Jackson Free Press

An underused federal lending program could bring new life to west Jackson. Jackson State University's Center for University-Based Development is throwing its support behind a push by Jackson-based mortgage lender Cornerstone Home Lending called the "WESToration Initiative."

The initiative takes advantage of the Federal Housing Administration's 203(k) program, aimed at facilitating the purchase of houses that need repairs or modernizing. Typically, a homebuyer seeking to repair an older home has to acquire three separate loans: an initial loan to complete the purchase, separate financing for the renovations and a permanent mortgage once the repairs are complete. The 203(k) program bundles financing for the acquisition and renovations together, giving buyers a lower interest rate than they would have otherwise.

To be eligible, a house must appraise below market value before renovations and at or above market value after the repairs. The 203(k) loan covers energy efficiency improvements and can cover room additions and painting but not luxury improvements.

The 203(k) program dates back to 1978, but had been underused little use until recently. The number of HUD-approved 203(k) loans rose from roughly 3,400 in 2007 to around 22,000 last year, according to Bo Smith of Cornerstone Home Lending.

Cornerstone has issued 43 loans through the 203(k) program in Jackson this year, Smith said. Homeowners are increasingly interested in smaller homes closer to their work, which makes the use of 203(k) loans for older urban houses attractive, Smith said. The program has also grown in popularity in light of the foreclosure crisis, he added.

Curnis Upkins, a program manager for the center, was unable to take advantage of the program when he purchased his house in the Pecan Park neighborhood five years ago. Upkins was unable to find area lenders offering the 203(k) program. With the assistance of a 203(k) loan, homes in west Jackson are a great buy, Upkins said.

"They're a lot more affordable than building a house out in the suburbs somewhere," Upkins said. "They have the beautiful hardwood floors that everyone wants; they just need to be refinished."

CUBD hosts an information session and trolley tour of west Jackson neighborhoods Saturday, Nov. 13, at Koinonia Coffee House from 9:30 to 10:30 a.m. Those interested in attending, must reserve a spot by Tuesday, Nov. 9, by calling the CUBD at 601-979-2255, or by e-mailing [e-mail missing] or [e-mail missing]

Previous Commentsshow

Jackson is looking up.

Meredith

Nov 8 2010

This is great news! I saw the advertisement for a story that aired on Channe 12 last night about "Why Stores are Moving Out." I was so outraged by the title that I didn't listen. I have one simple comment for these merchants who think that they need to move: WE WON'T FOLLOW YOU!!! The only reason that there is so much talk about leaving Jackson is that merchants think that Jackson residents will follow them any place they go and "outskirts" is becomming a house-hold word. BY BY to these must go Merchants. BUY JACKSON!

justjess

Nov 9 2010

I agree, justjess. What about all the stores that are moving in? Local TV is going off the sensationalistic deep end. They wouldn't know context if it came up and bit them on the ankle. Sigh.

DonnaLadd

Nov 9 2010

Yes, we're have to keep making positive noice about our hometown. Afterall, Jackson belongs to Jacksonians.

Meredith

Nov 9 2010

Jess- I don't think those merchants that are moving out really care if Jackson residents follow them or not.

BubbaT

Nov 9 2010

Jess- I don't think those merchants that are moving out really care if Jackson residents follow them or not. Bubba... are you certain of this?

Todd Stauffer

Nov 9 2010

I forgot about the WJTV story. But then again, if it was going to be another "Bash Jackson" episode, then I'm glad I did miss it. I find their news to be the most sensationalistic of the four major local news stations here (I count Fox 40 and My 35 as one since they share the same resources). That's why I tend to watch WAPT. At least they try to find answers to a problem and how to go about solving it.

golden eagle

Nov 9 2010

Todd- I'm fairly certain. If they needed Jackson residents to survive,they won't move. It doesn't make good business sense to move away from your customer base, does it? Don't you think they are moving to increase their profits? But that's just my opinion, I wouldn't move my business to the burbs if I was going to have to depend on Jackson residents to make a profit.

BubbaT

Nov 9 2010

Many houses in West Jackson are diamonds in the rough that just need a little retrofitting and some fixing up to be comparable to new construction. The square footage alone in some of these older houses rivals and surpasses what passes for new middle-income housing in the 'burbs. Hopefully as the word gets out about this program, the movement to restore long neglected neighborhoods in west Jackson will gain traction.

