WANTED: Affordable Housing
CCCN Up as Much As 30% Since Coverage Began(OTCBB: CCCN) Stock Guru Profile City Capital Corporation
Affordable housing in Philadelphia is a topic of crucial importance. City Capital Corp. is directly addressing this void. (Link Here).
CCCN’s partnerships with cities nationwide provide economic advantages that lone investors can never hope to receive. CCCN passes these on to Credit-Investors through 15-20% immediate equity and all the net rental and resale profits. CCCN actually has planned resales for many of the homes 1 to 2 years from now. Link Here to view the inviting housing and incredible program.
CCCN has entered a market where this is a genuine unabated need that has not been hampered by the housing slump.
Emerson Brantley, Chief Communications Officer, added, “It’s a win-win-win proposition. Using their good credit alone, qualified investors can purchase these properties well below market value, yet own them 100% with no money down. City Capital handles all due diligence, acquisition, repairs, and property management. We do everything, the Credit-Investor does nothing and keeps the profits. We even guarantee mortgage payments for the first two years.”
Credit-Investor spots were originally heard on the company’s national financial talk show, “Soul of Success,” that airs Saturdays at 4 p.m. Eastern Time on Family Radio XM170 and Washington DC-based WAVA-AM. The company has expanded these spots throughout the week, as well as in other markets across the country such as Nashville, Louisville, Honolulu, and Los Angeles.
Philadelphia’s Need Is Spectacular and Source of Concern for Community, City Council, and Citizens
A recent voter survey conducted on behalf of the Housing Alliance shows that Pennsylvanians are increasingly concerned about home affordability. In the survey, voters cite the lack of affordable homes as a “big” or “very big” problem, second only to access to affordable health care. The majority of responders also support measures to make homes more affordable.
The Housing Alliance of Pennsylvania and the National Low Income Housing Coalition (NLIHC), a Washington, DC-based housing advocacy group conducted the survey which solidified the anecdotal evidence of need for affordable housing..
The full Out of Reach 2006 report, including more data for Pennsylvania’s Pennsylvania’s counties and Metropolitan Statistical Areas, can be found at http://www.housingalliancepa.org or http://www.nlihc.org. Click on Out of Reach 2006.
60, 000 Middle Income Teachers and Policemen in Need of Housing in Philadelphia
Last November the City Council of Philadelphia introduced a bill, which represents the city’s first foray into “inclusionary housing” — public policy that requires builders to make some accommodation to low- and moderate-income residents.
The bill would require developers of large residential projects to price 10 percent of their units in a range that would be affordable to households earning between $57,000 and $108,000 a year. The city’s median household income is $32,573, according to the U.S. Census.
The bill, said the councilman who sponsored it, was targeted at residents with solid jobs such as a police officer or schoolteacher who were being priced out of Philadelphia’s housing market. “You’ve got 60,000 people in need of affordable housing.”
It is undisputed that demand for affordable housing in the mid-Atlantic outpaces supply
When strong demand exists in specific real estate markets, the industry typically rallies to meet the demand. That is not quite the case with the affordable housing segment in the mid-Atlantic region of the United States, including the Washington, D.C., and Philadelphia areas.
As land acquisition and construction costs climb-with some areas reporting more than 300 percent increases-affordable housing development is decreasing. Yet, the demand for affordable housing continues to soar.
WANTED: Affordable Housing
The dramatic rise in housing costs in D.C., Virginia and Maryland has priced people out of the market, said Cindy Clare, CPM and president of KSI Management, a management and development firm in Virginia. As a result, demand for affordable housing continues to grow.
A surge in property values in Philadelphia led to increased profit potential. Thus, for profit developers are acquiring land and producing market rate housing, which ultimately increases the need for affordable housing. There are some developments with 100 units, and there are 5,000 people on waiting lists.
“You clearly see market changes, but the ebbs and flows are not as great in affordable housing because there is always a demand for it,” Clare said. “The reason to be in [the affordable housing segment] is A) we want to be good corporate citizens, and B) there is clearly a market and clearly a need.”
Although supply is not satisfying demand in this market segment, it is hard to ignore the success of the LIHTC program in the mid-Atlantic region.
In the meantime, some industry experts predict affordable housing in the region will likely continue moving farther into the suburbs until costs stabilize.
CCCN has one answer to this problem, and with 5,000 people waiting for affordable housing and another 55,000 in need, this is a housing market that has not cooled!
Source: Philadelphia Inquirer and Journal of Property Management, CCCN
Officers: Ephren Taylor, CEO
Gary Borglund, President/CFO/Secretary
CCCN — City Capital Corp.
2535 Pilot Knob Road
Suite 118
Mendota Heights, MN 55120
Website: http://www.citycapitalcorp.net/
Phone: (651) 452-1606
Fax: 651-452-5828
Forward Looking Statement: This release contains “forward-looking statements” based on current expectations but involving known and unknown risks and uncertainties, including those described in the Company’s annual report on Form 10-KSB for the year ended December 31, 2005, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. The Company’s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, its ability to consummate, and the timing of, acquisitions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate. The Company makes no undertaking to update such forward-looking statements.
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City Capital Corp.
Symbol: CCCN-U (C000046676)
City Capital -NASB – CCCN-U
Exchange: NASB
CUSIP: 17776P100
S&P GICS:
Sector: SEDOL: B0536D8
