Ferndale, Michigan - January 24, 2007 – The City of Ferndale, Oakland County, Lighthouse Community Development, and Paramount Bank today announced the formation of a unique residential rejuvenation initiative called “The Porch Light Partnership” dedicated to “Improving Neighborhoods One Home at a Time” in Ferndale.
The announcement was made at the Porch Light Partnership Kick-off reception held today at 11 a.m. at the Ferndale branch of Paramount Bank and Community Arts gallery at 22635 Woodward Avenue. The ongoing initiative will utilize the assistance of a number of public and private resources to improve individual homes in Ferndale neighborhoods.
“The Porch Light Partnership provides a springboard for interested community partners to participate in Ferndale neighborhood improvement projects now and in the future,” said Ferndale Mayor Bob Porter. “We have an especially vibrant and involved community and our first Porch Light partners; Oakland County, Lighthouse Community Development and Paramount Bank, have developed an especially comprehensive program.”
The Porch Light Partnership’s first project, called “Learn, Act, Own – Three Steps to Home Ownership,” uses County awarded HOME funds received by Lighthouse Community Development, financing from Paramount Bank, and the assistance of local trades to purchase and renovate identified homes in specific Ferndale neighborhoods. Once renovated, these homes will be offered at affordable prices to first-time homebuyers.
“As a Ferndale business committed to the city and its residents, our Company welcomes this forum for us all to work together to improve the local community by rejuvenating neighborhoods, reducing population drift from Ferndale, improving property values and strengthening the tax base,” said Jeff Sugg, president and CEO Paramount Bank.
An important component to “Learn, Act, Own,” provided by Lighthouse Community Development (LCD), is a free financial education program to help potential purchasers become successful home owners. The six-week “Learn, Act, Own” course educates potential homebuyers on how to financially prepare to purchase a home, in a manner that can provide the best possibility of loan qualification. The first topic, “Get the Facts – Dispelling the Myth of Home Buying” was briefly referenced today by Greg Sterns, Lighthouse Community Development manager, financial education and counseling.
“Participants who complete our seminars leave with a thorough knowledge of the mortgage process, the ability to take the lead in dealings with lenders and realtors, and a better understanding of the importance of qualifying for a mortgage with the best possible rate,” said Greg Sterns.
Adds Joe Heaphy, executive director of Lighthouse Community Development, “as a result of previous seminars, we’ve had more than 85 people become successful home buyers in our Unity Park neighborhood, with only one foreclosure. This is far below the national and local rates reported by mortgage lenders.”
Lighthouse Community Development will host a free Home Buyers’ Seminar on February 3, 2007 for those interested in becoming first time homebuyers and for more information on the entire Learn, Act, Own Program. All potential first time homebuyers are welcome for the seminar from 9 a.m. to 1 p.m. at the Ferndale Public Library, 222 East Nine Mile Rd. in Ferndale.
The Porch Light Partnership is funded in part by the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnership Program and County of Oakland Match Funds. A $415,500 HOME grant was awarded in fourth quarter, 2006 by Oakland County Community & Home Improvement. These funds, as well as construction financing through Paramount Bank, will be used to purchase and renovate at least three homes in 2007 and a total of six by September 2008.
Future plans of the Porch Light Partnership include increasing the number of community partners involved in the partnership, securing additional funding for further rejuvenation efforts and developing additional projects by interested community partners, all to improve Ferndale neighborhoods one home at a time.
“The ‘Learn, Act, Own’ project provides a win-win situation for all of Ferndale - from the improvement in the neighborhoods, to strengthening the housing stock and values, to welcoming new members into our community…everyone benefits. And we are pleased to partner with Oakland County, Lighthouse Community Development, and Paramount Bank in this first Porch Light Partnership endeavor,” concluded Mayor Porter.
About City of Ferndale
There’s good reason why Ferndale’s slogan is "Good Neighbors." Ferndale’s 22,000 residents get involved in the life of the City, and when constructive change is needed, the citizenry work with elected officials and City staff to bring about that change. Hundreds of residents serve voluntarily on City commissions, boards and committees, and unofficial City and neighborhood organizations to help make Ferndale a better place to live. The City is located near the intersection I-696 and I-75, approximately eight miles from Detroit and is considered the gateway to Oakland County, Michigan.
About Lighthouse Community Development
Lighthouse Community Development (LCD), a subsidiary of the non-profit agency Lighthouse of Oakland County, Inc., is dedicated to “developing community” by building affordable housing and delivering education and training programs with an emphasis on personal financial management and home ownership. For more information about LCD, visit http://lighthouseoakland.org/programscd.htm or call (248) 920-6200, ext. 2400.
About Oakland County Community and Home Improvement
Since 1975, the Oakland County Community & Home Improvement Division has invested 167 million dollars in county and federal funds to improve the lives of low and moderate income residents and neighborhoods. The Division’s success is measured in funds invested and by the number of projects accomplished. For more information on how Oakland County supports efforts like the Porch Light Partnership to maintain and develop new affordable housing in participating communities visit www.oakgov.com/chi or call (248) 858-5405.
About Paramount Bank
Paramount Bank, founded in 1998, was established to serve the Oakland and Macomb County communities with financial products and services that meet the needs of today’s customer. Paramount offers a full-range of banking services including commercial and residential lending and currently has full-service branch locations in Birmingham, Clinton Township, Farmington Hills and Ferndale. For more information, visit www.paramountbank.com or call (800) 421-BANK.
For more information on Paramount Bank, please contact Christine Fisher :
cfisher@pushtwentytwo.com or call 248.335.9500x30
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