We have a 3 bedroom/1 bathroom 2 Story Home in Minneapolis Minnesota that went into foreclosure by a unlicensed in Minnesota private lender. The lender is attempting to take advantage of us by foreclosing while not being legal to operate in our state. The sheriff’s sale has already taken place in December 2016 and we are now in the 6 month right of redemption period which means we have 6 months to pay off his loan amount or be removed from our home.
We want to stay but we are not in a position to get the $85k owed, plus funds to improve the property outlined in our updates. We have a seasoned bankruptcy on our credit and very limited income, which is why we are unable to refinance and get a new loan. We hope to raise the funds necessary to pay off the current unlicensed lender and stay in our home. What you would be donating to would be to end one lender’s predatory lending practices, saving a family from foreclosure and help stabilize home pricing in the area.
Organization Description and History
CJC Minneapolis-Atlanta LLC was formed in December of 2011. The goal of the organization is to develop or redevelop residential homes in Minneapolis, Minnesota for families and provide educational, renovation and rehabilitation services to potential business owners.
CJC Minneapolis-Atlanta LLC and its partners, are minority based businesses, is structured as a limited liability company. Anthony Cox is the principle owner of the company. He has 20 years of real estate development experience. The office is located in St. Paul. All office activities are carried out by Anthony and his staff.
Our major accomplishments in our first years of business have been to purchase, make improvements to a property we own, and rent it out to a family in North Minneapolis. This current project had a total of $110k in purchase and renovation costs. The current value of the property is between $175k and $200k according to different property evaluations.
Over the years, the owner, Anthony Cox, has successfully completed (7) seven total renovations. (3) Three of them were located in the Atlanta market and the (3) three latest projects were located in the North Minneapolis market. The ones in North Minneapolis have benefited families that are in the lower to middle income brackets.
Several strong relationships have been built over the years with the city of Minneapolis, Thor Construction, and several handymen/repairmen in the area. The City of Minneapolis values the vision that CJC Minneapolis-Atlanta LLC has provided and is helping carry out this vision in North Minneapolis.
The Minneapolis Community Planning and Economic Development (CPED) have a vision that our company is helping to provide. Our partnership is essential for the regrowth of North Minneapolis, Minnesota. Thor Construction of Minnesota is also another company that we are in the process of forming a relationship with to help provide modular/shipping container homes (low-cost) to families.
Our organization is in need of funding because of the services we will provide to the area and to the families that will benefit because of them. More low to middle income families will have the opportunity to own a home. The advantages that will come from these families owning their own home are as follows: home ownership helps build wealth over time, it helps build equity, and home owners are able to use the mortgage as a tax deduction. There are also social benefits for these families. For example, a homeowner will feel a sense of pride in home ownership and will be able to maintain a more stable environment for their children.
There are two problems that CJC Minneapolis-Atlanta LLC is focused on solving and they are: the lack of affordable housing for low to middle income families as well as small minority business owners locating and operating businesses in North Minneapolis, Minnesota in affordable spaces. Our hope is to decrease the foreclosure rate in the Willard Hay and surrounding North and South Minneapolis Minnesota Neighborhoods.
The problem that needs to be solved with the help of the crowdfunding is to secure office space for our minority based business in a residence located in North Minneapolis. The property is currently in foreclosure and our hope is to save it from that so it can be used as our office space as well as living quarters.
The solution to our problem would be to pay off the existing mortgage of the property that is currently in foreclosure. Under the Minneapolis city codes the residence can be used for business purposes. We want the face of our business a Residential and Commercial Development company to be located in the area in which we want to focus our efforts which is Minneapolis. Thus, it gives people a sense of who we are and the ability to learn more about the needs of the Neighborhood, Community and City.
Our efforts in this neighborhood will be successful when we can see a decrease in the number of foreclosures in this area and property values have stabilized. We want to promote minority based businesses within this specific community.
The project we are looking for funding towards is a home currently in foreclosure located in North Minneapolis. This residence we want to save because we want to use it for mixed use, CJC Minneapolis-Atlanta LLC Headquarters. The property will be used for our minority based business and as a residence.
The amount of money we are seeking for this project is in the amount of $200,000 or whatever the grantor would like to contribute to this project.
The timeframe for this project to be completed would be by May 31st 2017. It is our goal to save this property from undergoing any more foreclosure processes. As stated above we hope to use this property as our business office and residential space.
Successfully completing this project will be measured by paying off the current loan that is in foreclosure and using the additional funds to fix a few minor repairs within the property. Those repairs are, but not limited to, the following: patching the ceiling in the kitchen, installing the garage door opener on the garage, and removing a fence along the property line that is no longer needed and installing a new fence to outline the property boundaries, finishing the basement, and adding a A/C Condenser Unit.
Failure would be measured by not being able to save this property. It will displace a minority business and residents.
The services we hope to provide to this neighborhood are renovating homes, building new modular/shipping container homes homes, and creating economic development through business development for low to middle income families.
The current staff has 20 years of experience in renovating homes in two different major city markets. They have successfully help put low to middle income families in these properties. The ability to continue this work in the North Minneapolis neighborhood is contingent on funding this project.