Word: local
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Dates: during 1980-1989
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...three-bedroom house last year in suburban Orange County, Elise and Rick Petree, engineers with a combined annual salary of $70,000, used an increasingly popular technique known as equity sharing. A private investor put up $22,950 for their down payment, and a local firm called CoEquity, which pioneered such deals in the area, provided $12,200. The Petrees invested $10,000 and now make $2,220 in monthly payments, including $1,872 to the mortgage lender, $229 to the investor and the rest to CoEquity. The investor, typically a wealthy individual, can claim 50% of the profits when...
Robyn Gray, 27, an Atlanta accountant, benefited from a different type of aid. The single parent of a two-year-old daughter, she obtained a mortgage through a program that local bankers set up last year after a newspaper charged that the lenders were deliberately redlining -- or boycotting -- Atlanta's black communities. After hunting for a year for an affordable home in a pleasant neighborhood, Gray took out a 9.25% fixed-rate mortgage. Even then she needed help from her parents to make the $2,500 down payment on her $50,000, three-bedroom home. But without the bank program...
...Boston local members of the bricklayers union act as nonprofit housing developers. On low-cost land the bricklayers acquired from the city, they are building modestly priced homes that first-timers buy with mortgages subsidized by the state Home Ownership Opportunity Program. Eleanor Santosuosso, 45, will soon move -- along with her husband, three sons and her mother, 75 -- into a four-bedroom town house that the family won the right to buy for $97,000 in a lottery last year. Says she: "Even my mother says she has always dreamed of owning a home. She figured it was an impossible...
Congress is taking a cue from such state and local initiatives as it begins to consider new ways of promoting home ownership. After years of battling the Reagan Administration's wrecking-ball approach, which leveled housing funds from 7.5% of the federal budget in the late 1970s to 1.5% last year, many legislators now want the Government to aid first-time buyers actively. One bill, sponsored by Henry Gonzalez, chairman of the House Banking Committee, would create a $6 billion fund to make low-interest mortgage loans to first- timers who earn up to 115% of the median income...
...this hybrid creature," Rushdie said shortly before going into hiding. Most of his life has been spent as an outsider, an alien among local populations. He was born in Bombay in 1947, two months before the British pulled out of India; his parents were well-to-do Kashmiri Muslims and admirers of English customs and manners. Young Salman's religion and pale skin made him something of an anomaly in his native city...