CUNA News Now: Self-Help plans to buy foreclosed homes

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CHARLOTTE, N.C. (5/8/08)--A community development organization affiliated with Self-Help CU in Durham, N.C., is working to stabilize a troubled Charlotte neighborhood, Peachtree Hills, by purchasing, improving, and re-selling its foreclosed homes.

The program is being implemented by the credit union's development entity, Self-Help Community Development Corporation. Its financing is through the Self-Help Ventures Fund. Self-Help CU is an entity under the Self-Help umbrella but not directly involved in the initiative.

The program aims to "help a neighborhood that should not be in such distress," Evan Covington-Chavez, Self-Help CU director of real estate development, told News Now.

If Self-Help's program works, the city of Charlotte will not have to invest in a long-term revitalization project for the neighborhood. The city already has such projects in several downtown neighborhoods.

Peachtree Hills was built five years ago. Despite its youthful age, it "looks like an older neighborhood," Chavez said.

Peachtree homes originally were sold for about $100,000. Now, the foreclosed properties are valued at about $70,000.

The vacated homes also have been easy targets for vandals. "There are windows broken and doors beaten in," Chavez said.

Self-Help hopes to purchase up to 25 of the foreclosed properties, although the exact number will depend on market circumstances. It also plans to offer a lease-to-purchase option for potential homeowners after the homes have been fixed up, Chavez said.

Although it's still early, Self-Help hopes to "see the effects of acquiring properties in the neighborhood" within a year, she said.



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	News Now LiveWire Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 12 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 13 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 17 hours ago NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 4 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 4 days ago Sign up; more tweets... Self-Help plans to buy foreclosed homes CHARLOTTE, N.C. (5/8/08)--A community development organization affiliated with Self-Help CU in Durham, N.C., is working to stabilize a troubled Charlotte neighborhood, Peachtree Hills, by purchasing, improving, and re-selling its foreclosed homes. The program is being implemented by the credit union's development entity, Self-Help Community Development Corporation. Its financing is through the Self-Help Ventures Fund. Self-Help CU is an entity under the Self-Help umbrella but not directly involved in the initiative. The program aims to "help a neighborhood that should not be in such distress," Evan Covington-Chavez, Self-Help CU director of real estate development, told News Now. If Self-Help's program works, the city of Charlotte will not have to invest in a long-term revitalization project for the neighborhood. The city already has such projects in several downtown neighborhoods. Peachtree Hills was built five years ago. Despite its youthful age, it "looks like an older neighborhood," Chavez said. Peachtree homes originally were sold for about $100,000. Now, the foreclosed properties are valued at about $70,000. The vacated homes also have been easy targets for vandals. "There are windows broken and doors beaten in," Chavez said. Self-Help hopes to purchase up to 25 of the foreclosed properties, although the exact number will depend on market circumstances. It also plans to offer a lease-to-purchase option for potential homeowners after the homes have been fixed up, Chavez said. Although it's still early, Self-Help hopes to "see the effects of acquiring properties in the neighborhood" within a year, she said. Self-Help plans a ribbon-cutting ceremony for the program this summer. Resource Links Mortgage Lending Resources Home & Family Finance Resource Center More CU/System
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