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Vocari is exploring a partnership with the Michael Chavez Center for Economic Opportunity to accelerate the process of providing jobs, improving housing, infusing capital, and increasing the effectiveness of other outreach activities. The Michael Chavez Center is dedicated to transforming the community in the “Monument corridor” of Concord CA by creating economic opportunities.
Collapse of the housing market has pulled down the entire community. Many repossessed properties are in poor condition which reduces market potential, increases resale time and cost, and degrades the community. At the same time, banks are suffering from large, growing portfolio of repossessed properties.
In addition, the ability of non-profit organizations (like the Chavez Center) to enhance job training, economic opportunity, and language acquisition is being constrained by housing collapse. At the same time that funding base for non-profit organizations has been severely reduced by the financial crisis. Donated one-time funds are unreliable and need continual replacement, distracting non-profits from their primary mission to continual fundraising.
A joint venture of Vocari and the Michael Chavez Center would invest their own money to purchase and rehabilitate repossessed housing stock. Day laborers in local community would be employed for appropriate rehabilitation work.
Revitalized properties would be rented to local residents at prevailing market rates. Additional bank participation can expand and accelerate proven program already in action.
- Generate a sustainable funding source for further non-profit investment
- Brings economic investment to depressed area and takes non-performing loans off the books of local banks
- Improves quality of neighborhoods by revitalizing weakest elements of housing stock
- Reduces potential for crime in depressed neighborhoods
- Revitalizes municipal property tax base
- Creates jobs for local workers in depressed construction sector
- Provides housing for people who need homes
- Supports the impact of social programs at Michael Chavez Center for job connections, civic integration, skills training, and leadership development
- Replaces need for tax-supported programs at a fraction of the cost
- Provides a high-impact vehicle for banks to invest CRA funds in the community
- Demonstrates viability of innovative, sustainable social ventures through collaboration of business and government
- Provides symbol of hope and action in challenging times