Page A3
MARCH 11,1998
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Bank O f America
Launches Major Zero
Bank o f America, one o f the
nation’s largest mortgage lenders,
announced it has launched a major
new zero downpayment home loan
program that will help thousands o f
low-income households in Oregon
and 22 o th e r sta te s o b ta in
homeownership.
Underthis new mortgage program
- called the Neighborhood Advan­
tage Zero down home loan - Bank of
America will provide $500 million
in financing nationally, marking the
first time that a conventional m ort­
gage requiring no downpayment from
borrowers has been offered on such a
widespread geographic basis and at
such a significant lending com m it­
ment level.
The program is being offered in
selected counties in Oregon and 22
other states w here Bank o f America
has either a retail branch presence or
Bank America Mortgage retail lend­
ing offices.
The N eighborhood A dvantage
Zero Down mortgage is designed to
help a traditionally under-served seg­
ment ofconsumers — those who have
low incomes and excellent credit his­
tories, yet have little cash for a
dow npaym ent or o th er u p fro n t
homebuying costs. The new 30-year,
fixed rate home loan also is available
to borrowers o f any income who arc
buying or refinancing a home in low-
income neighborhoods. In addition
to the zero downpayment feature.
closing costs for this mortgage can
come from a gift, grant, installment
loan, or the seller.
BankAmerica Mortgage - Bank
o f A m erica’s residential mortgage
lending group — is working with GE
Capital Mortgage Insurance Corpo­
ration to make this unprecedented
mortgage available. GE Capital is
proving mortgage insurance for the
N eig h b o rh o od A d v antage Z ero
Down home loan.
“ We are very excited to be offer­
ing this innovative new product that
will help many low-income families
tumtheirhomeownershipdreams into
reality," said Larry Ogg, Bank o f
America Area Executive for Oregon
and southwest Washington. “ Bank
o f America has a long history o f
helping low-income borrowers and
communities in the many markets we
serve, and the Neighborhood A d­
vantage Zero Down mortgage is part
o f our ongoing commitment to serve
this important custom er segment,"
Ogg said.
“ We were delighted to work with
Bank o f America to design the Neigh­
borhood Advantage Zero Down pro­
gram. This product dem onstrates
Bank o f A m erica’s commitment to
serving community needs and GE
Capital’s commitment to serving cus­
tomer needs, “said Martin H. Heck,
executive vice president and general
manager o f GE Capital Mortgage
Insurance.
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(EIjc ^Llortlattò (Observer
Call (503) 288-0033
Neighborhood Environmental Partnership Kicks Off
The City o f Portland and local
utility PacifiCorp kicked o ff a new
public-private partnership to build
greener, more sustainable neigh­
borhoods at W ednesday’s City
Council meeting.
Sheila Holden, Portland general
business manager for the Pacific
Power division o f PacifiCorp pre­
sented City Commissioner Erik Sten
with $20,000 in grant money to
fund a pilot project in the city’s
Hollywood district. The project will
include a single storefront location
where district residents and busi­
ness owners can obtain inform a­
tion and assistance on a variety o f
earth-friendly practices to improve
energy and water efficiency, recy­
cling, transportation and other prac­
tices.
“Portland’s made some progress
— we recycle, take public transpor­
tation, conserve water and other
natural resources — but we can do
m ore,” said Sten. "T he G reen
Neighborhood Netw ork is an inno­
vative effort to bring neighbors,
businesses and environmental pro­
grams together to go the next step
with ideas and energy from every -
PDC
Sheila Holden, Portland General Business Manager for the Pacific Power Division of PacifiCorp and
Laura O'Keese in front of the New Energy building in the Hollywood area of Portland.
one.”
P a c if ic
P o w e r 's H o ld e n
stressed how the grant is sim ply
one part o f a m uch la rg e r effort
in the H ollyw ood n eig h b o rh o o d .
"W e present the city w ith th ese
d o lla rs as part o f o u r E arth S te w ­
ards program to red u ce and o f f ­
set the harm ful global w arm in g
e ffe c ts o f c arb o n d io x id e (C O 2)
e m issio n s," she said. “ But we
are a single link in a m uch larger
com m unity e ffo rt in H ollyw ood
know n as the G reen N e ig h b o r­
hood N etw o rk ."
THE SKY IS THE LIMIT IN CUSTOMER
PORTLAND
DEVEI.OI’MENT
COMMISSION
COMMISSION MEETING
Date: January 21,1998
Place: PDC
1900 SW Fourth, Suite 100
Portland, OR
Time: 3.00 p.m.
Commission meetings are open to
the public. A complete agenda is
available at PDC or by calling
823-3200. Citizens with disabilities
may call 8233232 or TDD 823-6868
for assistance at least 48 hours in
advance.
PDC is the City of Portland's urban
renewal, housing and economic
development agency.
Big Howse No Problem!
Little House No Problem!
Acreage No Problem!
Income Property
(503) 708-5510
I -888-288-5432 Pager
1-800-536-4450 O ffice
1-360-574-4513 FAX
You Name It N<> Problem!
i/'D R E A M E R S ,”
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house you want In the time
you want at the price you
ERA
Are
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want.
Customer Service Specialisti)
%
At Pacific Power, service means more to us than providing
low-cost, reliable power. It also means helping this community
through our support of its activities and the people in it.
W l
I V wP I V wJP
*ts no secret- As this community
prospers, so do we. That's the
definition of a true partnership. So why do we do what we do?
Because it's important to all of us. And, we live here too.
For a copy of The Power to Serve Communities, a booklet
outlining our commitment to community, call 1 -888-221-7070
# PACIFIC POWER
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