CDCU takes second place in the Utah region of the Starbucks Vote.Give.Grow program
Written by Stuart SmithThanks to your votes, Community Development Corporation of Utah took second place in the Utah voting region for the www.starbucks.com/votegivegrow program. The reward is a grant for $15,000 that will be used to help support CDCU's programs aimed at preserving homeownership and strengthening communities. Your support is greatly appreciated.
Thanks again!
Helping the Brown Family-The Roberta Street Community Project
Written by Stuart SmithThe following is a brief history of the Brown family taken from the Roberta Street Community Project website.
"David, Lynda, Max, Suli, Soka, Sefa, and Fetuu Brown live in half their house. The boys sleep in the living room, the girls and parents in 2 tiny bedrooms. The basement is infested with mold. A gap in the roof lets in water and raccoons. Suli has asthma, Max has spastic cerebral palsy and uses a wheelchair. There is no ramp, Max has no independence—he can’t access most rooms, including the bathroom. David has had a steady job for many years, and is still employed. Given Suli’s asthma and Max’s unending medical needs, there is no money for house repairs.
The Roberta St. Community has helped the Browns get a no-interest loan from the Community Development Corporation of Utah (CDCU) for a new furnace and ventilation; other organizations have donated a roof, wheelchair ramp, and windows. Neighbors are donating labor. We still need $30,050 for attic insulation, electrical, plumbing, widening doors, kitchen upgrade, and painting."
If you would like to help with a donation you can do so here. Please specify in the message box that your donation is for the Roberta Street Community Project.
Thank you.
Friends of Community Development Corporation of Utah:
We are excited to announce that Community Development Corporation of Utah (CDCU) has been chosen to participate in the Starbucks Community Card Vote.Give.Grow program in recognition of our ongoing work to preserve homeownership and strengthen communities.
This is a great opportunity for CDCU to receive up to $25,000 to bolster our community programs. We need your votes to win! Please follow these steps to get started.
- If you don’t already have one, purchase a Starbucks gift card online or in store. Minimum card purchase is $5 but you do not have to maintain a balance to vote.
- Use the card to buy yourself a drink or treat.
- Go to www.starbucks.com/votegivegrow and register you card.
- Use your registered card to opt-in to the Community Card Program.
- Vote for Community Development Corporation of Utah.
- Put the sticker from your Community Card on your Starbucks Card as a reminder to vote.
- Come back every week in April to vote again.
While online, please like us on Facebook. When we reach 100 likes, we will be giving away a $100 Lowe’s gift card to one of our Facebook fans.
Thank you for you support as we strive to fulfill our mission to develop sustainable and affordable housing, revitalize neighborhoods and communities, and promote self-sufficiency through home ownership.
2012 Community Builder Award
On Thursday, 19 January, the board of directors and staff of Community Development Corporation of Utah (CDCU) presented Joyce Williams, formerly of Zions Bank, with CDCU’s Community Builder Award (the highest honor the organization bestows). Joyce has made extraordinary contributions to CDCU and the clients we serve. For nearly seven years Joyce, has volunteered as a guest instructor for CDCU’s Home Buyer Education classes. She has spent approximately 200 hours teaching first time homebuyers about mortgages – always with outstanding reviews. Many of those class attendees choose to move forward and do business with Joyce because she presented herself as a caring, trustworthy, and very knowledgeable professional. Joyce has been a preferred lending partner with CDCU for many years because of her ability to find ways to get our homebuyers a first mortgage while using all the different types of assistance that may be available to them. Joyce’s dedication to clients, specialized knowledge, attention to detail, and ability to communicate effectively with homebuyers, staff of special home buying programs, and underwriters has resulted in amazing outcomes as many underprivileged residents have become successful Utah homeowners. In fact, Joyce has often been the only lender in Salt Lake County that could originate a loan that would compliment special assistance programs designed to help families with disabilities or other special needs – even within Zions Bank, all special situation loans were sent to Joyce due to her extensive knowledge. Joyce has spent numerous hours advising the CDCU staff on unique client challenges, changes in the mortgage industry, and curriculum and programs improvements. She has helped to improve the quality of the services CDCU provides, and has improved the quality of life of countless first time homebuyers. She has been an amazing friend, colleague, and advocate and has made a significant impact in building our community!
CDCU Receives Generous Donation From Wells Fargo
Written by Darin BrushYesterday, CDCU received a generous investment of $75,000 from the Wells Fargo Housing Foundation as part of Wells Fargo’s Priority Markets Initiative to increase the availability of affordable housing while stabilizing and revitalizing distressed neighborhoods. We have enjoyed a very productive partnership with Wells Fargo for two decades. This grant will allow us to magnify our work of acquiring foreclosed and dilapidated houses, rehabilitating them into safe, decent, and attractive housing, and reselling the homes to income-eligible families. Thank you Wells Fargo for your support! It is nice to be recognized for making a difference in this very difficult time when so many neighborhoods and residents are struggling. And, it shows great confidence in our ability to deliver and have a mission-centric impact of scale. Happy holidays!
