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Archive for September, 2011

Superhero Day Sponsored by @WarfieldEvans at Temple Villas in Echo Park an affordable housing facility provided by WORKS was an amazing day with lots of loving children. We look forward to more events with Free Arts for Abused Children and WORKS!!!

Visit Free Arts to find out how you can help Free Arts for Abused Children

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Not all homeownership expenses are tax-deductible.

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Superhero Day Sponsored by @WarfieldEvans took place today, Sat Sept 10, at Temple Villas in Echo Park an affordable housing facility provided by WORKS. It was an amazing day with lots of loving children. We look forward to more events with Free Arts for Abused Children and WORKS!!!

Women Organizing Resources Knowledge & Services (WORKS) was formed in April 1998 by women with extensive experience working in low-income communities of Los Angeles in the field of affordable housing and community development. Committed to developing strong, sustainable communities, we combined our years of experience in pioneering pragmatic and innovative models for affordable housing and enriched social service programs to advance family and individual viability.

WORKS has served over 4,300 individuals and families living at or below the federal poverty level and developed more than 1,100 affordable housing units. When WORKS embarks on a project, everyone involved benefits; this is our hallmark.

Channa Grace

President
A Message from our President

I know firsthand that in order to thrive, families and individuals need a decent, quality and affordable place to call home and access to nutritious food. This is true in the best of times, and is especially true in economically challenging times.

Join us in building affordable housing communities where our children have a safe place to run and play, our elders live in comfort, and where organic and nutritious food is accessible and affordable to people of modest means!

These are the basics!

“How wonderful it is that nobody need wait a single moment before starting to improve the world.” – Anne Frank

http://www.worksusa.org/affordable-housing/housing.html

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Obama Pledges to Refinance Millions of Mortgages at Today’s Rates

By: Carrie Bay 09/08/2011

Housing got only a brief mention in President Obama’s highly anticipated jobs speech Thursday night. But it was a pledge that some pundits say is finally a step in the right direction. Others say it’s likely to have little impact.

Obama told Congress that his administration is going to work with federal agencies to refinance millions of homeowners’ mortgages at today’s record-low rates.
With those rates now near 4 percent, the president says the move could “put more than $2,000 a year in a family’s pocket, and give a lift to an economy still burdened by the drop in housing prices.”

While the specifics have not been released, it’s expected that the program will make homeowners with government-backed mortgages eligible for new, lower-rate, lower-payment loans even if they are underwater or have bad marks on their credit as a result of financial hardship.

The Congressional Budget Office (CBO) released a paper just one day before Obama’s speech outlining the impact of such an extensive refinance program.
The agency analyzed a “stylized large-scale mortgage refinancing program” that would relax current income and loan-to-value restrictions for borrowers who wish to refinance and whose mortgages are backed by Fannie Mae, Freddie Mac, or the Federal Housing Administration.

CBO concluded that the specific program analyzed is estimated to lead to an additional 2.9 million mortgage refinancings, resulting in 111,000 fewer defaults on those loans and estimated savings for the GSEs and FHA of $3.9 billion on their credit guarantee exposure.

Offsetting those savings, however, CBO says federal investors in the mortgage-backed securities holding those loans – including the Federal Reserve, Treasury, and GSEs – would experience an estimated fair-value loss of $4.5 billion.
Based on these figures, CBO says the estimated cost to the federal government for a refi program of this magnitude would be $600 million.

For private investors, the costs run significantly higher. CBO says they would experience an estimated fair-value loss of $13 to $15 billion. Most of that wealth would be transferred to borrowers, the report notes.

CBO concludes that the benefits of a 4-percent-rate, government-led refi boom would be “small” relative to the size of the housing market, the mortgage market, and the overall economy.
DS News

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Saturday, September 10th for the Superheroes!

Free Arts Day at W.O.R.K.S. generously sponsored by:

Cristina Warfield & Ron Evans
Warfield Evans
Keller Williams Realty

When: Saturday, September 10th

Where: W.O.R.K.S.
Temple Villas Community Center

Theme: Superheroes!

About W.O.R.K.S.
Women Organizing Resources Knowledge and Services (W.O.R.K.S.) was formed in April 1998 by women with extensive experience working in low-income communities of Los Angeles in the field of affordable housing and community building.
Committed to strong, sustainable communities, they combined years of experience in pioneering pragmatic and innovative models for affordable housing and enriched social service programs to advance family and individual viability.

W.O.R.K.S. passionately delivers quality affordable housing and innovative enriched services. Through their support and stewardship, they build equitable, heart-based sustainable communities and encourage resident self-determination. They envision community in a way that honors our collective cultures.

To learn more please visit http://www.worksusa.org

Free Arts for Abused Children
12095 W. Washington Blvd., Suite 104 Los Angeles CA 90066

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Terrific location – great schools, walking distance to Montana Avenue and the beach.  This bright two bedroom two bath unit is a blank palette in move in condition.  Hard wood floors, laundry inside, dining area, breakfast area, recessed lighting, gas fireplace, wet bar, lots of storage.  Master suite has his and her closets, separate shower and tub.  Guest/second bedroom has an attached full bath with plenty of closet space.  Full size washer and dryer located inside the unit, elevator in the gated/secure building.  Text/Call to schedule a private or showing 424.225.1395 Cristina Warfield or 310.403.9951 Ron Evans.  www.WarfieldEvans.com

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