RESPONSE TO COPS/METRO ALLIANCE MEMO
DATED FEBRUARY 28, 1996
INTRODUCTION:
Purpose of the COPS/M"etro Housing Alliance was to provide financing ofhousing for
families in the COPS/Metro Alliance Neighborhoods. If a family was not immediately
ready to purchase a home or get a home improvement loan, they would be given a plan to
help them reach their goal. We feel that in establishing the Housing Alliance Loan
guidelines, we did develop a good "Fresh Start" Program. Lenders agreed to flexible
underwriting guidelines, to prepare plans and to provide counselling. As part of the
"Fresh Start" lenders committed to provide some ofthe most talented and experienced
loan officers in the City, willing to donate their time to this program.
I. REVIEW OF THE DATA PRESENTED IN THE MEMORANDUM
INDICA TED THE FOLLOWING OBSERVATIONS:
• According to the information we have been furnished, 54 families have purchased or
repaired homes, which is 12% of the total. The goal of the program is to take care of
families in need, whether through this program, NHS, SAD A, other lenders, or family
resources provide the solution. Regardless ofthe method used, the COPS/Metro
Alliance Program stirred the interest which got these families moving toward
achievement oftheir goal of home ownership or home improvement.
• We were advised that an additional 143 familes are taking steps to prepare for a loan,
either going through the application process, working on credit, saving money, waiting
for job situations to stabilize, etc. Another 49 families put their plans on hold through
their own choice. As we had all envisioned in creating the Housing Alliance Program,
families have been given plans to achieve their goals and they are working towards
them. Ifyou combine the 54 families who met their goals and the 182 in process or on
hold, the program is working for 52% of the 455 families!
• We feel the best way to move forward at this time is to concentrate on the 143 families
working on their plans. The lenders will focus on those ofthe 143 that have been
assigned to us that appear to be in a holding pattern in order to find out if there are
factors in common which are holding them up (perhaps inability to locate acceptable
properties would be one factor). Finding solutions to these common factors will need
to be a priority project for the Housing Alliance.
• The partnership has always recognized that leaders are key to follow up since the
families in the program more easily relate to their peers and neighborhood advocates.
The 143 families working under their plans should be closely monitored by the leaders.
Follow up should probably occur at the point where families have 2-3 months
remaining in their plan until they reach their goal..