Home ownership buoys Oak Park Affordable housing helps build community

(EMAILWIRE.COM, February 26, 2007 ) Sacramento, CA -- Suzie Rivera's dream of home ownership may soon be within reach.The 53-year-old housekeeper for a local hospital lives in a rental home -- a neat, two-bedroom dwelling on 39th Street in Oak Park. Her daughter, Margarita, age 9, lives with her."I'd like to buy a house, not so much for myself as for my daughter," Rivera said last week. "Home prices are climbing so fast that by the time she's an adult, she won't be able to buy one."The house Rivera is eyeing is the one she's living in -- one of five homes that recently got bright new paint jobs and other renovations on the 2700 block of 39th Street. The homes, along with an adjacent duplex at Second Avenue, will be sold to low-income families this spring as part of a plan to increase home ownership in Oak Park.Pride in home ownership is a big factor in the ongoing rebound of Oak Park, said Manny Fernandez, the young private developer who has played a key role in the turnaround at 39th Street."The great changes in Oak Park are occurring because many homeowners are moving in with pride in ownership," said Fernandez, 30, a former amateur boxer who works for River City Development.With a new era dawning, he said, Oak Park is discarding its old reputation as a neighborhood beset with criminal activity and neglected infrastructure. At least four of the homes were vacant when Fernandez bought them from their former owner in mid-2004 for about $600,000.Renovations, costing a total of more than $100,000, began immediately. "The homes were in good shape, but they had some deferred maintenance," said Fernandez, who noted that all but one of the reconditioned homes are now occupied.Because the houses sat on a single lot, he needed city approval to rezone the parcel into six individual lots. When his request went before the City Council in September, Councilwoman Lauren Hammond, who represents Oak Park, supported Fernandez's plan.The rezoning was approved."I wanted more homeowners in that neighborhood because I believe it will help stabilize that neighborhood," Hammond said last week."When people invest in their homes, they tend to be invested in their neighborhood," Hammond said. "They'll care about the appearance of their home, their street and so on."Before the homes can be sold, Fernandez must satisfy two city-imposed conditions: He must build sidewalks along the 2700 block of 39th Street, and he must install a fire hydrant by the duplex.The sidewalks and fire hydrant are expected to be in place by March.Soon after, Fernandez will put the homes up for sale -- with priority to first-time home buyers who can qualify for special loans at a number of institutions.The rehabs range in size from about 800 square feet to a total of about 1,820 feet for the two-story duplex.Each will sell for between $199,000 to $230,000."I enjoy living in this home," said Rivera while standing by her tidy front porch. "It's very comfortable. Nobody bothers us."I want to be one of the buyers," she added, gazing down the equally spotless block, which resembles a wide alley.Fernandez is pleased that the project is almost done."Many naysayers tried to discourage me from investing in Oak Park," he said. "I never saw so much laughter. It was like a joke."A co-investor in the plan is Kyriakos Tsakopoulos of KT Communities."I received great support from Kyriakos," Fernandez said.Contact:River City Development, LLCManny Fernandezhttp://www.rivercitydevelopment.netTel: 916-920-2300

River City Development, LLC
Manny Fernandez

manny@rivercitydevelopment.net