Share Your CRA Success Story and Win a Digital Camera!

32 Responses to “Share Your CRA Success Story and Win a Digital Camera!”

1. Laura Says:
   April 20th, 2009 at 3:41 pm

   “Carter” and his wife came come to Los Angeles to visit and stay with his dying father. Prior to his visit, Carter said that he did not have contact with his father. “Carter” was upset because his father promised him and his wife a place to stay, temporary work, and tickets home. “Carter’s” mother who was financially struggling paid for the couple’s bus tickets so that he could be with his father before he passed away. Unfortunately, “Carter’s” father’s promises were not realized and they were stranded in Los Angeles. “Carter” and his wife were robbed twice: once on the bus ride to Los Angeles and once while they were asleep on the beach. A local church provided the couple with a one night hotel stay.
   The next day they came to Travelers Aid, escorted to the office by one of the TASLA volunteers at LAX. “Carter” and his wanted to go home to Thibodaux, Louisiana. The Caseworker assisted them with contacting their family, verifying a place to stay, and to seek financial assistance for their bus tickets home. The Caseworker confirmed that they could stay with “Carter’s” mother-in-law and that they would be picked up when they arrived in Louisiana.
   Unfortunately, they did not have a lot of money, nor any family or friends that could assist them, financially. “Carter” had $44, of which he contributed $20 towards their tickets. Travelers Aid assisted with the remainder of the cost of their discounted tickets. Since the bus did not leave until the following morning, TASLA provided them with a hotel voucher for the night. The Caseworker also gave them bus tokens to get their belongings from “Carter’s” family’s house and to get to the bus depot.

   Laura Kassebaum, MPH, CHES
   Director of Social Services
   (323) 644-3500, ext. 15; laura@tasla.org
   Travelers Aid Society of Los Angeles
   http://www.tasla.org

2. Laura Says:
   April 20th, 2009 at 3:42 pm

   “Scott” was working in Wisconsin on an assembly line receiving minimum wage. One day on his way home from work, he saw a newspaper ad promising big money–more than he was currently making—for a job in Los Angeles. “Scott” went home and sat in his room and wondered how he was going to convince his father that this was a great idea. “Scott’s” father was surprised and tried to talk him out of it. “Scott” was determined to give it a try. His family, who had always been supportive, finally agreed to let him try—after all, he is an adult, received his GED, and interested in working.

   “Scott” came to California and was so excited about this opportunity. He called his father and told him how nice it is in Los Angeles. His father was concerned about where “Scott” was going to stay that night, but “Scott” reassured him he would be ok. “Scott’s” job fell through and wasn’t at all what he expected. He spent about one month in a Los Angeles shelter. During that time, he missed his family and wanted to return to the comfort of home and even to his job.

   “Scott” learned about Travelers Aid from another organization, which helped pay for his return ticket. The Caseworker contacted his father, who was excited to have him return. While he was waiting to leave Los Angeles, the Caseworker assisted “Scott” with compiling his first resume, establishing a new email account, and discussed the possibility of returning to school and volunteering when he got back home to Wisconsin. “Scott” was glad he stuck it out and felt that the TASLA staff was encouraging. “Scott” headed home with more than the lessons he learned from his experience, but now has the tools to move forward.

   Laura Kassebaum, MPH, CHES
   Director of Social Services
   (323) 644-3500, ext. 15; laura@tasla.org
   Travelers Aid Society of Los Angeles
   http://www.tasla.org

3. Laura Says:
   April 20th, 2009 at 3:43 pm

   The voice on the phone was of a woman crying. “Betty” said she and her 14 year old son, “Sam”, were about to be homeless on the street. “Sam” had started hanging out with some guys who she felt were not very trustworthy. “Betty” explained that she loved her son and didn’t want to see anything bad happen to him. “Betty” decided to send “Sam” to her sister’s house in Texas where she thought he would be safer. “Sam” had never met his Aunt, but he was willing to go to Texas if it meant that he didn’t have to go to a shelter.

   “Betty” had obtained a full time job a few days before this happened, and she wasn’t sure what do at this point. She was hoping she would be able to qualify for some assistance from Travelers Aid to send “Sam” to her sister’s house. She trusted that her sister would take care of him as one of her own. “Betty” had never been separated from her son, but she wanted the best for him.

