CityVision Homes renovates blighted properties, sells them to low- and moderate-income buyers, and provides help with closing costs
August 7, 2019
Cedar City, UT – CBC Mortgage Agency has agreed to provide $3 million in financing for a growing urban renewal effort that renovates blighted homes and sells them to veterans, law enforcement personnel, and people with low and moderate incomes.
The initiative is led by CityVision Homes, which has partnered with the National Community Stabilization Trust and Freddie Mac to acquire and rehabilitate properties in 26 states.
CityVision’s mission is to create healthy residential communities by renovating or rebuilding blighted homes and offering closing cost credit to homebuyers in need. The company, based in Boca Raton, FL, plans to expand to additional states by the end of the year.
“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, CityVision’s chief executive officer and managing partner. “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.”
Richard Ferguson, president of CBC Mortgage Agency, said providing CityVision with a $3-million capital line of credit “makes sense because the work they are undertaking dovetails perfectly with our mission.
“We are all about creating innovative solutions to help resolve our nation’s housing crisis, so this is a good fit,” Ferguson said. “CityVision’s work is helping to restore and enhance neighborhoods while expanding access to homeownership. That’s certainly a model we support.”
CBC Mortgage Agency provides down payment assistance to creditworthy buyers through its Chenoa Fund program and has helped more than 15,000 people achieve the dream of homeownership. Earlier this year, the agency invested $1 million in the Workforce Housing Opportunity Fund, which rehabilitates and develops affordable and workforce housing in communities where gentrification and soaring rents have priced out many lower-income families.
CityVision Homes has acquired more than 60 houses since its launch six months ago. About one-quarter of them have been fully rehabilitated, and purchases of a half-dozen properties are poised to close soon.
Under CityVision’s approach, access to its homes is initially extended to military veterans, first responders, and law enforcement personnel. After that, offers from the general public are accepted. An inventory of the company’s properties is available at cityvisionhomes.com.