Press Room

                                                   

 

 

Media Advisory                                                                             For Immediate Release

 

First-time homebuyer seminar sponsored by State Farm Bank® and
 Housing Fund of Central Alabama planned for May 12 in Tuscaloosa
Work of Westside CDC to be featured at event

 

(TUSCALOOSA, AL, April 27, 2007) -- Buying a home can be an overwhelming experience for anyone, particularly a first-time homebuyer.  To help people better understand how they can qualify to buy a home, State Farm Bank® and the Housing Fund of Central Alabama are hosting a free “Homebuyer Education Seminar” on Saturday May 12, from 10 a.m. until 2 p.m., at the McDonald Hughes Community Center, 3101 Martin Luther King Blvd. Lunch will be provided.

 Experts in all aspects of home buying will break down the process in terms anyone can understand. Topics and speakers include:

  • Setting a budget and managing your money to best position yourself for home buying; credit qualifications needed to buy a home – Lovie Burrell Parks, Regional Extension Agent in program area of Consumer Science and Personal Financial Management, Alabama Cooperative Extension System;
  • The benefits of using a Realtor, and understanding housing options and the contract/buying/negotiation process – Charles Storey, Storey Real Estate;
  • Understanding mortgages and loans – Michael McGuire, Agency Field Office Representative, State Farm Insurance Companies®;
  • Home inspections: The importance of obtaining a professional and independent assessment of the condition of the house  -- Charles Watkins, AmeriSpec Home Inspection Service;
  • Appraisals: Determining the worth of the home of your dreams – Gary Wheat, Wheat Appraisal Service, Inc.;
  • “Understanding all of the legal aspects of buying a home” – Kenneth Aycock, Heritage Title Services

 "State Farm's mission is to help people manage the risk of everyday life, recover from the unexpected and realize their dreams,” said Emily Clark, Public Affairs Specialist for State Farm Insurance Companies®. “By partnering with The Housing Fund of Central Alabama, we are able to help people realize their dreams of a new home or even their first home."

 Westside Community Development Corporation (WCDC), a non-profit whose mission is to provide affordable housing in West Tuscaloosa, will be featured at the seminar.

 “This homebuyer seminar will demystify the process of homeownership. We are excited that the Fund, State Farm Bank®, and Westside CDC have partnered to increase the opportunities for homeownership,” said Louis Barnett, Jr., WCDC Executive Director.

 Mr. Barnett will talk about Westside’s planned housing development off Herman Avenue. WCDC broke ground on the eight-home project on April 17. All of the homes will be affordable to first-time home buyers and are expected to be completed in the fall. The City of Tuscaloosa is providing some funding for the Herman Avenue project, and Tuscaloosa Mayor Walter Maddox is scheduled to attend the May 12 homebuyer seminar.

 WCDC also is a participant in the first-ever Housing Fund of Central Alabama Incubator, which is providing focused classes and national expertise to help these groups increase their real estate development and operational capacity.

 “Homeownership is one of the most important steps a person can take toward building wealth,” said Lois Chenier, Grants Officer for the Housing Fund of Central Alabama.

“Yet many people wait longer than needed to begin researching the homebuying process. We are happy to partner with State Farm Bank® in this effort to help people better understand how they can realize their dream of buying a home.”

 Banks that provide funding for the Housing Fund and the Incubator also have been invited to provide mortgage information. They include Regions Bank, Compass Bank, New South Federal Savings Bank, First America Bank, Superior Bank, Aliant Bank, Wachovia Bank, and BancorpSouth Bank.

 Attendees will be able to talk one-on-one with presenters and other invited lenders and Realtors, and may schedule follow-up appointments. Registration is required.  Please call Jacqueline Levy, Westside CDC, 205-562-3215 to reserve a space or for more information.

 

About State Farm: State Farm® insures more cars than any other insurer in North America and is the leading U.S. home insurer. State Farm's 17,000 agents and 68,000 employees serve over 75 million auto, fire, life and health policies in the United States and Canada, and more than 1.6 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No.22 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.

Banking products and services are provided by State Farm Bank®, Bloomington, Illinois, a Member FDIC and Equal Housing Lender. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and subject to investment risk, including possible loss of principal invested.

About the Housing Fund of Central Alabama (wwwhousingenterprise.com): Based in Birmingham, the Fund is a non-profit affiliate of the Housing Enterprise of Central Alabama, LLC (HECA) that opened in 2003 to increase the production of moderately priced housing by providing grants to non-profits for core operating support on a limited basis, technical assistance and programs related to capacity building in the non-profit affordable housing development community. The Fund also partners with HECA, a for-profit lender, to provide financing to qualified private and non-profit developers to build and renovate single-family and multi-family housing for moderate-income families. The Fund also supports ancillary services such as homebuyer training and credit counseling, which help to guarantee the success and sustainability of communities.  The Fund has an initial grant pool of $1.6 million.

 Major investors in the Housing Fund and its incubator are: Regions Bank, Compass Bank, New South Federal Savings Bank, First American Bank, Superior Bank, Aliant Bank, The Community Foundation of Greater Birmingham, the Stringfellow Health Fund of the Community Foundation of Calhoun County, the Walker Area Community Foundation, State Farm Insurance Companies®, the Wachovia Foundation, the Alabama Power Foundation, and BancorpSouth Foundation.

 The Fund serves 12 counties in Central Alabama: Bibb, Blount, Calhoun, Chilton, Cullman, Etowah, Jefferson, St. Clair, Shelby, Talladega, Tuscaloosa and Walker

For more information, please contact Tabitha J Lacy, Communications, Housing Fund of Central Alabama, 205-323-9888, or tlacy@housingenterprise.com.

 

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