   One week after “Betty” decided to send “Sam” to her sister’s house, she thought about going along rather than staying here and worrying about him. She came to TASLA to discuss her options. “Betty” explained she was on Section 8, which was about to be awarded in early October. She and her caseworker discussed other benefits that “Betty” and her son could receive if they stayed for a couple more days. TASLA called a local youth shelter to arrange a safe place for him to stay. That afternoon, “Betty” went to interview for a housing program that would be good for 6 months. TASLA gave her tokens to get to the interview. She was also given a 3 day hotel voucher in case she didn’t get into the transitional house. “Betty” got into the program, got her job back, and was glad that she didn’t have to be in California without her son.

   Laura Kassebaum, MPH, CHES
   Director of Social Services
   (323) 644-3500, ext. 15; laura@tasla.org
   Travelers Aid Society of Los Angeles
   http://www.tasla.org

4. kricci Says:
   April 21st, 2009 at 3:07 pm

   Rico Mexican Market

   Bringing Delicious Authentic Mexican
   Food to Salt Lake City

   “Beans Are Our Business”

   When Jorge Fierro came to the United States from Mexico, he was less than impressed with the Mexican food he found available in local grocery stores. He recognized a niche that needed to be filled providing fresh beans and other products authentic to Mexican cuisine. In response, Jorge started Rico Mexican Market in the summer of 1997 by selling freshly cooked pinto beans at the Downtown Farmer’s Market. The business consisted of a simple cardtable for displaying beans, sample recipes made with the beans and two coolers to keep the product fresh. Before long, he had loyal group of customers and decided to turn his small business dream and into a reality.

   In October of 1997, Jorge and his partner, Karin Palle, secured a $10,000 Utah microenterprise loan to fund packaging and labeling for the manufacture, distribution and retailing of Rico “De La Olla” Pinto Beans. Rico Manufacturing and Catering is located at 545 West 700 South in Salt Lake City and after 11 years of hard work, the business has now grown to employ over 50 people and will top $3 million in sales for 2008.

   Rico’s carries over 125 different food products, 37 varieties of burritos and distributes to over 35 establishments throughout Salt Lake and Park City. In 2004, they moved to a 11,000 square foot facility, at 545 West 700 South in Salt Lake City, with two kitchens - one for manufacturing and one for catering. Their product line includes burritos, tacos, tamales, enchiladas, relleno, salsas and more – all featuring fresh ingredients. Many products are even personalized to the particular tastes of the customer.

   Rico Mexican Market also offers Mexican decorations, piñatas, Mexican cheeses and chorizo, juices, sodas, moles, spices and specialty items to compliment their cuisine. They even carry Mexican/Latin American artwork.

   You can reach Rico Mexican Market by calling (801) 433-9923. Be sure to stop by and sample the delicious variety of creamy salsas or treat your children to their fresh 6-ounce burritos. Ask Jorge about how the Utah Microenterprise Loan Fund believed in him and helped him achieve the American dream of owning his own small business.

5. BarryZadworny Says:
   April 24th, 2009 at 12:11 pm

   Roma Bank, a $760 million mutual thrift institution based in Mercer County, New Jersey, was founded in 1920 by a group of Italian immigrants who settled in the Chambersburg section of Trenton. They formed the Roma Building and Loan Association. The object of the founders was simple: to encourage the promotion of savings and use the deposits to make mortgage loans to its members and the community.

   After the Community Reinvestment Act became law, Roma Bank took the bold step of assigning priority to CRA compliance. Rather than complaining about CRA rules and the burden of compiling extensive compliance documentation, Roma Bank took the position that the law was not going to go away and financial institutions had to learn to integrate the CRA and its supporting regulations into everyday operations. From the beginning, the goal of Roma Bank was to strive for nothing less than an outstanding CRA rating.

   Since the early days of CRA, Roma Bank’s CRA Committee — consisting of the bank’s president, chairman of the board, two senior vice presidents, the vice president of lending, and the supervisor of mortgage servicing — has met as often as necessary and at least quarterly. The thrust of the committee’s work has been to develop new and innovative approaches to providing CRA products and services. The bank also uses the talents of its marketing department to promote community awareness of its lending and savings products.

   The CRA committee of Roma Bank embraces the use of loan geocoding to track changes in lending patterns. Roma Bank generates quarterly data that contain the number and dollar amount of loans originated in the bank’s CRA-defined assessment area of Mercer County and northern Burlington County. These data are compared against the results of lending patterns generated by the CRA compliance examiners of the Office of Thrift Supervision (OTS). If the data point to an adverse change, the CRA committee discusses potential ways of addressing it.

   The key to a successful CRA compliance examination and an outstanding rating is innovation. For example, Roma Bank was the founding Mercer County member of a First Home Club (FHC) that was developed in partnership with the Federal Home Loan Bank of New York (FHLB-NY). The FHC matches savings deposits made by qualified participants on a three-to-one basis up to $5,000. The FHC’s objective is that savings deposits coupled with the FHLB-NY matching grants will generate sufficient funds to be applied toward a first-time purchase of a home.

