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

News Now LiveWire

HR 3606 (CARD Act 21-day rule fix) signed into law by president, as was the homebuyer tax credit extension 1 day ago

Scam warning: Kennedy Space Center FCU members being targeted via phony text messages by ID thieves in Florida. http://ow.ly/zWCE 1 day ago

Financial Stability Improvement Act markup, which began today, will continue after Vets. day, Hse. Fin. Svcs. Chair Barney Frank says. 1 day ago

In Mon NN: 24 SE Wisc. CUs will now have control of $71.5M in loans and lender-owned homes after Central States Mtge went into receivership. 2 days ago

Detroit Edison Credit Union and NuUnion Credit Union announce their intent to merge http://tinyurl.com/y8bslvg 2 days ago

Sign up; more tweets...

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.



SEARCH Headlines Washington CU System Market Products & Services Consumer Print Today’s News Photo Gallery Videos Monthly Top 10 Archive Headlines via Email Enter your email address: text or HTML RSS Feed What is RSS? Contact News Now
	News Now LiveWire HR 3606 (CARD Act 21-day rule fix) signed into law by president, as was the homebuyer tax credit extension 1 day ago Scam warning: Kennedy Space Center FCU members being targeted via phony text messages by ID thieves in Florida. http://ow.ly/zWCE 1 day ago Financial Stability Improvement Act markup, which began today, will continue after Vets. day, Hse. Fin. Svcs. Chair Barney Frank says. 1 day ago In Mon NN: 24 SE Wisc. CUs will now have control of $71.5M in loans and lender-owned homes after Central States Mtge went into receivership. 2 days ago Detroit Edison Credit Union and NuUnion Credit Union announce their intent to merge http://tinyurl.com/y8bslvg 2 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
	Copyright © 2009 - Credit Union National Association, Inc.

More CU/System