Home Repair Assistance Available
“This ole house is a-gettin' shaky; This ole house is a-gettin' old; This ole house lets in the rain; This ole house lets in the cold….” Stuart Hamblen
Are you, a family member, or a friend singing the old house blues? Community Development Corporation of Utah has low-interest loan programs that can help make critical repairs to homes in the following areas:
- Unincorporated Salt Lake County – Copperton, Kearns, Magna, Millcreek, & White City
- City of South Salt Lake
- Tooele County
- Morgan County
Answer yes to the questions below and you may be eligible for assistance.
- You are the owner occupant of the home
- You own the land the home is on (manufactured homes on rented land are not eligible)
- Your income is at or below the area median income
Household income must be at or below the amounts listed
| Number of Persons in Household | Salt Lake County | Morgan County | Tooele County |
| 1 Person | $39,450 | $39,550 | $38,100 |
| 2 Persons | $45,050 | $45,200 | $43,550 |
| 3 Persons | $50,700 | $50,850 | $49,000 |
| 4 Persons | $56,300 | $56,500 | $54,400 |
| 5 Persons | $60,850 | $61,050 | $58,800 |
| 6 Persons | $65,350 | $65,550 | $63,150 |
| 7 Persons | $69,850 | $70,100 | $67,500 |
| 8 Persons | $74,350 | $74,600 | $71,850 |
Fill out and send in your application to Kris at CDCU (mailing information on application).
Idea House Open House Saturday December 3, 2011- For more info, click here.
IdeaBook Ideas for Home Improvement (Energy, Water Conservation, Accessability)
Reverse mortgages often times have a negative connotation. You hear stories about banks “kicking” people out of their home, but what you don’t hear are the real reasons of why it is happening. Many people have had a friend or family member who had a terrible experience with a reverse mortgage, and many times this is because the homeowner was not educated and didn’t fully understand how the reverse mortgage worked and the financial implications involved with obtaining this loan. There are plenty of people who are able to avoid these reverse mortgage issues because they were educated and understood their responsibilities as the borrower.
In the radio segment below, we discuss some of the “horror stories” or reasons that people should not get a reverse mortgage.
(Link to Reverse Mortgage segment with Bill Gephardt) http://www.knrs.com/pages/rod.html?article=9105038#.Tm_6cUS27fo.email
Despite the bad, there is a time and place for this loan and it is able to help many people who are struggling financially. For more information about reverse mortgages, please click here or visit AARP’s website http://www.aarp.org/money/credit-loans-debt/reverse_mortgages/.
If you are considering a reverse mortgage, please speak with a HUD-Approved counselor. The counselor can provide you with independent information about reverse mortgages including the costs, benefits, and financial implications. They can identify other possible options that you may be able to use along with, or in place of a reverse mortgage. Reverse mortgage counseling is the first step in obtaining the loan, and is required by the government before you can even apply. Through this education you can understand and avoid some of the pitfalls that homeowners encounter with this type of loan.
There is a cost for this counseling, as it is no longer funded by government grants. The fee may be paid at the time of service, or as part of your loan closing costs if you obtain a reverse mortgage. More information about the fee will be provided when you call for your appointment. For more information or to make an appointment, please contact Katie at 801-994-7222 x206
Homes Available to Income Eligible Households
Written by Carol LaFreniereAs of today we have eight homes available for income eligible households to purchase in Salt Lake, Davis, Weber and Utah Counties. Many of the homes in Salt Lake County have financial assistance to help the first time home buyer realize their dream of home ownership. For Davis, Weber & Utah Counties contact your Lender or Realtor to see if there is assistance in your chosen area. Go to www.cdcutah.org for more information on these homes and the assistance available.
Our newest home is located in a quiet residential neighborhood in Orem at 633 Orchard Drive (200 E). This ranch style home has three bedrooms and one full bath. It has been completely remodeled with new, paint, flooring, lighting and appliances. A new auto sprinkler system and sod have been installed in both the front and back yard. The list price for this beautiful home is $132,900. It is possible for pre-approved buyers to own the home in less than 45 days. The multiple listings number for this home is 1051979. 
CDCU Homeownership Programs Making a Difference
Written by Darin Brush§ 250 people attended our homebuyer education classes, helping them prepare for successful homeownership.
§ 466 families received foreclosure mitigation assistance from us. Of those, 131 kept their homes, and we continue to case manage another 234 families.
§ We entered the new year (1 July) with a total caseload of 338 families.
Only a few weeks ago, we began to offer Home Equity Conversion Mortgage (or Reverse Mortgage) counseling to the community, too. We really are one of the premier housing counseling agencies in the nation. I couldn’t be prouder of our excellent team!