   Since the inception of the FHC in 2001, Roma Bank has made 23 home-mortgage loans totaling $1,842,000 to 23 first-time home buyers. Another 46 active participants are in various stages of the application process. While the dramatic rise in housing prices has become a formidable barrier to pre-qualifying participants in the FHC, Roma Bank eases some of the financial burden by waiving the mortgage-application fee and assuming a portion of the application expense, such as the cost of the appraisal.

   Roma Bank has established a specific set of lending guidelines that include extended repayment terms (provided the term does not exceed the estimated useful life of the asset securing the loan), reduced debt coverage ratio for owner-occupied property (occupancy of the property by the owner is at least 51 percent), and consideration of start-up financing for small, women-owned, and minority-owned businesses located in low- to moderate-income communities.

   Roma Bank deems it important that start-up businesses have a sound business plan, the principals have a stable and continuing history of employment or experience in a similar or related field with the ability to generate income sufficient to service debt, and the loan is collateralized. Graduation from an entrepreneurial training program recognized by the bank is a positive compensating factor for limited history of employment or experience. If necessary, Roma Bank may require the borrower to retain a business consultant and accountant throughout the life of the loan.

   Roma Bank has responded to the needs of Trenton’s Hispanic population by developing its mortgage application forms in English and Spanish and hiring a Spanish-speaking customer service representative in its Chambersburg office in Trenton.

   In another dimension of the bank’s community involvement, seven Roma Bank officers and directors are represented on nonprofit boards and committees, many of which directly benefit low- to moderate-income neighborhoods. The president of Roma Bank, New Jersey State Senator Peter A. Inverso, is also a board member of Angel’s Wings, a nonprofit that provides respite care for at-risk children under the state’s care.

   Rising house prices have contributed to a slowdown in new home purchases in all of Roma’s assessment area. The challenge is to develop strategies to maintain the bank’s market share in new loan originations, especially in loans secured by residential housing units in low- and moderate-income neighborhoods. This challenge is one that confronts almost every financial institution located in a major urban market. Through its CRA committee, Roma Bank will continue to seek innovative CRA lending opportunities.

   Barry Zadworny
   Senior Vice President and CRA Compliance Officer
   Roma Bank - http://www.romabank.com

6. MrAggieUSA Says:
   April 27th, 2009 at 3:17 pm

   I am an architectural engineer; I guess you could say that I am knee deep in the housing crisis, whether on a professional or personal level. It has certainly provided many challenges to those, much like myself, who are concern about self as well the community we live in call planet earth.

   While very concerned about my individual projects, I thought it would be helpful to contributed on a positive note, with personal involvement, in the CRA struggle.

   On you tube;http://www.youtube.com/watch?v=XuXcVI_6LKg,
   I placed a video of pictures that I captured while protesting at the headquarters of Fannie Mae with NACA, at the height of the economic melt down.

   It is a matter of a lot of good people trying to affect the very important decisions on the American dream. It is truly astonishing in this day and time to hear the discussion that “some” people should not be allowed to participate, and that the whole crisis hinged on them receiving what we know now as bogus loans. Well that might explain the 15 to 20% of the defaults, but what explains the 40 to 1 leverage business model that the financial moguls were using to manipulate the whole system.

   So, on a very bright day, 200 people and I protested the business as usual …. Foreclosure process. Will there ever be fairness for affordable housing? I personally do not know, but I think everyone on that day gained insight on the very power that is within them as a whole.

   It seems working towards a common goal, or this case the American dream, is a very portent weapon against those who work in the shadows of a changing world, we call the CRA community.

7. Linda Irvin-Craig Says:
   April 28th, 2009 at 9:14 am

   The Community Reinvestment Act means many things to an organization dedicated to solving some of the knottiest problems in the development of housing that is affordable for low-to-moderate income families.

   And, by “many,” the first would be the “many” possible sources who might respond in a region served by numerous financial institutions. This group of many, though, has to make up for the fact that rural areas have few native foundations that can make significant contributions and housing has become defined by geography, i.e. the proximity to foundation headquarters.

   While Interfaith Housing Alliance has several small to medium cities in its service region, the majority of the “many” communities it serves are small towns with small staffs. These communities do not have the resources to address some of their own housing needs and have come to understand that IHA will partner with them to find the resources to develop that empty property on the edge of town, or in the middle of an abandoned shopping center, for seniors or to rehabilitate a block of row houses in the center of town for struggling, first-time home buyers.

