iln ^Ìortlìxnò © bseruer Page A3 March 29. 2006 H ousing tâ ‘Jump Start’ Helps First-Time Buyers Say Howdy, Neighbor! Neighborhood associations are a place to get involved with your neighbors and directly im­ pact the place you live. The city of Portland has a network of 95 neighborhoods, with seven district coalitions that provide support and tech­ nical assistance to the volunteer-based groups. Here is a list of some of the coalitions for inner north and northeast Portland. You can find out more online at www .portlandonline.com/oni. Northeast Coalition of Neighborhoods 48 15 N.E. 7th Ave., Portland, OR 97211 Phone: 5(13-823-4575 Fax: 503-823-3150 Email: necnl23@hotmail.com Meetings are held the third Tuesday of each month at 7 p.m. at the King Neighborhood Facil­ ity, 4815 N.E. 7lh Ave. The neighborhood associations in district area are: photo by M ark W ashington /T he P ortland O bserver Alameda Neighborhood Association Boise Neighborhood Association Concordia Neighborhood Association Eliot Neighborhood Association Grant Park Neighborhood Association Humboldt Neighborhood Association Irvington Community Association King Neighborhood Association Sabin Community Association Sullivan’s Gulch Neighborhood Association Vernon Neighborhood Association Woodlawn Neighborhood Association ‘Project JumpStart' helps first-time buyers purchase homes like this one on sale now in the Interstate Corridor o f north Portland. PDC program helps with downpayment The Portland Development C o m m is s io n ’s P ro je c t JumpStart brings home own­ ership within reach of first­ time buyers. The agency’s Neighborhood Housing Program was created in response to an escalating housing market and feedback from prospective buyers that high mortgage payments are often a d e te rre n t to homeownership. JumpStart allows a borrower to increase their buying power and lower payments during the first five years of the loan. PDC p laces the p ro ceed s from a second loan in a se ­ cured account, and m oney is w ith d ra w n m o n th ly and added to the b u y er’s tem po­ rarily reduced m ortgage pay­ m ent to make the full pay­ ment on the loan. Over the next four years, the mortgage payment gradu­ ally increases. At the begin­ ning o f the fifth year, the Jum pStart assistance ends, and the buyer begins making the full payment required. JumpStart is intended for borrowers who want to pur­ chase and renovate a home and can demonstrate the po­ tential to handle increased monthly payments. Borrow­ ers must meet an income re­ quirement, and purchases are restricted to the Lents Town Center of southeast Portland and InterstateCorridorof north Portland Urban Renewal Ar­ eas. JumpStart allows a bor­ rower to qualify for a larger mortgage amount, while hav­ ing their monthly payment low­ ered and direct the extra cash to w a rd s n eed ed im p ro v e ­ ments to the property. For more inform ation on JumpStart or other purchase and renovation loans offered by PD C, visit w w w .pdc.us/ jumpstart, call 5O3-823-34OO to speak to a loan specialist or contact staff at nhp@pdc.us for an application packet. PDC was created by Port­ land voters in 1958 to serve as the city's urban renewal agency. z Washington Mutual 1 H O M E LOANS It’s Good To Be Part Of The WaMu Family ivc Us A Shot Mu With the Equity Plus • Enjoy ready access to your home’s increasing equity • Switch between fixed and variable interest rates • Ideal for home improvements and more ( all and ask about our home financing options to