From: David Cropper [mailto:dcropper@tmgpartners.com]
Subject: Please read and reply: Habitat's Neighborhood Revitalization Program
Friends:
I would like to personally invite you to learn about one solution to the foreclosure crisis in East Palo Alto and Menlo Park .
Please join me next Thursday, April 2 at 8 am in Palo Alto . Details are below and a formal invitation is attached.
If you have already Rsvp’d, please accept my apologies for sending this to you again.
By way of background, last fall at Menlo Park Presbyterian Church we saw the now infamous slides of many foreclosures in East Palo Alto versus relatively few in Menlo Park . Many of you were appropriately appalled and subsequently joined the email list put together by Todd Johnson to help address this crisis head-on. Some were also at the follow up event at church moderated by Marc Prioleau.
You may also know that our local Habitat for Humanity chapter (yes, I am still a Board member…) has recently implemented a new program to help address this epidemic by purchasing foreclosed homes from banks and moving families back in to what would have otherwise become vacant houses.
There are groups talking about many facets of the foreclosure problem including loan modification and pre-foreclosure counseling. All of these efforts are necessary. BUT…we are now (unfortunately) in a window where banks are foreclosing on record numbers of homeowners in our community. This fact has created an environment where Habitat right now can buy homes more effectively than building from scratch. Here’s how:
q On average it takes 3+ years and more than $300,000 for Habitat to build a new house on the Peninsula .
q The cost of purchasing a foreclosed home, plus the cost to repair and restore the house is now LESS than the cost of building new, and the time required to purchase and renovate a home is 6-9 months versus 3+ years.
By Habitat purchasing the homes, remodeling them with our traditional volunteer labor and family sweat equity, these homes are put back into service as affordable housing as opposed to remaining vacant, often boarded up properties. As a result, this endeavor is called Habitat’s Neighborhood Revitalization Program.
Next Thursday Habitat is holding a breakfast to discuss this program with community leaders and potential donors. Can you please join us? This is a crucial issue-one of the most pressing matters facing our community, and we need your help.
Please let me or Tina Duong (TDuong@habitatgsf.org) know if you can make it. If you can’t attend but would like information about this program, please call Tina at 650.568.7331. Here are the details:
Community Leaders Breakfast Forum: Learn how you can be part of a long-term answer to the foreclosure crisis.
Thursday, April 2, 2009
8:00 a.m. - 9:00 a.m.
Law Offices of Jones Day
1755 Embarcadero Rd
Palo Alto, CA 94303
Hosted by: R. Todd Johnson
Thanks for enduring this long email. I hope to see you Thursday.
David P. Cropper