Newspapers / The Charlotte Post (Charlotte, … / July 13, 1989, edition 1 / Page 3
Part of The Charlotte Post (Charlotte, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
fe BUSINESSFH/S WEEK Thursday, Juty 13, 1989 - THE CHARLOTTE POST - PageSA New Tax Bill Causes Stir Among Blacks BY JOHN FLESHER I Associated Press Writer > RALEIGH (AP) — Controversy fcontlnues to swirl around the ^tate Senate's $422.1 million tax |)lll, with black representatives accusing House Speaker Joe Mavretlc of racial insensitivity |n his selection of a negotiating team. I The House voted 94-21 last ■Wednesday not to accept the penate's bill, which combines the $8.6 billion highway pro gram with money for a 6 percent _pay raise for teachers and state employees and for other budget increases. Mavretlc later announced the appointment of 10 House mem bers to a Joint conference com mittee that will try to Iron out a compromise bill. All but one of the representatives — Rep. Bob ijunter, D-McDowell were niembers of the bipartisan coa lition that elected Mavretlc speaker. Ncme was black. Shortly thereafter, 11 of the 13 blacks In the House walked out of the chamber In protest. While they were gone, Mavretlc an nounced that Rep. Howard Hunt er, D-Northampton, a black freshman, would be on the ccwi- ference panel. Hunter's name was on the list all along, Mav retlc said, but he overlex^ed it before. The blacks returned after a few minutes. They charged at a news conference that Mavretlc had slipped Hunter's name on the list at the last minute to mollify them. Rep. Mickey Mlchaux, D- Durham, chairman of the Legis lative Black Caucus, said he had spoken with Mavretlc at the po dium Immediately after the speaker announced the confer ence panel's membership. Mlchaux said he asked whether the committee membership was "set in concrete" and that Mav retlc responded, "Yes." Mlchaux said he pointed out that no blacks were on the committee and that Mavretlc replied, 'You all have not supported me, so I'm not going to put any (blacks) on there." "All of us felt it was an effront ery to all the blacks In this state," Mlchaux said. "We feel this is just another one of the matters of insensitivity that "this General Assembly shows to ward people of color." The black lawmakers said Rep. Thomas Hardaway, D-Halifax, should have been put (xi the cem- ference committee. Hardaway, who is black, is chairman of the House Finance Subcommittee (m Highways and conducted ex tensive hearings on the road construction package. Mlchaux also noted that the House delegation Includes four freshmen and said some mem bers were not closely involved In assembling the highway bill. He questioned whether the group could hold Its own against the seasoned senators likefy to rep resent the upper chamber. In a prepared statement, Mav retlc defended his selections. "I wanted a balanced perspective — - a cross-section of this cham ber's demographics," he said. "My main ob^ctlve, though, was to appoint a group of individuals who have consistently suppOTt- ed the House position" on mat ters of disagreement with the Senate. Mavretlc said the remark he made to Mlchaux was directed at him personalty and did not tar get all the black representatives. "1 thought he (Mlchamd wanted to be on the conference commlt- Housing Crisis Continued from page lA. author. "When poor families must spend so much of their limited Incomes for housing, little money remains for other necessities." Although the housing cost bur dens of poor white households are as severe as the burdens of poor Hispanic and black house holds, Hlspanlcs and blacks are much more likely to be poor than are ^^tes _ and therefore are more Hkety to face the high housing cost burdens associate with poverty, the stuty said. It said pnft>lems faced by poor households rf all races In find ing affordable housing have worsened since the 1970s. The increase In the shortage of low- rent housing since 1978 can be traced primarily to a sharp In crease In the number of poor families, a substantial reduc tion In the number of low-rent imlts In the housing stock, and an increase In rental charges. It said. The study said these problems would continue to worsen In the 1990s "unless major changes are made In government policies and In the actions of the private sector." How to get the most from your bank OBTAINING A MORTGAGE Qualifying for a loan By Robert A. Rowell First of four parts If you are in the market for purchasing a new home and are seeking a mortgage, you are not alone. In 1988, there were more than 4 million homes purchased in the United States. Before obtaining a mortgage loan, it is helpful to have an overall knowl^ge of the loan qualification process, loan types and products, loan product terminology and to know key questions to ask a lender. This month’s column is about loan quaUfication, and the , other topics will be covered in the next three columns. Mlchaux tee and was concerned that he wasn't appointed," Mavretlc said. The House conference delega tion will be chaired by Rep. Sam Hunt, D-Alamance, chairman of the Infrastructure Committee. Other members, aside from Ho ward Him ter, include Reps. Bob Hunter, D-McDowell, sponsor of the highway bill; Alex Hall, D- New Hanover, chairman of the Finance Committee; Betty Wis er, D-Wake; Piyor Gibson, D- Anson; Dan DeVane, D-Hoke; Harry Grimmer, R- Mecklenburg; Billy