Loan program will help clients establish credit

REAL ESTATE NOTES

September 15, 1991|By Edward Gunts

The Real Estate Center, a non-profit organization that promotes affordable housing, is starting a loan program to help potential homebuyers establish credit records or improve those records.

Under the Credit History Loan program, the center will place $1,000 in the name of the client receiving the loan in a special account. Vouchers that act as payment are issued to each client.

The term of the loan is four months and the annual interest rate is 9 percent. At the beginning of each month, the vouchers have to be mailed to the center to be recorded as payments. After all the vouchers have been received, the center will report to a credit bureau that the client has completed the program, enhancing the client's credit rating.

The total cost to a client is $35, which includes an $18.84 interest charge and processing and application fees.

The center hopes to attract 1,000 people to the program over the next year.

For information, contact Charles T. Jeffries at the center, 727-3562.

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Around the region:

* The Lutherville office of O'Conor, Piper & Flynn has been named as sales representative for two new housing communities. They are: The Willows of Ruxton, an 18-unit "executive community" that Chateau Builders is constructing on Charles Street one-half mile south of Interstate 695, and Morgan Manor, a 28-unit community that Talles Homes is developing off York Road one mile north of Belfast Road in Baltimore County.

* Henry H. Lewis Contractors Inc. of Owings Mills has been selected by the Thomas Jefferson Memorial Foundation to provide extensive roof restoration of Monticello, Jeffer

son's home in Charlottesville, Va. Lewis has completed other restoration projects such as Homewood House and Evergreen House, both for the Johns Hopkins University, and Westminster Hall in downtown Baltimore.

* Jay Fulmer of Long & Foster Realtors has been appointed project sales manager for Twin Ridge, a community of two-story homes that Firetti Construction Group Inc. is building in Mount Airy.

* Harkins Builders has completed construction of University Gardens, a $3 million, 65-unit apartment project for the elderly on University Boulevard in Silver Spring. The mid-rise building was designed by Design Tech-East for the Korean Community Center of Greater Washington and RPJ Housing.

* Dunkirk Development Group broke ground last month for Dunkirk Market Place, a 150,000-square-foot retail center in Calvert County that will be anchored by Dean Home Center and a Safeway food store. Marks Thomas and Associates of Baltimore is the architect and NSC Contractors Inc. is the general contractor. The first phase is scheduled to open in mid-1992, when work on the second phase will begin. Long & Foster is handling leasing, and The Wilkes Co. of Washington is the development manager.

* Oak Contracting Corp. has begun construction of the Hickory Ridge Village Center, a $2.5 million neighborhood retail center that the Rouse Co. is developing at Cedar Lane and Freetown Road in the Village of Hickory Ridge in Columbia. The Martin Organization of Philadelphia was the designer of the project, the eighth village center that Rouse has developed in Columbia. Giant Supermarket will be the anchor store. Work will be complete by the summer of 1992.

* William J. Ahtes, president of Single Properties Inc., and G. Robert Miller, president of Shopping Center Development Corp., have purchased the former Montgomery Ward building at Route 13 and South Boulevard in Salisbury. They plan to convert the 66,000-square-foot building to a multitenant retail center called the South Salisbury Plaza.

It will house nine stores, with Super G Discount Drugs as the anchor tenant. The 27,000-square-foot Super G operation will be the first freestanding discount drug store for Giant Food Inc. Becker Morgan Architects is responsible for the $1 million conversion.

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