   The other major “many” for IHA is that solutions vary. Few small towns mirror their neighbors and so, to serve a rural region, flexibility rules. (Although, one current common thread is the aging population, which is also experiencing a downturn in income through pension cuts or losses.) Two of our “on-the-drawing-board projects” address this growing need for two small towns we are just getting to know.

   So…hurray for the many partners, large and small, we have had and continue to have: Bank of America, BB&T, Citigroup, First Data Merchant Services, F&M Trust, Frederick County Bank, Hagerstown Trust Company, M&T Bank, PNC Bank, Provident Bank, Regal Bank, Sandy Spring Bank, Sovereign Bank, Sun Trust Bank, Susquehanna Bank, Wells Fargo and others who have disappeared into mergers with those above.

   Augmenting government program monies, which never cover the whole cost of a project, with these many and multi-year private donations has produced more than 1000 units of housing of many types that serve nearly four times that many people. All developed in just over 17 years of production or 44 projects in 19 communities in Western Maryland and South Central Pennsylvania.

8. amycasciani Says:
   April 30th, 2009 at 3:26 pm

   I am an affordable housing developer for an upstate NY non-profit. One of our divisions which provides emergency housing asked me to develop an emergency housing project. The property we identified was owned by a bank. The Bank’s original intention was to expand utilizing this property but with time found that the need was not there. After many discussions with the bank’s CRA officer the bank worked with us to develop a plan enabling us to aquire the property and rehab it to fit our needs. Becuse of CRA, the acquisition cost for the property was established based on a realistic operating budget for an emergeny shelter. The balance of the appraised value was then in the form of a donation from the Bank. This project has been a win, win for all!!

9. lorasilver Says:
   April 30th, 2009 at 4:31 pm

   FUELING REVITALIZATION
   Teresa Olivas
   Owner, Heavenly Brew

   “That’s why I named my business Heavenly Brew, because it was like a blessing to me.”

   Three months shy of retirement and guaranteed medical benefits for life, Teresa Olivas was devastated by a sudden employment cutback in 2007 that severed her 30-year history with a high-tech firm as an engineering technician. This 56-year-old California native was in good company, as Silicon Valley’s unemployment rate now soars over 10%.

   Less than one year later, Teresa had accessed the capital and support she needed to establish her business. Teresa approached the National Hispanic University to open her gourmet coffee kiosk on campus, and Heavenly Brew is now a popular rest stop for students and the adjacent community. Teresa’s ambitions are set on expansion in order to create high-quality jobs for other disadvantaged women and continue to revitalize the neighboring east-side Alum Rock area of San Jose.

   Following her abrupt layoff, Teresa enrolled in a rigorous 11-week course at the Women’s Initiative for Self Employment. Women’s Initiative’s San Jose business center and incubator site provided a holistic, step-by-step approach and equipped Teresa with the skills and means to make her dream a reality. She participated in training in marketing and management, wrote a strategic business plan, and consulted with an experienced business coach for some desperately needed self-esteem sessions.

   For Teresa, like many women, obtaining start-up capital for her business served as the key obstacle in creating her business. Fortunately, she received a seed loan from Women’s Initiative that propelled her business into high gear. With a $2,000 seed loan in 2008, Teresa purchased the coffees, chips and cookies needed to open her business.

   Teresa’s loan was possible because of Comerica Bank’s leadership in innovative banking and outstanding CRA performance. Just two years prior, Comerica Bank made the leading investment in Women’s Initiative’s revolving microloan fund, essentially doubling the loan pool. This enables Women’s Initiative to pursue its unique and proven relationship-based model and extend financial access to women whose life stories all too often include domestic violence, homelessness, poor or no credit history, language barriers, and substantial debt.

   Women are the first to lose their jobs in this recession, and Teresa Olivas was no exception. CRA turned her life around, and through Comerica’s pioneering partnership with Women’s Initiative, many low-income, “unbankable” women like Teresa will weather this economic crisis, become financially independent, and rejuvenate our local economies.

10. admin Says:
    May 1st, 2009 at 10:17 am

    We began this journey in November 2007 with Dayton-Xenia Auto and have serviced over 30 families. There are two particular stories that stand out. Our first client was Kamilah Williams. She is a single mother with three children. She is also a full time student with a 3.5 GPA. She was in need of a car for her family and for school. She became a CDCRC Financial literacy client in October and has completed 2 courses in increasing her income. By purchasing a car she is able to work a steady part time job and get to her classes on time each day. Once she completes school she will go into the field Nail technician. She purchased a 96 Ford Contour on December 15,2007 at Dayton-Xenia Auto and is very happy and pleased with the service she received. Ms.Williams states she has never had an agency take so much interest in improving her life and the lives of her children like the CDCRC Inc. Her next goal is to purchase a home for her and her babies after graduating college.

