Housing Giants - April 24, 2008 - (Page 18)

WORKFORCE American Sunrise Homes are making 319 homes available for prices ranging from $72,400 to $108,400. New Era provides the first large-scale homeownership solution for working families in the area. Thanks to this collaboration, homes are available now for low- to moderate-income working families in a unique partnership that allows families who don’t meet the stringent requirements for traditional home loans. The difference we underscore is that their homeownership rests on terms they can actually afford. The plan gives purchasers the opportunity to move into their homes immediately while repairing any outstanding credit issues and/or qualifying for third-party financing. And meanwhile, they learn to be homeowners and good citizens. This out-of-the-box partnership comes in light of the current subprime crisis and credit crunch. Along with our partners, CityView has worked for the past year to find a way to bring the dream of new housing within reach of working families rebuilding their lives in the face of the credit crisis in mortgage financing. For the first time since Hurricane Katrina, this community has mortgage terms that are fair and realistic within their reach. 18 HOUSING GIANTS.4.24.08 This partnership marks the beginning of a historic new era in New Orleans. HG Richie L. Butler, CityView partner and senior vice president, national development, oversees investment activities in 45 states. He has more than 13 years of real-estate development and finance experience. HOW DOES A NEW ERA WORK? Getting involved in a New Era program is possible for low- to moderateincome working families, but it takes commitment. Financial requirements include a credit score of 500-plus, being employed continually for two years and not having declared bankruptcy in the past six months. A New Era participants also have to partake in a support structure that includes financial counseling sessions and monthly home inspections. It’s not easy, but the payoff is a home for $72,000 to $108,000; at The Gates on Manhattan, which is part of A New Era, a monthly lease for a twobedroom home around 900 square feet is about $780. Comparatively, the savings is huge. According to New Era, a three-bedroom apartment in New Orleans went for $868 a month before Hurricane Katrina. After? People expect to pay $1,271. WWW.HOUSINGGIANTS.COM http://www.americansunrise.org/American%20Sunrise/Home.html www.cityview.net http://WWW.HOUSINGGIANTS.COM

Table of Contents Feed for the Digital Edition of Housing Giants - April 24, 2008

Housing Giants - April 24, 2008 Contents Viewpoint News and Moves Sell Workforce Housing The New Housing Demographics

Housing Giants - April 24, 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.