Commi ............ ty
Dl t
o
___ :_. er than
oth
CmCAGO-Anew tudy
has found that owners of
single-family homes and
apartment buildings in
low-incom neighborhoods
are no more likely to de­
fault on their mortgages
than people who own prop­
erty in ritzier parts of town.
The study by the Wood-
tack Institute in Chicago
and he ational Associa­
tion of Affordable Housing
Lenders examined 2,231
loans made by lenders in
veral m jor metropolitan
areas - 933 for single-fam­
ily hom sand 1,298 for
multi-family homes -
identified by lenders as re­
investment loans targeted
to lower-income communi­
ties and-or borrowers.
"Overall the community
reinvestm n 1 in'
e
II in �Wft�������
much larger national sam­
pi of loans not directed at
lower income neighbor­
hoods," said Edwin Mills,
the Northwestern U niver-
sity professor who coordi-
nated the tudy.
NAACP AFRICAN AMERICAN ECONOMIC SUMMIT - TOP: (l-r) Glendoria and L wi Colon,
a moderator for the Youth Entrepreneurial Development se sion; Kia Cooley, a Cooley High
School tudent and an unidentified tudent are pictured in front of the Omni Hotel in
downtown, Detroit during the summit RIGHT: Participant discuss topic during the ummit.
LEFT: Paul Jone ,Ca Technical tudent peaking on behalf of the Detroit Branch NAACP
Ac demy of Young Entrepreneurs progr m during the recent NAACP summit. (photos by eralg
HilI)
A POKESMAN FOR
LaSalle National Bank in
Chicago, which has com­
mitted more than $50 mil­
lion for low- and
moderate-income housing,
said he is not surprised by
the study results.
"The borrowers have a
strong commitment to the
property they own and
work hard at maintaining
it," said Norman R Bobins,
laSalle president and chief
executive officer.
The study, which was re­
leased Wednesday, showed
national delinquency rates
for single family loans are
seven or eight times higher
than delinquency rates for
single family loans made in
lower-income communi­
ties.
I t also showed that
where multi-family loans
were concerned, delin­
quency rates for low-in­
come communities were
higher but foreclosure rates
were comparable. Com­
bined delinquency and
foreclosure rates for multi­
family loans in lower-in­
come communities were
comparable to national
rates.
NEWS BRIEFS
Report: Florida·
courts tougher
on young Blacks
TALLAHASSEE, FL - Accord­
ing to a state study, Florida
courts are much more likely to
detain Black juveniles after ar­
rest and commit them to correc­
tional fucilities than they are
white juveniles. .
Historic civil
rights site closed
The tudy found that white
and Hispanicjuveniles are more
likely to be released to the cus­
tody of their parents while Black
youth are far more likely to be
tried as adults.
Department of Health and
Rehabilitative Services head
Jim' Towey said of the report
"It's a sad' commentary" on what
we are doing to our youth in this
state.
GREEN BORO, NC - On Sat­
urday, October 23rd, the Wool­
worth Corporation closed its
five-and-dime store in down­
town Gr nsboro, North Caro­
lina. That was the store where in
1960 four North Carolina A&T
college students staged a sit-in
at the store's lunch counter to
protest its refusal to serve Black
people.
The sit-in helped to inspire
sitins across the nation and
eventually brought an end to
such segregation throughout the
South. About 50 people gathered
in downtown Greensboro to
mark th tore's closing.
Africare recei e
____ ·llio U . . g a
WASHINGTON, D.C. - The oldest and largest Afriean-Ameri-
. � .nonprofit fo�sing on aid to Africa, Africare sign a $2
IWI�on cooperative agreement with the U.S. Agency for Inter­
national Development to deliver family health and family-plan­
ning services to the planning services to the people of rural
Senegal, West Africa. .
'I_1le �ment was signed September 30, 1993, in Sen gars
capl.tal CIty of Dakar,.. by Africare Country Repr en tive
Adrian Backus and Julius E. Coles, USAID/ enegal director.
A country of nearly 7 million people - most living in rural
areas - Senegal faces tremendous chall n in th health
ctor. Only 40 percent of its people ha any a to health
care. Its infant mortality rate is 10 tim that of the Unit
States, and average lif expectancy in n gal is just 49 years.
With the new funding from USAID, Africare will di ly
ad problems lilc th . It will help a private negal
organization - ante de la Famille ( AMF A , or "Family
Health" - expand high-quality family-planning servi to 2
clinics in six regions of the country.
cARE ROLE training, techni I i -
tan and th provision of essential medical commoditie . In
th future, SANF AM should abl to continu th support to
rural clinics on its own.
The assistance is for a riod of 3 y .
Founded in 1971, Africare is the old t nd I
American nonprofit carrying out dir ct aid to Afri
plus programs now reach famili and communiti in mor
than 25 countries Africa-wide, including n gal. frica h
i headquarters in Washington, D.C.