    Our next success story is Serena Dudley. A self-employed stylist from Dayton. She is a DMHA resident and works full time at a local salon. She is also a volunteer worker for the YWCA women’s program. She began her journey with the CDCRC in October 2007. She has completed 3 classes of financial literacy and has begun to increase her income and credit. She purchased her car (a 97 Subaru Legacy) in December 2007, through our (CDCRC) relationship with Wright-Patt Credit Union. She is not only getting a dependable car but she is also re-establishing her credit with creditable financial institution. Ms.Dudley states that the CDCRC and Dayton-Xenia Auto took the time to help empower her on changing her financial status. And that she is grateful to be a success story that overcame so many financial obstacles. Her next goal is to own her own business and to publish a book on how to overcome obstacles.

    Both women are an excellent example on how to empower people with low to moderate income to change their financial status with dignity and respect. Plus they have learned that it’s possible to move ahead with instructions on how to fish and on how to buy the whole pond.

    Posted on behalf of:
    Agaytha B. Corbin, CDCRC Inc.

11. yevette Says:
    May 1st, 2009 at 10:56 am

    MAJOR FDIC INSURED MONEY CENTER FINANCIAL INSTITUTION
    PARTNERS with MAJOR NOT-FOR-PROFIT and SMALL BUSINESS IN CHICAGO

    The Situation:
    Dudley Beauty School in Chicago found itself outgrowing their current facility. The search for a new location discovered an abandoned police station in an underserved community on Chicago’s south side.
    The Plan:
    Dudley Beauty School requested and received funding from Harris Bank to purchase and renovate a former police station. The relocation plans were incomplete. Dudley needed additional financing for machinery and equipment. CEDA was approached by the school for gap financing. CEDA is a large community action agency that has a CDFI. CEDA’s CDFI manages three loan funds. Dudley Beauty School was able to successfully complete their relocation because of the partnership between their bank and CEDA, a not-for-profit.
    Today:
    What was once an abandoned eye-sore in the community, is now a state-of-the-art building complete with parking lot for the students and faculty. Dudley’s expansion provides more career opportunities for students to become credentialed/licensed cosmetologists. The cosmetologists are now opening their own shops creating additional jobs in the community.
    Testimony:
    Celebrity Stylist, Johnny Wright, is a graduate of Dudley Beauty School. Once a student, Johnny became a small business owner creating jobs for other stylists. Mr. Wright received the Celebrity Stylist Award from American Health and Beauty Aids Institute (AHBAI) in April 2009. Most notably, he is the premiere stylist for our nations’ First Lady, Michelle Obama.

12. yevette Says:
    May 1st, 2009 at 11:00 am

    yevette’s community action agency:
    CEDA
    Community and Economic Development Assoc. of Cook County, IL
    http://www.cedaorg.blogspot.com

13. admin Says:
    May 1st, 2009 at 1:26 pm

    In the mid 1990s, changes to the Community Reinvestment Act set off a series of community reinvestment agreements between Chicago-region community reinvestment advocates and the City’s largest financial institutions. One of the earliest of these agreements in Chicago was negotiated by Woodstock Institute and the Chicago CRA Coalition during the acquisition of First Chicago NBD by Bank One in 1998. The agreement resulted in a commitment from Bank One to carry out a pilot of a “second chance” checking product that was eventually expanded successfully to all of Bank One’s markets.

    Before free checking was standard industry practice, a basic transaction account with few or no fees was something offered only to a bank’s most profitable and creditworthy customers-locking millions of low-wealth households out of the mainstream banking system. By 1998, with more and more employers offering direct deposit, and fewer financial institutions willing to cash checks for non-customers, a basic transaction account was a necessity.

    The announcement that the Columbus-based Bank One would acquire Chicago’s then largest depository, First Chicago NBD, provided a window of opportunity for advocates to push for more inclusive account opening standards and ensure that basic checking accounts were available to the greatest number of low-wealth people possible. The Chicago CRA Coalition, convened by Woodstock Institute, led this effort and worked with Bank One to develop a series of written, verifiable community reinvestment goals. At the top of the list for Woodstock and the Coalition was the establishment of modified checking requirements that would make it easier for low-wealth people to open accounts. After months of tense negotiations between representatives of Chicago’s affordable housing, financial education, and economic development community and senior representatives of First Chicago, an agreement was reached in Fall 1998.

