Manny Fernandez, Real Estate Investor / Developer as seen on TV

As seen in the Sacramento Bee

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.

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 1,000 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.

As seen in

The American dream could be just around the corner for Sacramento residents thanks to another urban project by Manny Fernandez, a young real estate investor who has taken on the task of remodeling homes in Oak Park to then offer them to first-time home buyers and low income families with help from government programs.

María Gutiérrez was fortunate to begin the process to own the home she currently lives in on 39th Street in the Oak Park area in Sacramento.

"I am happy I qualified as a first time buyer for a beautiful home like the one I live in, the house is great and nobody bothers me," says Gutiérrez, a homemaker. "I have a six-month-old son and I want him to grow up in a comfortable place and for him to feel happy. Life is peaceful here, I take the bus on the corner or you can walk to the stores, it's very safe."

She also said that this was a good option for low income Latinos and that paying $1,100 per month for a property that would increase in value in the near future was well worth it. Her home, as well as the other four on the same block, got a fresh coat of paint, new doors, plumbing and flooring among other things to make living there more comfortable.

Fernandez stated that the requirements to qualify for one of these government programs are mainly to be a first-time homebuyer and to have a job that pays less than $45,000 per year.

He also said that his job is to educate the community about these programs so they can buy their own home at a lower price.

"It all started five years ago when I presented a project to the City Council to work in conjunction with various housing programs to benefit the community and low income families. These programs offer up to $40,000 toward the purchase of a home without having to give a down payment," Fernandez pointed out.

Fernandez invested an initial $600,000 to purchase five homes, approximately 1,800 square feet each, on the 2700 block of 39th Street in Sacramento and nearly $200,000 in their renovation. These home will be sold for $199,000 minus the $40,000 granted by the government, bringing their price down to $159,000 with a monthly payment of $1,100 over 30 years.

"The homes needed some maintenance and now they are ready to be sold," stated Fernandez. "I think when people invest in their home it's good for the neighborhood because they worry about keeping them up and in turn want a cleaner and safer street."

Susan DeMarois, from the UC Davis Office of Government and Community Relations, said that Oak Park was known for being a high crime and dangerous area but in time it has improved its infrastructure and the police have brought order back to the streets. She also commented that the Medical Center and the new School of Medicine at UC Davis are a sign of prosperity and have brought new vitality and security to area residents.

"Fernandez's idea serves as an example to other investors so they carry out similar projects that benefit the community," said DeMarois.

During a press conference, Richard Green, executive director of the Stockton Boulevard Partnership stated that what used to be a street full of closed and deteriorated buildings in a neighborhood surrounded by poverty is now a vibrant and attractive real estate business in the Oak Park area.

Fernandez, who was an amateur boxer and boxing promoter, said he is also working with people who offer financing for working families like the Hispanic community who come from other countries to achieve the American dream.

Loan Program to Help First-Time Buyers

7/21/2008

SACRAMENTO, CA - A new state-backed home loan program could give first-time homebuyers a better chance to crack the market. Gov. Arnold Schwarzenegger announced the plan in Stockton Monday morning.

"This program will not only make it easier for families to purchase their first home, but will also help stabilize neighborhoods that have homes sitting empty," Schwarzenegger said. "No one single effort can solve our nationwide housing crisis, but together these measures make an important difference in California's neighborhoods."

Sponsored by the California Housing Finance Authority, the Community Stabilization Home Loan Program will give homebuyers a break on interest rates, prices and even mortgage insurance. The special deals on homes will be made available in areas hit hardest by the foreclosure crisis, including parts of Stockton, Modesto and the Inland Empire in Southern California.

"It helps communities who have been hard-hit by foreclosures relieve some of the overload of bank-owned homes that erode the values in the homes," said Dustin Hobbs of the California Mortgage Bankers Association. He called the plan a 'win-win' situation for California. "(The plan has) favorable rates and favorable loan terms even compared to Cal HFA's usual rates and terms, which are better than market rates."