$1 Property Before and After
Thanks to Mayor Driscoll's $1 Property Program, this house on the city's
Westside, which sat vacant for years, is now in the hands of
a new homeowner. By being able to purchase the home for $1, Home
HeadQuarters was able to make more effective use of funding for
extensive rehab.
A Few Thoughts on CRA
- Sharon Owens, HomeOwnership Center Director
When there is a crisis like
the current economic challenge, human nature unfortunately resorts
to the blame game.
The most recent target in the
blame game is the Community Reinvestment Act (CRA). The CRA is
a landmark law passed in 1977 to help rebuild communities by
requiring banks to lend, invest and open branches fairly in all areas
where they work. Before the CRA, certain areas were often abandoned
by lending institutions and in some instances redlined, a discriminatory
practice of denying people the opportunity to obtain loans for a home
purchase or to start a small business based on where they lived or
where they wished to purchase.
Blaming
CRA for our current economic troubles does not make sense. CRA
does not require the banks to make loans, it requires banks to apply the
same lending standards to everyone equally and fairly, consistent with
safe lending practices. CRA also applies only to Federally-regulated banks,
institutions that operate under more supervision and have significantly
lower mortgage defaults than non-regulated lenders.
CRA has proven throughout
the nation and here in Syracuse to be an effective community
revitalization tool. CRA investment from local lenders in Home HeadQuarters
and other housing organizations helps support the programs and activities
that empower consumers to protect themselves from the very lending practices
that have resulted in the economic crisis we find ourselves in now.
Tammy Randall - On Her Way to Homeownership
Tammy Randall knew it wasn't going to be easy, but she didn't
expect the homeownership process to take quite as long as it has. For more
than two years now, Tammy has been working with HomeOwnership Center staff
and housing counselor Maria Maldonado to get her financial situation in
the best possible shape before she puts in an offer on a home.
"It's
always been my dream to own a home, but I want to do it right. I will be
successful at this," says Tammy, a mom and local business owner.
HomeOwnership
Center staff has helped Tammy on budgeting including putting aside
money today for future investments like a home, school for the kids and
retirement. By everyone's estimations, Tammy should be mortgage-ready by this
time next year.
"Home HeadQuarters has helped me stay motivated and
made sure I think about stuff more before jumping in," says Tammy. "They're
patient and not willing to give up on me -- I know they'll help
get me there!"
Thank You!
Andrew Cherock and Gregory Fitts from Wells Fargo Home Mortgage present
HomeOwnership Center Staff with support for Homebuyer Education.
Representatives from Cooperative Federal Credit Union,
Empower Federal Credit Union, ACMG Federal Credit Union and AmeriCU spent
Federal Credit Union Day helping to clean up and landscape a $1 Property
on the Westside of Syracuse that Home HeadQuarters is preparing for a new
homeowner.