    While the agreement also set strong goals for mortgage and small business lending, one of the key commitments the Chicago CRA Coalition received from the bank was the launch a pilot program to test more inclusive criteria for new checking accounts. Dubbed the “Alternative Banking” program, these new standards allowed borrowers with no credit history or a past due account to open a checking account. If approved using the Alternative Banking criteria, the bank agreed to reduce the initial deposit from $100 to $10. To address the bank’s concern about the risk of bad checks, funds availability was reduced from $500 per day to $50 per day for newly deposited checks. If a customer remained in good standing for 12 months, the bank agreed to graduate them to a standard account.

    The bank’s existing disclosures were insufficient to effectively communicate these conditions to an unbanked or previously banked audience. To develop new disclosure materials, the Chicago CRA Coalition requested that the bank work with an expert with experience working with an unbanked audience. The bank agreed, and, in consultation with the bank’s legal department, the expert helped develop disclosure materials readable at a sixth grade level, in place of the bank’s existing materials developed at the post-high school reading level.

    In Spring 1999, Bank One launched the “Alternative Banking” pilot in three Chicago communities––Englewood, Logan Square, and North Lawndale. The Chicago CRA Coalition and the bank chose these communities based on estimates of the number of unbanked customers and potential support from the bank manager––a factor both sides recognized was critical to the pilot’s success. To market the pilot, the bank provided grants to several community-based organizations. These organizations also provided direct financial education training to potential customers and worked with them to understand the account disclosures and statements.

    Four years later, the Chicago CRA Coalition revisited the “Alternative Banking” criteria and its effectiveness in extending affordable checking accounts to previously unbanked people. During the renegotiation of Bank One’s CRA commitments as part of its merger with JP Morgan Chase, bank staff recognized the original pilot’s success in changing the way their checking accounts were priced. The bank also noted that most of the new customers acquired through the pilot maintained healthy account balances and, through cross-selling of additional products, established profitable, long-term relationships. By 2004, the “Alternative Banking” credit check criteria had been adopted throughout Bank One’s national branch network and the once-standard $100 initial deposit had been waived for all customers with direct deposit.

    Woodstock Institute and the Chicago CRA Coalition, now expanded statewide and re-launched as the Illinois Community Investment Coalition, continue to convene community stakeholders, bankers, and regulators to hold banks accountable for their services and lending practices in low-wealth communities.

    Posted on behalf of the Woodstock Institute:
    http://www.woodstockinst.org
    Contact:
    Tom Feltner
    Communications Director
    tfeltner@woodstockinst.org

14. Bdgroup Says:
    May 1st, 2009 at 3:34 pm

    OUT OF THE WOODSTOCK WILDERNESS AND INTO A HOME OF HER OWN!

    From Section 8 vouchers to private homeownership is a long, steep climb, especially when you get cancer and your mother dies! But for Vivian Pummill, who completed that journey on New Year’s Day, perseverance paid! Pummill spent the first day of this New Year moving into her own home starting a whole new chapter in a story that began four years ago with a homeownership class at the Rural Ulster Preservation Company (RUPCO) in Kingston, NY.
    “I started with prayers,” says Pummill, who also admits to believing in miracles. But once I took the class, I knew that someday I would own a home. Pummill was struggling - renting a 350 square foot cabin that required incredible creativity just to pump the water. Sub-standard housing at its worst. Mold, falling ceilings. Pummill really struggled. But in the class, she found people willing to help and off she went.
    Pummill started saving, but there were setbacks. Just when she thought she had it made, the housing market skyrocketed and the bar Pummill had to hurdle moved out of reach. Adding in a bout with cancer and the death of her mother, it was a long four years. “But I never wavered, I always knew that one day, I would make it. You have to get up every single day remembering that if you stay positive, things will work out.”
    Pummill is grateful to all who helped. “RUPCO’s Michael Berti was amazing, supportive and really excited for me. He and HomeOwnership Center Director Kathy Germain really helped with bankers who thought I might be taking on too much.”
    Steve Hack, CRA officer at Ulster Savings Bank said stories like Pummill’s are
    win-wins for everyone. “Ulster Savings Bank values its strong working relationship with RUPCO. We work as partners to provide programs for low to moderate households and neighborhoods. We also administer the First Home Club to provide counseling and $7,500 grants to income qualified buyers.”
    Hack said working RUPCO helped the bank exceed its CRA requirements. “They
    provide us with qualified home buyers who are purchasing within the bank’s CRA assessment area. We in turn, provide loan programs geared toward low to moderate income home buyers (lower rates, lower down payment requirements) while maintaining standard underwriting guidelines.”

