Homes Breathing New Life to South Mountain Area

The city of Phoenix and Community Excellence Project, Inc. (CEP) today broke ground on nine new homes in South Phoenix Village, transforming a formerly blighted area into a haven for homebuyers and commercial developers.

The homes are located just southeast of 24th Street and Broadway Road.

The homes, which will range between $141,000 to $151,000, will be ready for occupancy in November. Homeowners already have purchased the houses.

"This project means an area that was considered 'paradise lost' in which no one wanted to live has been changed and is now among favorable neighborhoods for low and moderate income homeownership," said Gail Knight, executive director of CEP, a non-profit developer.

The effort is a partnership between area residents, CEP, Mayor Phil Gordon, Phoenix City Council, the city of Phoenix Neighborhood Services Department, Arizona Federal Credit Union, Co-America Inc., Chicanos Por La Causa, America's Charities, Wells Fargo and DHI Mortgage.

CEP was organized by area residents to revitalize the South Phoenix Village community geographical region, roughly bound by the Rio Salado Project, Roeser Road and 24th and 32nd streets.

The organization has invested 15 years of volunteer time to develop and implement a comprehensive, long-term community development plan to stabilize and secure the area.

Phoenix City Councilman Michael Johnson, District 8, said partnerships between the city and other entities are essential to revitalize the area.

"The combination of homes built by CEP and private developers totals more than 100 new homes in this area," said Johnson. "The city could not revitalize and transform this area without the help of our partners."

Other major projects in the area include the recent opening of the city's Neighborhood Resource Center, new waterlines and sidewalks and a multi-use trail that will eventually link the Rio Salado Project with South Mountain.

The multi-use trail will feature traffic-calming loop streets, sidewalks, landscaping, lighting, seating areas and separation walls along the 24th Street alignment.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.