Creech, R- Johnston; George Rolftnson, R- Caldwell; and Clayton Lofiln, R- Unlon. Hunt said the conference panel Included members of various House factions and would rejwe- sent the chamber well. "We've held our own against some pret ty tough opponents," he said. "I'm sure we'll hold our own against the Senate." As approved ty the House, th bill would finance the highway construction program, whlcl would build a statewide networl of four-lane highways, pave 10,000 miles of rural roads and construct seven urban freeways. The Senate tacked on provi sions the House had previously defeated, particularly an In crease In the sales tax on motor vehicles to fund non- transportation expenditures such as teacher pay raises for the next two years. House lead ers want the tax Increase to pay for highways Immedlatety. Robert A. Rowell The Loan Qualification Process Each lender uses standard criteria in the mortgage loan qualification process. Although the process may vary slightly from one loan to another, the ratio method fre quently is used to determine the amount of mortgage you can afford. This method compares income and expenses. There are two ratios to consider. The first is the front ratio, which is housing expenses divided by gross monthly income. Your monthly housing expenses include mortgage payment (principal and interest), real estate taxes and insurance. These payments of principal, interest, taxes and insurance are known as the PITI payment. The front ratio normally should not exceed 28 percent. The other ratio to consider is the back ratio, defined as monthly obligations divided by gross monthly income. Monthly obligations include the PITI pay ment, car payments, credit card payments and any personal loan payments. As a rule, your back ratio should not exceed 36 percent. Here is an example of how these ratios work: Scott is a salesman and earns $35,000 annually. His wife, Jennie, works as an accountant and earns $25,000 annually. Their combined total annual income is $60,000. $60,000 Monthly Gross Income = 12 months = $5,000 $5,000 X 28 percent = $1,400 allowable for the PITI payment $5,000 X 36 percent = $1,800 allowable for the PITI payment and all monthly obligations. In summary the above couple qualifies for a house payment of up to $ 1,400, the lower of Ae two amounts. I Robert A. Rowell is manager of the Triangle Center Office of Wachovia Bank and Trust Co. in Charlotte. Braces For Children & Adults DR. PAUL A. McGILL, D.D.S., PA. "Practice Limited To Orthodontics" (704)375-7005 1404 Beatties Ford Rd. Northwest Gateway Professional Center Suite 200 • Charlotte, North Carolina 28216 '' ' i ' t /■ FOR THE BEST CAR DEALS... SHOP OUR CAR PAGES NOW! HAPPY 4TH OF JULY FROM THE STAFF OF CENTURY 21 HENNIGAN'S REALTY, INC. GREATER NEIGHBOR NORTHWOOD PARK 2 Homes For Sole Lots For Sale - Plans Available Agent on duty every Saturday from 3-5pm for additional information 334-1060 Put your trust in Number One.' Onluijc, CKMeCnCwyli RraiiiMxwCtirpurationMiruMcx-turihr SAK • afirf*iridrm*riuaC«Mtiry 21 Krai EalairLurpuraiMn Eeitfl HuuMne # EACH omcc ts tNDCrCNDCNTLY OWNED AND OPERATED Hehniganls Really, kic. 709 Royal Court* Charlotte,NC 704/334-1060 Does Your Child suffer with headaches Avoid the September Rush! Get Your Back To School Eye Exam Now! Dr. Paula R. Newsome -■.n.. 1812 Lyndhurst Ave. •Save Time •Save Money •Have Your Child's Etye Health Examined •Children's School Performance Improves with good eye sight 375-3935 375-EYE-5 Present this coupon & recieve most Designer 20% Off frames Offer ErtendedtUl Aug 30th TOUVOlKHARDim TOURMOSlEy NOW LETTOUR MOSEY sjORK HARDratrou As your savings grow at Wachovia, so do your choices of ways to save. And no matter what you’re saving for — college expenses, a car, or to buy something spe cial — a Personal Banker can help you find the best way for your money to grow. overdraft protection for your regular checking account. Save Automatically, A Statement Savings Account Is A Great Way To Start. The perfect way to start putting money aside is with a Wachovia Statement Savings Account. You can open the account with any amount, start earning interest immediately, and deposit or withdraw any amount. You can also use this account to provide Once yoii^ve started a Statement Savings Account, you can save more conveniently with Save-O- Matic, a free service that auto matically transfers money from checking to savings. You choose the amount and frequency of the transfer. draw cash, make deposits, and check balances anytime day or night, 7days a week, at any Teller II? Your BanWng Card also puts you in touch with Quick Access 24? a free telephone service that keeps you up-to-date with your accounts from anywhere in the country, day or night. You can invest in a Wachovia CD. Plus, get cash anytime you want with a Wachovia Banking Card. With a Statement Savings Account, you’ll automatically get a free Banking Card that lets you with- For as little as $500, you can enjoy the security of putting your savings in a CD, a safe way to earn a high yield on your money. Giving you many ways for your money to work hard for you. That’s The Wachovia Way. SM THE WACHOVIA WAT Wachovia Bank & Trust .Member FDIC iii
The Charlotte Post (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 13, 1989, edition 1
3
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75