    Posted by Rural Ulster Preservation Company - RUPCO
    http://www.rupco.org
    Joan Lawrence-Bauer
    bdgroup@catskill.net or
    jlb@rupco.org

15. UNITED HOUSING PROGRAM Says:
    May 1st, 2009 at 4:39 pm

    The difference between life and death, the difference between hope and despair, that is what CRA has meant to the thousands of our families. In the early 1990’s West Dallas was identified as one of the most impoverished areas of the United States. It had been plagued with decades of dilapidated led contaminated projects, an area of deteriorated sub-standard housing made from wood left over from the Trinity River bottom. The area was dominated by landlords who placed two or more families without proper documentation in less than 600 sq. feet bungalow type housing, charging them three times the market rent. No one dared to complain because the landlords had a pipeline to immigration officers, and they were called in anytime anyone said anything.
    West Dallas was a dumping ground, five minutes from downtown on the other side of The Trinity, the other side of the tracks where people did not go to, where police took over 30 minutes to respond to an emergency. It was the area where Bonnie and Clyde hid out. In the 80’s people still had out houses. Hard to believe five minutes away was the skyline of Dallas, the wealth of oil, and big money. West Dallas was a part of Dallas that was admittedly REDLINED. That was then.
    A group of women decided in the early 90’s that in order to create change they would have to think outside the box, go outside for help, be creative, and relentless, that is how Texas United Housing Program was formed. CRA provided the key to the change. We thought it was simple, just get people qualified for home loans, secure some land, start building houses and change would come. Not so. Dozens of families were qualified for home loans, builders wanted to build in West Dallas, but banks refused to lend money. We called in the press, got the Federal agencies involved, protested, and shined a light on the banks. It was because of CRA‘s regulations, and the media’s spotlight to it, that houses went up, homes were built, and neighborhoods were established. First came the houses, then came our families, and years later, then came new roads. We fought to get school buses down our streets. We fought to get new businesses and economic development. Because of our families needs for goods and services, Wal-Mart came, Lowe’s came, ten different restaurants, three banks, and a business and commercial shopping center came to West Dallas.
    Some of our families were third generation project based residents. CRA was a tool for them to break the cycle of perpetual dependency on tenancy and free themselves from the projects to gain financial and economic freedom. It gave their children hope. Now in our communities our children don’t talk about if they are going to college, but they talk about what graduate program they are going to. We have community centers, where the community gathers to talk about how to make their community a safer more decent place for themselves and how to provide the opportunity of home ownership to others.
    The people in the community have learned that there is power in numbers, and have learned the value of having your voice heard. In 2006 our families helped register over 2000 people, and helped get the people to the voting places on election days. Our families are taught to hold public officials accountable and to vote.
    When we were first started in the early 1990’s a group of us went to see some city council officials about our concerns of West Dallas. Some of our women in our group were legal residents, not US citizens. We brought our children along. One of the councilmen stated that West Dallas was not so important because after all the majority of the people there could not vote. One of our young girls walked out of that meeting, and said, even though my mother can’t vote now, I am an American citizen, and when I grow up, I will never vote for that council person.
    That young girl, qualified for a new home when she was 21 years old. Even though it took that young girl’s mother protesting the bank, bringing in Federal agencies to get her home, a decade later it took that young girl only three days to get approved for a home loan, and less than three months to move into a new home in West Dallas, right next to one of our community centers. West Dallas today is thriving with new homes, new streets, new businesses, a new generation filled with hope, dreams, and financial stability largely due to CRA.
    We have helped over 2800 families see their dreams of home ownership become a reality throughout the Dallas Metroplex, four different community centers. Our communities are 97% minorities, 51% African Americans, 46% Hispanics, and about 40% single moms. Our children learn to grow up together, play together, and work together. CRA has not only been a tool for building homes of brick and mortar, but it has been a tool for bringing all people together to breaking racial divides.
    unitedhousingprogram@gmail.com

16. mdc92002 Says:
    May 1st, 2009 at 5:00 pm

    For the past four years something very special has been happening in Baltimore. In the spring of 2006, the Baltimore CASH (Creating Assets, Savings, and Hope) Campaign, a coalition which focuses on economic stability and empowerment for working families, began hosting a free, financial fitness fair for the community called Money Power Day. What began as a small fair serving several hundred people has exploded into an annual, one-day event which now reaches over 1,500 low- and moderate-income Baltimoreans. At this year’s Money Power Day on March 21st, hundreds of individuals visited over 40 exhibitor tables, 90 individuals were screened for or received free tax preparation services, 150 people pulled their free credit report, 80 people received one-on-one financial counseling, almost 30 individuals received pro bono foreclosure consultations, numerous participants attended 15 different workshops on topics such as investing or home ownership, over 5,000 pounds of personal documents were shredded on-site, and 175 children and youth participated in a host of financially-focused activities. However, the Baltimore CASH Campaign knows that we would not have been able to offer a free event of this magnitude without the help, leadership, and support of many financial institutions. Because of their generous financial support - and because of the positive influence of the Community Reinvestment Act – it is the community that ultimately benefits from these remarkable nonprofit and for-profit partnerships.

