CBC Mortgage Agency has announced that it will finance an urban renewal effort that acquires and rehabilitates blighted homes in 26 states then sells them to veterans, law-enforcement personnel, and people with low and moderate incomes.
The agency said it would provide $3 million in funding. CityVision Homes will lead the initiative in partnership with Freddie Mac and the National Community Stabilization Trust.
CityVision aims to renovate or rebuild these homes and offer closing costs credit to homebuyers in need. Since its inception half a year ago, CityVision has purchased over 60 properties and has fully restored nearly a quarter of them.
Before accepting offers from the general public, CityVision said it would focus first on giving access to military veterans, first responders, and law-enforcement personnel.
"We are grateful to CBC Mortgage Agency for its support of our quest to increase homeownership opportunities nationwide, especially for those most in need," said Brad Geisen, chief executive officer and managing partner at CityVision. "We could not do what we do without partners who share our goals and values, and we look forward to leveraging this collaboration to expand toward new frontiers."
"We are all about creating innovative solutions to help resolve our nation's housing crisis, so this is a good fit," CBC Mortgage Agency President Richard Ferguson said. "CityVision's work is helping to restore and enhance neighborhoods while expanding access to homeownership. That's certainly a model we support."