Tuesday, April 08, 2008

Mailbag: Vacant Homes (Part 1)

I missed a few questions that were left for me in the comments section of various blog posts. With that in mind, I wanted to catch up on them.

Jeff wrote in to ask:
I am in a simular situation as Hellen wrote in your post. I am currently trying to renovate my father's 2-family home to rent or sell. However, I am concerned with the vacant homes, some of which have been broken into and burned. Does the community make an effort to watch these homes? I understand that your group is a grass roots organization, but would like more information. When is your next meeting, and is it open to anyone?
The WCO does the best it can to watch the vacant homes in the neighborhood. However, between the large number of such homes and the fact that we're an all-volunteer grass roots organization, our efforts are admittedly limited.

The WCO has its general membership meetings on the first Monday of each month at 7 p.m. in the School Building of St. Thomas Aquinas Church. Everyone is invited to attend.

1 comment:

michiko said...

Hi! I'm in Seattle but curious about Warrendale because of my future involvement with City Capital - I would love to get your thoughts on this item on Reuters and see if perhaps this can assist local residents as well? I like what City Capital stands for and everyone I've talked to has been extremely smart and compassionate about following through on their plans to bring up the neighborhood as much as possible together. I think it would be helpful to get yours and other Warrendale residents' inside scoop on what the neighborhood is doing, as bringing in more beginning investors (who buy the renovated homes so that City Capital earns back their money on the renovations to do it again on the next home) may ideally start building towards some cumulative mass moving in a good direction? From my outside view I'm intrigued and would like to learn more from you if you're open to it, and would something like this possibly benefit you directly as well? Thank you! (please feel free to respond to stella-bella at clearwire dot net, thank you!

(Sorry for the goofy line breaks, this is how it copied over evn after I did a little cleanup, thanks! :)

City Capital Announces First Sales in Warrendale, Michigan Initiative

Mon Jan 7, :00am EST

City Capital Corporation (PINKSHEETS: CTCC) closed its first sales in the
company's Warrendale Community Development Initiative. In late November 2007,
company began accepting its first new participants in their national
Credit-Investor program since spring 2007. Already additional Credit-Investors
have been matched with homes in the area.

Built along the banks of the River Rouge, Warrendale is a distressed urban
community sandwiched between wealthy Dearborn and Dearborn Heights, Michigan,
Detroit's business district. "It fit our parameters perfectly for a wide-scale
renovation and revitalization," said City Capital CEO Ephren W. Taylor II.
"Warrendale has hundreds of available properties, so we can make the most
economic impact for the residents as well as our clients, investors and
shareholders. The area was a target of much of the worst predatory lending
practices of the last few years, losing many residents. However, Warrendale
residents show significant pride of ownership and interest in creating a
renaissancewithin their community."

Warrendale's convenient proximity to Detroit's business center and many
corporate headquarters in Dearborn make it a desirable location for
working-class families. It is also home to Detroit's "Central Park," the
River Rouge Park (over twice the size of its sister park in Manhattan).
"Wehave already had over 60 private credit-investors and investment groups seek
out to participate in this exciting new initiative," said Taylor. "This area is
like 'Main Street America,' with neat homes and bungalows on tree-lined
streets. We already have crews working on a schedule of 25-30 completely
renovated homes per month."

Worldwide Capital has agreed to provide all funding for the acquisitions and
renovations. Approximately 250 existing homes have been identified as
matching the company's investment criteria.

Credit-investors are provided completely renovated homes, with full
and guaranteed rental income. The company's credit-investment program allows
individuals to participate with zero upfront cash investment.

About City Capital

City Capital Corporation (PINKSHEETS: CTCC), founded in 1984, is engaged
inleveraging investments, holdings and other assets to create self-sufficiency
communities around the country and the world. Its mission of
"Socially-Conscious Investing To Empower Urban Communities" is carried out
through initiatives that range from affordable housing for working-class
families to development and production of biofuels.

This release contains "forward-looking statements" based on current
but involving known and unknown risks and uncertainties, including those
described in
the Company's annual report on Form 10-K for the year ended December 31,
2006, that could cause actual events or results to differ materially from the
events or results described in the forward-looking statements, whether as a
result of new information, future events or otherwise. The Company's plans and
objectives are based on assumptions involving judgments with respect to
future economic, competitive and market conditions, its ability to consummate,
thetiming of, acquisitions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are beyond the
Company's control. Therefore, there can be no assurance that any
forward-looking statement will prove to be accurate. The Company makes no
undertaking to update such forward-looking statements.

City Capital Corporation

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