    Monica Copeland
    Baltimore CASH Campaign
    monica@baltimorecashcampaign.org, 443-451-4067
    http://www.baltimorecashcampaign.org
    http://www.moneypowerday.org

17. trinity debt solutions Says:
    June 19th, 2009 at 12:00 am

    trinity debt solutions…

    Thanks for the information. Any other posts or blogs you can recommend on trinity debt solutions?…

18. fast credit repair Says:
    June 25th, 2009 at 6:25 pm

    fast credit repair…

    Categories- Common Questions (FAQ)- Legal Notice Articles & Editorials Backslider’s Corner/ a Basics of Raw Living Foods Books Cancers in General Detoxification & Internal Cleansing Dr. Flora van Orden III Environmental Issues Feedback- Creative Healt…

19. Condos Says:
    July 10th, 2009 at 9:06 pm

    Condos…

    Take advantage of this weak market while you can. I have been able to locate several condominiums at 40% to 75% below listing price, one in San Fran and another in Miami. The deals are good! The source I used to locate them is good….

20. fha home loans Says:
    July 25th, 2009 at 12:35 am

    fha home loans…

    You would be hard pressed to find a lender who will refinance your mortgage or give you a home equity loan on a home that is currently for sale. While lenders have different policies on the subject, a lender is going to be cautious about lending money …

21. trinity debt solutions Says:
    August 15th, 2009 at 1:00 pm

    trinity debt solutions…

    It looks like we have similar ideas on this subject….

22. Travel Visa Says:
    September 3rd, 2009 at 2:11 pm

    Travel Visa…

    WHo says the internet is full of garbage? Great post! Rock on……

23. consumer credit counseling service of maryland Says:
    September 15th, 2009 at 7:00 am

    consumer credit counseling service of maryland…

    I have been looking for a long time and found this post. Thanks a lot….

24. GoPiano Says:
    October 20th, 2009 at 4:13 am

    GoPiano…

    [...] Good piano performance. Thanks heaps for this!… if anyone else has anything it would be much appreciated. Great website http://www.de.Grand-Pianos.org Enjoy!…

25. Home Refinance Loan Says:
    October 30th, 2009 at 10:07 pm

    Home Refinance Loan…

    There are some secrets and straightforward tips buyers should be on familiar terms with before shopping for a house mortgage for Custer SD real estate. The primary, and most vital of these, is to carry out your research. House loans vary significantly …

26. Keith Says:
    November 5th, 2009 at 5:00 am

    Keith…

    Be sure to read Webmaster Book ( http://www.webmasterbook.net/ ) before writing your own comments!…

27. fha loan limits Says:
    November 18th, 2009 at 1:31 pm

    fha loan limits…

    It is being reported that American Home Mortgage will cease business today and is declaring bankruptcy. In the very near future Accredited Home Lenders will also probably file. Both cite recent losses and their inventories of less than high quality mor…

28. Short Refinance Says:
    December 1st, 2009 at 12:29 am

    Short Refinance…

    I like that price is adjusting but hoping for housing market collapse seems childish and dangerous, Bob. In 90s it was a struggle to get a job, many people I know was struggling. Japan is suffering with decreasing population (low birth rate) and depres…

29. Herbal Says:
    January 14th, 2010 at 10:01 am

    Colon Cleanse {Post|Article|Content}…

    Hi, i saw this really excellent colon cleanse related post today, I be happy if somebody finds it helpful….

30. Using a rebounder to cleans Says:
    April 24th, 2010 at 3:31 am

    Using a Rebounder to Cleans your Lymphatic System…

    Modern day development has come at a price as the very real threat and effects of environmental devastation moves higher up the headlines. The level of pollutants and toxins that one is exposed to everyday is immense. …

31. Your Step-by-Step Guide To Career Change Success For Women. | 7Wins.eu Says:
    May 5th, 2010 at 9:58 am

    [...] [...]

32. Mallorca Businesses For Sale Says:
    June 30th, 2010 at 7:16 pm

    Mallorca Businesses For Sale…

    I am always searching online for information that can help me. Thank you….

Leave a Reply

You must be logged in to post a comment.