Affordable Housing and Equitable Development
We have been a long time advocate for affordable housing in the Los Angeles area. We recognize the importance of economic independence combined with an improved quality of life for low to moderate income individuals and families. Thai CDC has over nineteen years of experience in affordable housing development and has developed more than 106 units for very low and low income individuals and families.
Fighting for Equitable Development Around Transit
As a non-profit developer, we seek to preserve, maintain, develop, and support equitable developments throughout the regions that we serve. Thai Town is located in a Transit Oriented District (TOD) where the Metro Red Line runs through and where the East Hollywood portion is governed by the City of Los Angeles’ Specific Plan known as the Station Neighborhood Area Plan (SNAP). Thai CDC was the organization contracted by the City of Los Angeles Planning Department in 1998 to help the diverse stakeholders and sectors in the community develop the 20 year vision for the 1 mile radius around each of the 5 red line stops identifying the need for livability, economic development, open space, greening, historic preservation, affordable housing, limitation on parking, community amenities, increased walkability, and mixed use developments. Thai CDC is currently a member of the Alliance for Community-Based Transit Oriented Development of Los Angeles (ACT LA) which seeks to safeguard the interests of low income and minority community members in the developments occurring around transit to ensure economic and social equity. It demands transparency, accountability and smart policy making of decision makers and promotes the community’s self-determination to direct, guide and shape developments and the land use process with the goal of creating direct benefits to the community and preventing displacement of existing residents and business owners. Currently with the support of the California Community Foundation, Thai CDC endeavors to engage community members in an educational process leading up to community driven campaigns to demand fair and equitable developments specifically around transit. We are a part of the ongoing struggle to bring fair and equitable development to East Hollywood and the City of Los Angeles overall. Thai CDC continues to be a fierce advocate for affordable housing, sustainable development, smart growth and community benefits in transit districts. We will hold the decision makers and developers accountable to the need of the community for quality goods/services, decent and affordable housing, open space, and public amenities.
- Halifax Apartments (6376 Yucca Street, Los Angeles, CA) Thai CDC completed the historic rehabilitation of the renowned Halifax Apartments in Hollywood in partnership with a women and minority owned for-profit developer, the O.N.E. Company, converting 72 single units into 46 units of affordable multi-family housing. Through tax credits, this 46 unit building was carefully restored into newly renovated apartments, consisting of studio to 4-bedroom units for individuals and families at 35% and 50% of Average Median Income. The basement, which once provided apartment hotel services, has been remodeled as a community space for social services, after school programs, and computer skills development for residents. Halifax received over $5 million in financing including the 4% State Tax Credit Allocation Program, Fannie Mae, Federal Home Loan Bank of San Francisco, and Washington Mutual (currently JP Morgan Chase). Enterprise Community Partners provided $1 million in temporary acquisition loan to purchase this property in 1997.
- Palm Village Senior Housing-Thai CDC, in partnership with the Little Tokyo Service Center Community Development Corporation, a Los Angeles nonprofit organization, completed the development of 60 units of senior affordable housing, Palm Village Senior Housing in March 2008. This project is located in the Sun Valley area of the City of Los Angeles and offers 1 bedroom units at 35% and 50% AMI. The Palm Village Senior Housing Project received over $10.9 million in financial support from HUD Section 202, the City of Los Angeles Housing Department, the Community Redevelopment Agency (CRA), Federal Home Loan Bank of San Francisco, and City National Bank. Local Initiatives Support Corporation (LISC) provided $1.15 million in temporary acquisition loan to purchase the property in June 2003. Palm Village also provides a spacious multipurpose/community room, landscaped courtyard, laundry room, and library.
- Mortgage Delinquency and Default Solution Workshop/ Credit Repair. Besides our one-on-one counseling service, our Housing Counseling Program also regularly provides mortgage delinquency and default solution workshop and credit repair workshop to the Thai community. These workshops serve as a useful resource for our one-on-one clients and homeowners who are not in default to receive an early consultation. We started a credit repair workshop in 2012 because our counselors noticed that most of our clients did not know how to pull their credit score, how to read their credit score and/or how to improve their credit score. Both workshops were well received by the community.
- Financial EducationFor our financial literacy’s initiative, we organize a series of financial education workshops for homeowners or first time homebuyers. Our workshops will include 4 units including Financial Institutions, Taxes and Salary and Budgeting. In addition to the workshops, the participants will attend the Junior Achievement Finance Park where they apply their classroom learning by making important spending decisions and maintaining a balanced budget.
Loan modification scams are proliferating at a rapid pace—costing unsuspecting homeowners thousands of dollars and often their homes. To help combat this issue, Congress asked NeighborWorks America® to launch a national public education campaign in 2009. Today, the Loan Modification Scam Alert campaign empowers homeowners to protect themselves against loan modification scams, find trusted help and report illegal activity to authorities. For more information about the campaign, visit www.LoanScamAlert.org.
10 Tips for Avoiding Foreclosure Scams
- Contact your lender first as soon as you get concerned about paying your mortgage.
- Determine your options by speaking to your lender’s loss mitigation department.
- Be patient but persistent with your lender, because getting a loan modification takes time.
- Call Thai CDC, a local HUD-approved counseling agency at 323-468-2555 that provides loan modification assistance services for free. Or visit www.LoanScamAlert.org.
- Meet with a counselor at Thai CDC, where trained counselors are available to provide assistance in English and Thai.
- Beware of loan modification scams. Some companies and individuals are out to take advantage of homeowners seeking loan modifications.
- Avoid anyone who asks for a fee prior to providing any loan modification service, including companies, individuals and even some lawyers.
- Avoid anyone who guarantees to get your loan modified or stop a foreclosure, because nobody has the power to make this promise.
- Avoid companies that tell you to stop paying your mortgage and to pay them instead. This is a sure sign of a scam.
- Report loan modification or foreclosure scams at any time by visiting www.LoanScamAlert.org or calling 1-888-995-HOPE (4673).
Housing Counseling Program
One-on-one Foreclosure Intervention
With the collapse of the US economy in 2008 leading to joblessness, increasing poverty, and homelessness, we began to see a trickle of homes being foreclosed in the Thai community soon after the economic downturn. We decided to act immediately by providing foreclosure counseling and prevention. Thai CDC began providing foreclosure assistance to troubled homeowners in August of 2008, and Thai CDC became a HUD-approved counseling agency in August 2010. Under our foreclosure prevention homeownership program, Thai CDC currently provides one-on-one foreclosure intervention counseling service. Our counselors have observed a strong demand for one-on-one counseling since we are the only HUD approved housing counseling agency in the nation that offers counseling in Thai. Clients that come into Thai CDC for mortgage delinquency assistance are taken through the following process:
- Intake session to document client’s information and demographic data
- Disclosure of authorization to counsel, to pull credit reports, and a non-obligation to use Thai CDC’s other program services
- Review of client’s budget and financial situation
- Discuss possible options to address housing needs
- Development of a work plan to achieve client’s goals and housing needs
- Assist with any loss mitigation/loan modification plan or application
- Assist with any legal needs (i.e. loan scam issues, current foreclosure notices, etc)
- Communicate with client’s lender on client’s behalf
- Continue follow-up with client until housing needs/work plan is complete
How to help
We rely on a large number of volunteers to assist us. Contact Chancee Martorell at (323) 468-2555 or by email at Chancee@thaicdc.org to see how your expertise could best be utilized.