Detroit Housing Proposal

Organized by The Childrey Deliverance Foundation
My Big Idea for My Community
My name is Monte J. Childrey and I have a copyright on a plan to revitalize the residential housing market within the borders of the City of Detroit.


Economically disadvantaged individuals will be tutored on the proper utilizations of the tool called credit! The client follows consultants sound financial advice and he/she becomes eligible to receive a FHA 203K home mortgage loan.



This Program will run for one year and at the end of this time we will perform a performance audit to make sure our target goals are being met towards continuance of this program for the next five years.



Mission Statement:


The Childrey Deliverance Foundation, a Non-Profit Organization formed to teach future homeowners about credit and help existing homeowners avoid foreclosure. We are dedicated to the acquisition and rehabilitation of dilapidated residential (HUD) homes within the City of Detroit and fighting rising costs of Homeowners Insurance Premiums and Excessive Property Taxation. We intend to use funds generated through fund raising to teach future homeowners about credit and help existing homeowners avoid foreclosure. We intend to give grant money to Detroit Residents who are qualified to receive a mortgage and are willing to fix up a dilapidated (HUD) home within the borders of the City of Detroit. It's the idea that ownership brings wealth!




Economically disadvantaged individuals of all races will be tutored on the proper utilizations of the tool called credit. The client follows consultants sound financial advice and he/she becomes eligible to receive a FHA 203K home mortgage loan. The 203K loan permits qualified buyers to borrow funds to purchase 1-4 four family dwellings to make necessary repairs and improvements. The two loans are then combined into a single loan! Our counseling agency explains to the client/future homeowner up front his/her consumer rights concerning all maters of homeownership. If we donâ??t know the answer to a problem we will put in diligent research efforts towards finding a qualified expert to find a solution to the problem. (I.E: Lawyer, Mortgage Broker, Real Estate Agent, Construction Contractor, and Etc.)



Economically disadvantaged individuals of all races will be tutored on the proper utilizations of the tool called credit! The Childrey Deliverance Foundation is dedicated to helping future and existing homeowners who need to make emergency repairs to (HUD) homes! This program provides grants to low- and moderate- income applicants who are eligible for a mortgage and require immediate assistance making essential improvements to owner-occupied properties.

Products and Services
1). Education Counseling

A). High School Diploma Preparation

B). GED Test Preparation Counseling

C). College Preparation Counseling

2). Financial Literacy Counseling

A). Job Search Counseling

B). Credit Counseling 101

3). Housing Consultation

A). Mortgage Counseling

B). Foreclosure Counseling

4). Life Skills Counseling

A). Reproductive Health Counseling

B). Parenthood Counseling

Operational Plan
* Project Goals: Our Goal:

Helping economically disadvantaged citizens of America
obtain the Great American Dream of Homeownership!
* Project Objectives:

HELPING CITIES REBUILD: Grants give boost to Home Ownership!
* Project Activities:

1). Credit cleansing goal: Rehabilitate credit abusers and inform future credit users about credit.

A). Counselor sets up free seminars in high schools and colleges in an effort to recruit potential clients.
B). Counselor helps client negotiate the settlement of outstanding debts.
C). Counselor helps client write letters about how debts were incurred and how client got behind on payments.
D). Client pays debts as arranged.
E). Client saves receipts as proof of debt payment.

F). Client saves all check stubs and banking statements for one year.
G). Counselor helps client apply for a mortgage.
H). Client receives mortgage approval.
I). Counselor helps client apply for grant money to repair neglected property.
J). Client purchases and repairs dilapidated (HUD) home and lives in the home as owner occupant for at least two years.

* Anticipated Outcomes:


Cause:
Helping Citizens of Detroit obtain the Great American Dream of Homeownership!

 Affect:
1). Neighborhoods Remodeled!
2). Increased Homeownership!
3). Increased Tax Base for Detroit City!
4). Increased Federal Government assistance in
Metro Detroit Area!
5). Increased Pride in Detroit City!
6). Cleaner Detroit Image!
7). Increased Wealth in a Predominantly African
American Community!
8). Decreased Crime!

* Project Uniqueness:

Our counseling agency explains to the client/future homeowner up front his/her consumer rights concerning all maters of homeownership! If we donâ??t know the answer to a problem we will put in diligent research efforts towards finding a qualified expert to find a solution to the problem!

(I.E: Mortgage Representative, Real Estate Agent, Construction Contractor, and Lawyer)





Market Analysis:
Detroit is loosing an estimated 13,000 residents per year!

Estimated population for Detroit in 2003 was 911,000 residents!

The population base for Detroit City is less than 900,000

residents according to the Detroit Free Press in 2005!

Estimated population for Detroit in 2006 was 836,000 residents!

The Cities median income at $26,157 is the lowest of the countries 15 largest cities based on 2003 census data!

A poverty rate of 26 percent, more than twice the state average.

One in every 10 housing units in the city is vacant.

$198 million: the Detroit Public Schools system's deficit.

The city has an unemployment rate at 14%.

Wayne counties unemployment rate is 9.1%.

The State of Michigans unemployment rate is 7.1% and the second highest in the nation!

Wayne Counties foreclosure rates up 121% according to the Detroit Free Press! (Jan 25 2007)

In 2005 18, 176 foreclosures

In 2006 40, 220 foreclosures

1 out of every 21 homes foreclosed!

Wayne County had the fourth highest foreclosure rate in the nation according to reality track and the Detroit Free Press! (Feb 2007)

Wayne Counties loss of 89,000 residents from 2000 to 2006 represents an on going slide, fueled by the steady number of families leaving Detroit, high job losses and high foreclosure rates. The Wayne County loss represents 4% of the counties 2 million residents! (The Detroit Free Press)

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