Clinton announces plan to
help disabled and elderly
WASHINGTON - (AP) An esti
mated 17,000 low-income people
with disabilities will share nearly
$130 million in new federal housing
vouchers to help pay the rent, Presi
dent Clinton announced last month.
The money from the Department of
Housing and Urban Development
will be distributed through local hous
ing authorities in more than 200 com
munities. The vouchers given to in
dividuals are meant to subsidize rents
in the private marketplace so that the
low-income disabled don't spend
more than 30 percent of their income
on rent.
"Americans should never have to
choose between putting a meal on the
table or putting a roof over their
heads," Clinton said in his weekly
radio broadcast on Saturday, Novem
ber 28.
To qualify for the housing aid, ap
plicants must be classified as "very
low income," meaning a household
with an income of less than 50 per
cent of the area median.
On a national level, this amounts to
an income of less than $8,000 a year,
according to HUD.
Earlier in November, HUD an
nounced nearly $700 million in
grants to non-profit groups to create
8,100 subsidized apartments for
some 12,000 low income senior citi-l
zens and people with disabilities. '
Clinton said that "for millions of
struggling senior citizens and people
with disabilities, the peace and secu
rity of a decent home is a distant
dream and the threat of homelessness
is an ever-present nightmare." :
Helping these people is a duty for
all Americans, he said.
Postage stamps help research
The U.S. Postal Service has issued
a 40-cent Breast Cancer Research
Semi-Postal Stamp. The 8 cent dif
ference will go towards breast
have issued this type of stamp r
with great success. This is the r
United State's first semi-postal P
. - ii "
stamp issued to raise puoni;
awareness and give energy
to the pressing fight to find k
r
a cure for breast cancer.
Breast Cancer Research
stamps may be pur
chased at your local
post office. Also,
please note that U.S.
postage , will increase
by one cent on January
10, 1999. At that time,
stamps will be 33C each.
7 Nci-
' 7
4 5T f
regular
New help for home owners
Unique home improvement program
For some time now, lenders have
noticed a different trend in home
ownership. More and more home-,
owners have been opting to stay in
their properties longer and electing
to fix them up rather than looking to
buy a bigger home. Typically, to fi
nance major home improvements a
homeowner uses the equity (value)
in their residence as their primary
source of funds. If the owner has
been in the property for a long pe
riod of time, there is generally
enough equity built up for the prop
erty to qualify for a home equity loan.
A second-mortgage loan is very at
tractive to homeowners since the in
terest is usually 100 tax-deductible.
By and large, the home equity loan
is the easiest way to go because the
homeowner is actually "borrowing"
their own money invested in the
property. The homeowner can use
the funds for any purpose, and the
interest rate is favorable and attrac
tive because the loan is secured by
their home. The equity in your home
can be a very affordable way to fi
nance your needs, whatever they are.
But what if you haven't been in your
home very long or the property val
ues are just not appreciating fast
enough where you live? A home
owner's options can be limited, but
KeyBank has an easy solution.
Key Bank offers the FHA Title 1
Home Improvement Loan, which al
lows for a wide range of home im
provements and repairs without re
quiring any equity in the property.
The FHA Title 1 is a federally-insured
loan program through the Depart
ment of Housing and Urban Devel-
opment. The loan is available to any
one, regardless of income or location,
and all types of properties qualify:
single family, multi-family, and his
torical residences.
The loan can be used for any pur
pose which results in improvement
or repair to the residence. For ex
ample, improvements on the outside
of the home could include a new
roof; fencing; painting or siding;
building or repairing a garage, or
landscaping. Inside the home, the ;
borrower can use the funds for any
purpose except to purchase items
which are not permanently affixed to
the structure (i.e.,, washerdryer,
draperies). Many borrowers do
bathroom and kitchen remodeling or
build additions to their property.
A single-family residence, whether
owner or non-owner occupied, quali
fies for up to $25,000. A multi-family
structure is eligible for up to
$12,000 per dwelling unit, with a
maximum loan amount of $60,000.
Historical residences are eligible for
up to $45,000 per residence.
KeyBank offers the FHA Title 1
Home Improvement Loan in all their
Western Region states, except
Alaska. To get details, call any
KeyCenter branch location or Phyliss
Gaines, the Title 1 Liaison, at (503)
795-6036.
Article wrote by Phyliss Gaines. Reprinted from
KeyCommunity Newsletter.
Tribe invests in
continued from front page
the former Russellville school.
Over the last year, the Grand Ronde
Tribe's Spirit Mountain Development
ami has moved aggressively to diver
sify its business enterprises and lessen
its reliance on gaming revenue. This
year, the Tribe has announced real
estate projects in Salem, Albany,
Redmond and started light industrial
operations in the Corvallis area.
"We are pleased to make a com
mitment to Portland," said Grand
Ronde Tribal Chair Kathryn Harri
son. "Our ancestors lived where
Portland is now, and many of our
tribal members still live there. We're
proud to help build good housing that
people can afford."
Harrison stressed that the Tribe will
not conduct any gaming activities on
the Russellville site.
The Tribe's Spirit Mountain Devel
opment arm is assisting the Rus
sellville joint venture with marketing
and construction management.
"I believe the Russellville Com
mons helps point my district in the
direction of the 21st century," said
State Representative Frank Shields.
"The second phase of this develop
ment will create much needed afford
able housing within my district."
In addition to the Tribal Govern
ment, a number of state, city and lo
cal agencies worked with the Rus
sellville neighborhood and Rembold
to shape the project. - -
Phase One of Russellville Com
mons includes 283 units for rent at
market rates.
Phase Two will include approxi-
housing project
uOur ancestors lived
where Portland is
now, and many of our
tribal members still
live there. We're
proud to help build
good housing that
people can afford."
Kathryn Harrison
Tribal Council Chair
mately 200 units, 40 of which will
be priced low enough to qualify as
affordable housing.
Once completed, the housing com
plex will include a total of approxi
mately 480 dwelling units, a 5,000
6,000 sq. ft. innovative child care
facility, retail space, community cen
ter, recreational facilities, office
space and underground parking. All
units, including those that qualify for
affordable housing, will have direct
access to the internet.
The Grand Ronde share of the
project is $3.7 million.
Rembold Companies has been ac
tively involved in numerous housing
and commercial developments in
Portland and surrounding areas.
Franklin Piacentini, a Portland in
vestor, has been involved in many
successful developments in the Port
land and surrounding areas.