"Community program helps new homebuyers avoid foreclosure trap" as reported by The Commercial Appeal. To see the article go HERE
Established in January 2000, the Frayser Community Development Corporation (Frayser CDC) is a non-profit development company that acts as a revitalization engine for the area.
Bad borrowing and lending practices have resulted in high foreclosure rates in Frayser. Foreclosures are devastating to individual families. They also have a negative impact on the entire neighborhood since they remain empty for a long time and lower surrounding home values.
Frayser CDC recognizes that one of the best ways to combat the increasing foreclosure rates is proactive intervention. The CDC purchases and completely renovates empty and abandoned homes. The CDC then sells, leases and rents these homes. The CDC’s leases require tenants to talk with staff every month regarding their financial status. The CDC’s objective is to turn renters and leasers into buyers of good affordable homes. The CDC currently owns and manages 50 homes; new homes are completed and ready for occupancy every month.
Frayser CDC encourages renewal and reinvestment in the Frayser community with numerous programs, including:
Home Buyer Education—Produces well-informed buyers equipped with the necessary tools to become homeowners: from budgeting to real estate terms and basic mortgage information. Free. 354-9404
Affordable Home Sales—Increases access to affordable homes for working families while building the Frayser Community as a neighborhood of choice. Typical housing costs, including taxes and insurance, for buyers are $470 a month. 354-9404
Mortgage Default/Loss Mitigation Counseling—Assists homeowners who are being threatened by foreclosure. The CDC is now a part of the Hardest Hit Fund, allowing qualifying clients to receive grant/loans of up to $25,000 to save their home from foreclosure. 354-7178
Financial Literacy—Group classes to learn about credit, budgeting and saving. Free. 354-9404
Commercial Development—The CDC will soon start redevelopment work on 4 units of commercial space on Watkins Street. Good businesses that will add to the fabric of the community will be sought.
Advocacy—Neighborhoods are often left out of funding and planning decisions. Frayser CDC works with many partners, both within Frayser and City-wide, to work to remove obstacles and provide resources to allow for the revitalization of the community.
The mission of Frayser CDC is to work with the community to provide improved housing and stimulate commercial and economic growth.
Frayser CDC, in this time of rapid change in real estate and mortgage industries, promotes home ownership and is positioning the Frayser community as a beautiful, affordable, and conveniently located community.
Frayser Resource Center, housing both Frayser CDC and Frayser Community Association, is located at 3684 N. Watkins, Memphis, TN 38127
Contact us about:
Foreclosure Prevention: 354-7178
Rental Homes: 354-2778
Front Desk: 354-9401
Funding for Frayser Community Development Corporation is provided by:
Tennessee Housing Development Agency
City of Memphis
United Way of Greater Memphis