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SEPT 17, 1997
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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