Canadian
Blacks protest
"showboat" revival
TORONTO, CANADA - Cana­
clian Blacks are mounting an on­
going protest against the revival
of the 1927 Broadway epic
Showboat currently' being per­
formed �t a major Toron�o thea-
tre. Coalition To Stop Showboat
spokesman Jeff Henry charges
the musical depicts Blacks as
"Lazy and irr ponsible." De­
spite the protest, the musical­
featuring Black American Lon-
tte McK - is drawing large
crowds in Toronto. Showboat -
which starred Paul Robeson
singing Ol' Man River in the
1920' and 30's - is bout a
light-skinned Black woman try­
ingto for white and depicts
Blacks working on the Missis­
sippi Ri r in the 1880' .
Yale to train
minorities
for science
NEW HAVEN, or - Yale Uni­
versity has announced a joint
program with New Haven. Con­
necticut public chools to in­
crease th num r of minority
student studying sci nee and
m th.
A 2.5 million grant from th
National Scienc Foundation.
will be used to revamp science
and m th pro ms and to en­
cour minority tudents to be­
com s . n . t?
ADVERTISE
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What is a Dividend Reinvest­
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Over 900 firms on the New
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ticipate in a company's plan you
have to own at least one hare of
company's common stock and
the plan must be active.
Dividend Reinvestment
Plans allow you to accumulate
shares of stock in a company you
feel has good potent' al.
In addition, the brokerage
fees for the purchases are usu­
ally paid by the company, and
some firms will give discounts of
up to five percent on purchases"
made with dividends.
Rich and Poor
- The gap between the rfc . !iii
the poor is widening according to
U.S. Census bureau reports. As
in all nations, America has its
share of rich and poor families.
Today it has more of both classes
than it did ten years ago, accord­
ing to census bureau data.
At the top is an abundance of
well-educated, two-income
families. At the bottom is a
growing population of single
mothers and children who in­
herited poverty from their par- .
ents. Between them is a middle
'class that has stopped growing
all together.
Among married couples at
the top of the income ladder, the
working wife has lifted many
families out of the middle class.
The median family income for
the group is $36,400, 88 opposed
to the average of $27,700 for all
families. At the other end are
single mothers with median in­
comes of $13,600.
Cluulu ROM is host of the nationally
syndi.roted radio shaw, "Your Personal.
Fin.atwe, and author of Your Common­
sense Guide to Personal. Financial Plan­
n.mg.
....
IJI's/u'(' r"".�t'/IIIf· 1:/(1('/; 110/tl('(I1, .... /
.,
,
Open-end Lea e
In an open-end I , the op-
tion to buy the car t th end of
the lease the purchase price
in advance. This amount repre-
nts the d ler's timated re­
sale value at the end of the lease.
The resale value is calculated
by consulting with current data
from banks and the Kelly Blue
Book, an industry-wide guide. If
at the end of the lease, the esti­
mated resale value of the car is
lees than what you would have
to pay tobuy the same car on the
used car market, you got your­
self a bargain. However, if you
decide not to purchase the car
and opt instead to trade it in,
then a new appraisal will be or­
dered and you will have to settle
up with the dealer.
That happens in one of three
ways. First, if the car is worth
exactly what the dealer pre ..
dieted then you owe nothing. On
the other hand, if the car is
worth more than he predicted,
�lllrJ-1!+.-"'� he owes you some money.
; if the car is worth less than
he calculated, then you owe him
part of the difference, but usu­
ally not more than three times
the monthly payments as stipu­
lated in the c.:onsumer leasing
act: The option to buy the car is
an incentive to treat it like your
own.
The leasing industry is grow­
ing and now banks, savings and
loans and insurance companies,
in addition to car dealers, widen
your choice of options when leas­
ing.
$1200 to 1250 DOLLARSI
FOR NEGROES!!
THE UD.GeJM,mea ",..1_
lot of NEGROES fort Ne Orl aDII .... 41111• ....
will �ay $1200 to $1250 for No. 1 young en,
and $8 to 1000 for No. 1 young omen. In
. at I will pay 0 for likely. .
The Deal
When leasing a car, it's more
important to examine the deal
than the dealer. Any firm that
leases you a car is bound by the
consumer leasing act to tell you
about the costs you might incur.
Most important of these include,
the size of your monthly pay­
ments, who's responsible for the
insurance, and what the car's
estimated resale value will be.
Other facts you want ex­
plained are late payment fees,
the cost of cancelling the lease
and how wear and tear will be-
Than any other trader in Kentucky. y 0111
dJoinin the Bro d y ote}, on Bro d
Lexington, Ky., w loy nt �
be found.
LEXINGTON, JULy
.TALBO'lT
SOurce: ff. torlcsI and Cc.!tiursI A of Afrlcan-Amsrlcana, by .............. 11 ,.._,,
. , Temple Un 'Y,
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