Glad Tidings Community Development Corporation (GTCDC) is a non-profit based in Hayward, CA. GTCDC’s Mission is to preserve, strengthen, and empower our families, households, residents and community by increasing economic development; promoting safe and healthy neighborhoods, providing high-quality and well-maintained affordable housing and encouraging healthy lifestyles.
GTCDC was invited to participate in the Chase Community Revitalization Program. This program was developed by Chase as a means to donate REO (Real Estate Owned) inventory to select community partners for the purpose of revitalizing the hardest impacted communities during the foreclosure crisis. GTCDC didn’t have a real estate infrastructure in place at the time so GTCDC contracted DCG to support its effort in participating in the program.
DCG assessed GTCDC’s needs and put in place a program that allowed GTCDC to successfully participate in Chase’s program. DCG evaluated all potential program properties available for acquisition. This included visiting the site, inspecting the property and neighborhood and determining rehabilitation budget, estimated market value and absorption rate. Based on this data, DCG made recommendations to GTCDC which properties should be acquired from Chase.
Once a property was acquired, DCG hired and supervised the general contractor to rehab the property. DCG arranged the construction financing as well. Upon successful completion of rehabilitation, DCG identified a low-income family to purchase the property and managed the transfer of the property from GTCDC to the low-income (FHA) buyer. DCG provided GTCDC with a complete end-to-end turnkey solution. DCG acquired, rehabilitated and disposed of properties on GTCDC’s behalf in Northern and Southern California and in Chicago, Illinois.