Press Room  

Media Advisory                                                       For Immediate Release

 
WESTSIDE CDC TO UNVEIL $1.1 MILLION SUBDIVISION DEC. 5;
Ribbon-cutting event planned for homes affordable
to first-time homebuyers through lease/purchase program

 Wynn Circle(TUSCALOOSA, AL, November 27, 2007) -- Westside Community Development Corporation will host a ribbon cutting on Dec. 5 for its new subdivision in west Tuscaloosa. 

The ceremony will begin at 10 a.m. at the eight-home subdivision, located at Herman Avenue and 23rd Street. The project has been named Dr. Cordell Wynn Circle after Dr. Wynn, Westside Community Development Corporation's (WCDC) distinguished founder and President Emeritus of Stillman College.

The nearly $1.1 million subdivision is the largest project undertaken to date by the non-profit developer, according to Louis Barnett, Jr., Executive Director of WCDC. The organization develops affordable housing and administers affordable housing-related programs in west Tuscaloosa and surrounding communities. According to U.S. Census data, 85 percent of the estimated 14,000 residents in WCDC's targeted area are at or below 80 percent of the Tuscaloosa Area Median Income of $27,731.

"This development reflects the vision of our founder, Dr. Wynn, which is that 'people plus vision make a community,' " said Mr. Barnett. "This shows what is possible when public-private partnerships are developed to create viable housing. It is just the beginning of WCDC's strategic plan to address the dearth of affordable housing in west Tuscaloosa."

Annette Tinker, 46, is thrilled to be among the first to occupy one of the homes, all of which are affordable to first-time homebuyers. After more than 20 years of apartment living, Ms. Tinker relishes the thought of being on her way to having a place of her own to raise her five children – three nieces, a grandniece and a nephew.

"When I went to the first (homebuyer education) class, and heard what all it entailed, I made a decision then. I said, 'I believe that the Lord is going to bless me with a house, ' " said Ms. Tinker, a library assistant at the Rogers Science & Engineering Library at the University of Alabama. "I 'm almost like a child at Christmas. I'm joyful. "

The mostly three-bedroom, 1,250 square feet garden homes, appraised at $111,500, are available through WCDC's lease/purchase program, with an ownership option after two years. To qualify to buy one of the homes, applicants must complete WCDC's 12-week homebuyer education program, which focuses on budgeting and credit repair issues. At the conclusion of the two-years, clients then take out a mortgage on the home.

WCDC also is the recipient of two grants totaling $84,000 from the Housing Fund of Central Alabama, a non-profit whose mission is to significantly increase the housing stock for low- to moderate-income families in Central Alabama through grants and technical assistance to non-profit developers. The Fund is sponsoring the ribbon-cutting event.

WCDC also is among the Community Development Corporations (CDCs) selected to participate in the first Non-Profit Incubator Program operated by the Fund. As a part of the incubator program, Mr. Barnett has completed a five-year business plan, and has received training in key areas such as real estate development, negotiation, grant writing, financial management, and non-profit management.

Among the invited guests is U.S. Rep. Artur Davis, whose district includes west Tuscaloosa, Tuscaloosa Mayor Walter Maddox, and the Tuscaloosa City Council. Security Bank of Tuscaloosa is providing financing, and the City of Tuscaloosa is providing HOME monies for the project.

A holiday food and toy drive for local charities also will be held as part of the ribbon-cutting event. For more information on the event, please contact Mr. Barnett at 205-562-3215 (office), 205-246-1059 (cell) or louisbarnett@hotmail.com.

About Westside Community Development Corporation: Founded in 1997, WCDC seeks to stimulate investments and development of west Tuscaloosa by using affordable housing as a "first thrust" of an even more comprehensive community revitalization effort. WCDC operates an affordable housing center at the McDonald Hughes Community Center, 3101 Martin Luther King, Jr. Boulevard. Mr. Clarence Harris is President of the WCDC Board.

In February 2006, WCDC placed a graduate of its homeownership program in a home built by WCDC on 20th Street. The organization also has developed a partnership with Shelton State Community College C.A. Fredd Campus, which was awarded a U.S. Dept. of Housing and Urban Development Historically Black Colleges and Universities (HBCU) grant in September 2006. WCDC is providing homeownership training, and is working to identify future projects in west Tuscaloosa that can be pursued by the partners.

In addition, Seedco, a national non-profit intermediary, is providing funding for WCDC's housing counseling program.

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 multifamily housing for moderate-income families. The Fund also supports ancillary services such as homebuyer training and credit counseling. The Fund's initial grant pool was $1.6 million.

Major investors in the 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 information, please contact Tabitha J Lacy, Communications, 205-323-9888, or tlacy@housingenterprise.com.

 

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