5811 S.E. 92nd Portland, OR Time: 3:00 p.m. broker which declared bankruptcy. Northwest Natural, U.S. Bank. Wells Fargo, Key Bank, Portland General Electric and Bank of America teamed up to match of $75.(>X) federal grant to PCRI to make the furnace conversion program possible. “It’s wonderful to see businesses that are so committed to community projects. This project will make a real difference,’' Fitzpatrick said. cards. T he FHA reverse m ortgage allow s eligible seniors to qualify for these loans regardless o f their current in com e level orpast credit history. Also, and this is a big advantage for folks w ith little or no incom e, no paym ents have to be m ade tow ard the loan as long as any borro w er rem ains living in the hom e. W hen the hom e is p e r m anently vacated for any reason, or if there is a change in the title o f the property, the loan then becom es due and payable, including any accrued interest charges. T he property is the only collateral used to obtain the loan, and there is no liability on the borrow ers children or anyone else. As is the case w ith obtaining any real estate loan. T here are fees for loan origination and closing costs. T here is also an FH A insurance pre m ium charged, but these fees and charges are financed into the loan and do not have to be paid from the borrow ers pocket. S heldon L. W eber is the reverse M o rtg ag e sp e cia list for N o rw est M ortgage in Portland, Oregon. Q ues tions or com m ents m ay be m ade by calling(503)697-9429. No income qualifying Loan need not be repaid until home is sold or vacated Must be 62 years or older Low interest rate This program also is known as a Home Equity Conversion Mortgage. It is a special government program for seniors. NORWEST MORTGAGE Sheldon Weber (503) 697-9429 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. Honoring the success of the furnace conversion project is Margaret Brooks of Brooks Temporary Services (from left); Judie Pitre, Portland Housing Authority board member; and Lawrence Dark, President and CEO of the Urban League of Portland and the board chair of Portland Community Reinvestment Initiatives. Right Tree, Right Place R esidents can prevent another all is the perfect tim e for plant p o ssib le headache by planting a ing trees-and the perfect tim e tree that will not grow into overhead to avert arboreal headaches by plant p o w er lines. T rees that grow into ing the right tree in the right place. p o w er lines pose safety risks and “The sim ple act o f digging a plant are the m ajor cause o f p o w er o u t ing hole can have serious c o n se ages during storm s. quences if you dig w here p o w er E very year Pacific Pow er spends lines are running u n d erg ro u n d ,” m illio n s o f dollars to keep street said, Carl Talton Pacific Pow er m an trees pruned aw ay from pow er lines. ager. “ I f you h it an un d erg ro u n d U ltim ately, though, this cost for line, you can be seriously injured or p ru n in g trees effects the prices cus killed.” to m ers p ay for electricity. Pacific P ow er rem inds you to “T ree enthusiasts,” said Talton, know w here the u n d erg ro u n d ser “can do their part by planting trees vices on your p ro p erty are before aw ay from p o w er lines or by p lan t you dig. T his includes n atural gas ing low -grow ing trees-under25 feet and telephone, as w ell as electricity. w h e n full g ro w n -aro u n d p o w er “I f y o u ’re not sure that you are lin es.” digging in a clear area,” said T alton, A p lan t nursery can suggest low- ‘co n tact the ca ll-b efo re-y o u -d ig grow ing trees to plant around pow er program a few days in advance. lines. T hey ’ 11 send o ut a rep resentative to F or a free copy ofPacific p o w er’s m ark the location o f all o f those p am p h let “T rees and pow er line services. O rcallPacific Power—w e’ll Safety,’’call 1-800-791-6093. be glad to help .” F PDC is the City of Portland's urban renewal, housing and economic development agency. Lack of Skills Becoming an Emergency! Portland Community College can respond with training in emergency service disciplines. ■ Law enforcement, fire science, emergency medical response and emergency telecommunications (9-1-1). ■ Training in one year (or less) ■ Degree in two years ■ Financial assistance available To find out more, contact: criminal justice at 987-5317; fire science at 492-6910; emergency medical technology at 788-6205; or emergency dispatch at 978-5424. Classes begin S ep t. 2 2 . Portland Community College PURHAF* CONSTRUCTION FH A R everse M ortgage Get cash out of your home ow do you know w hen your hom e needs a full appraisal, or w hen an inspection w ould be sufficient? C om parable sales and average prices per square foot can give you a vague idea o f your h o m e’s value, but can also be highly inaccurate if your hom e has had im provem ents or d o esn ’t fit the cookie-cutter m old o f your neighborhood. H ave questions? O rder a free copy o f “Q uestions and A nsw ers A bout the A ppraisal P rofession” by se n d in g a se lf-a d d re s s e d , stam ped business envelope to: A m erican Society o f A ppraisers Q&A P.O.Box 17265 W ashington, D.C. 20041 A SA is the n atio n 's oldest ap praisal society that teaches, tests and accredits appraisers. Interna tional in scope, A SA was incorpo rated to establish an effective professionw ide affiliation w o rk ing cooperatively for the eleva tion o f standards o f the appraisal profession. H REVERSE MORTGAGES: ARE THEY FOR ME? By: Sheldon L. Weber, Norwest Mortgage, Inc. Buying or Selling a Home? FINST ANNUAL GRAPHIC AUTIST FAIN SEPTEMBER 19. 1997 6:30 PM - 9:00 PM OAME CASCARE CENTER 9139 N. VANCOUVER 503-402-1822 DCVCLOPMCNT CDUUARD T. DURHAM, JR. (503) 319-0821 FAX 283-2977 317 NE KILLINGSUUORTH ST. PORTLAND, OREGON 97211
