The dream of becoming a homeowner is now possible

(EMAILWIRE.COM, February 26, 2007 ) Sacramento, CA -- The American dream could be just around the corner for Sacramento residents thanks to an urban project by Manny Fernández, a young real estate developer who has taken on the task of remodeling homes in Oak Park to then offer them to first-time home buyers and low income families with help from government programs.María Gutiérrez was fortunate to begin the process to own the home she currently lives in on 39th Street in the Oak Park area in Sacramento."I am happy I qualified as a first time buyer for a beautiful home like the one I live in, the house is great and nobody bothers me," says Gutiérrez, a homemaker. "I have a six-month-old son and I want him to grow up in a comfortable place and for him to feel happy. Life is peaceful here, I take the bus on the corner or you can walk to the stores, it's very safe."She also said that this was a good option for low income Latinos and that paying $1,100 per month for a property that would increase in value in the near future was well worth it. Her home, as well as the other four on the same block, got a fresh coat of paint, new doors, plumbing and flooring among other things to make living there more comfortable.Fernández stated that the requirements to qualify for one of these government programs are mainly to be a first-time homebuyer and to have a job that pays less than $45,000 per year.He also said that his job is to educate the community about these programs so they can buy their own home at a lower price. "It all started five years ago when I presented a project to the City Council to work in conjunction with various housing programs to benefit the community and low income families. These programs offer $40,000 toward the purchase of a home without having to give a down payment," Fernández pointed out.Fernández invested an initial $600,000 to purchase five homes, approximately 1,800 square feet each, on the 2700 block of 39th Street in Sacramento and nearly $200,000 in their renovation. These home will be sold for $199,000 minus the $40,000 granted by the government, bringing their price down to $159,000 with a monthly payment of $1,100 over 30 years."The homes needed some maintenance and now they are ready to be sold," stated Fernández. "I think when people invest in their home it's good for the neighborhood because they worry about keeping them up and in turn want a cleaner and safer street."Susan DeMarois, from the UC Davis Office of Government and Community Relations, said that Oak Park was known for being a high crime and dangerous area but in time it has improved its infrastructure and the police have brought order back to the streets. She also commented that the Medical Center and the new School of Medicine at UC Davis are a sign of prosperity and have brought new vitality and security to area residents."Fernández's idea serves as an example to other investors so they carry out similar projects that benefit the community," said DeMarois. During a press conference, investors such as Richard Green, executive director of the Stockton Boulevard Partnership stated that what used to be a street full of closed and deteriorated buildings in a neighborhood surrounded by poverty is now a vibrant and attractive real estate business in the Oak Park area. Fernández, who was an amateur boxer, said he is also working with people who offer financing for working families like the Hispanic community who come from other countries to achieve the American dream.http://www.vidaenelvalle.com/news/sacramento/english/story/13315113p-13942439c.htmlContact:River City Development, LLCManny Fernandezhttp://www.rivercitydevelopment.netTel: 916-920-2300

River City Development, LLC
Manny Fernandez

manny@rivercitydevelopment.net