Jeff Lucas

Nov 10 2010

Todd- I'm fairly certain. If they needed Jackson residents to survive,they won't move. It doesn't make good business sense to move away from your customer base, does it? Don't you think they are moving to increase their profits? Assuming the decision to move is a rational one then, yes, you might move to lower your costs or increase your revenues, thereby increasing profits. You might also move because it places your business closer to your home, closer to a supplier, allows you a larger space, changes your tax liabilities, puts you closer to your kids daycare or your wife's place of business... But, whatever the individual rationale, I don't think that it necessarily follows that the businesses moving out don't *care* about Jackson residents in their business plans; depending on the business, that could be rather foolish. (If you’re a dry cleaner, maybe you don't care. If you're a car dealership, you probably care a lot.) That's why I asked if you were sure, or if perhaps you were making an assumption about how those business owners think and feel. Seemed like rather a strong blanket statement; you might find some businesspeople "don't care" about customers they leave behind (or just farther away), while others would be glad to have Jackson residents patronize their business in the suburbs. (Or those businesses that move back into the city might care very much that their suburban clients follow them.) I can think of quite a few examples -- for instance, many of the businesses in Ridgeland, Flowood and Madison that advertise in the JFP. We even have some in Brandon, Clinton, even Terry (occasionally -- I'm lookin' at y'all Little Big Store) and Pocahantas (or damn near it ;-). While some of them might be advertising because we have distribution in their local area, many are advertising because they want to draw from the whole city, including Jackson. On the flip side, I can think of two concrete examples of business who have told me that they'd love to be located in Fondren, for instance, but that there either isn't a space large enough for them right now or that they're concerned about parking. If you drove by their storefronts, you might assume that they "don't care" about Jackson customers because they're located in Ridgeland or Madison; what you would find is that they care very much about Jackson customers. So I think the notion that these businesses "don't care" about Jackson residents is -- at best -- a generalization that might not quite hold water. Some individual circumstances, maybe. Generally speaking, though, I assure you the decision to move is often a tough one and comes with a lot of "caring" by the business owner in question.

Todd Stauffer

Nov 10 2010

What a weirdly provincial view. "WE WON'T FOLLOW YOU" in all caps, (presumably) being shouted at business owners who decide to relocate outside of Jackson? Why the anger? I patronize businesses who provide the product or service I want at a price I can afford. Convenience is a factor, but I'm willing to drive out of my way to spend my money at businesses I value. I certainly don't begrudge them the right to relocate somewhere else that meets more closely with their own priorities than with mine.

Mark Geoffriau

Nov 10 2010

What a weirdly provincial view. Not weird; not provincial. Just different values. There are many legitimate reasons to encourage businesses to stay in a given area: to maintain the tax base, maintain property values, fund public services, maintain (or build) public perception of an area ... plenty of reasons. They're also reasons to support local businesses over chain retailers, who are much more apt to make decisions based exclusively on the state of the marginal profits and their "return to investors" as opposed to considering the needs of a neighborhoods, other stakeholders and responsibility to the community.

Todd Stauffer

Nov 10 2010

Not weird; not provincial. Just different values. There are many legitimate reasons to encourage businesses to stay in a given are.. Amen to Todd. We would be gaining more in Jackson city limits if we keep our money here - even for movie theaters!

ezekiel

Nov 10 2010

Todd- I just can't see a business moving(no matter the reason) out of Jackson and expecting Jackson residents to follow them to the burbs, as a sound business plan. Moving away from your core customers? That's just handing your customers to similar business in Jackson on a silver platter. Like Mark, I do business with who has what I want at a good price, whether they are in Jackson,Clinton,Madison etc.

BubbaT

Nov 10 2010

Like Mark, I do business with who has what I want at a good price, whether they are in Jackson,Clinton,Madison etc. That's intriguing, Bubba, considering that Mark works at Jackson's only locally owned bookstore for new books. I know that chains are a huge problem for them, especially when they offer new books at 20 and 30 percent discounts.

DonnaLadd

Nov 11 2010

I was told by several elected officials that most businesses in the suburbs depend on Jackson shoppers. Zip code trends show Jackson shoppers help make them profitable. Do the math; the population base is in Jackson. Shopping Jackson is my first priority. We need to build our tax base. BUY JACKSON JACKSONIANS! HOME 1ST

Meredith

Nov 11 2010

But "locally-owned" isn't really the issue here, Donna. Presumably, if at some point in the future Lemuria relocated to Ridgeland or Madison (we're not considering it, by the way), we'd have justjess posting "WE WON'T FOLLOW YOU" and saying "BUY JACKSON" (which I guess would mean shopping at Books-A-Million?). Which brings me back to my (still unanswered) question: Why the anger? Why are people incensed that businesses might dare to relocate somewhere that fits with goals or priorities of the business owner (whether or not that meets with your approval as one individual customer)? Todd's reply was a non-answer -- nobody is questioning that there are good reasons to stay in Jackson. Obviously, every location has some positives and negatives -- it's always trade-off. But it's this attitude that threatens an implicit boycott of any business that dares to move outside the Jackson city limits that has me confounded.

Mark Geoffriau

Nov 11 2010

Values - 'Whose Values' is a label I made for my checkbook cover (yes, still using paper checks). I recco this label be placed on your debit/credit card as a reminder to consider what you purchase (need vs want) AND WHERE you make the purchase. If you have the luxury of paying a few dollars more (if that is the case) then purchase within Jackson city limits and at a non-chain store. Consider not complaining, that it's not in Jackson, if you keep purchasing outside of Jackson. Consider not complaining, that there is not a movie theater in the Jackson city limits, if you keep purchasing movie tickets in area theaters. Think. Then Think Deeper.

ezekiel

Nov 11 2010

Like Mark, I do business with who has what I want at a good price, whether they are in Jackson,Clinton,Madison etc. Again, it's a question of values. You value something differently than I do. (We could talk about the elevation of greed from a deadly sin to a virtue in modern culture over the past 25 years, but that's a different topic, perhaps.) I know there's a decent chance that Wal-Mart occasionally has a better price on something than McDade's or Cowboy Maloney's. But I won't buy from Wal-Mart. I make the effort to shop in locally owned stores, even if I pay a slightly higher price, because (a.) I like to price convenience and carbon expenditure into the equation, (b.) I like local, I like unique, I like the idea that living in Jackson is different from living elsewhere in the country and (c.) I perceive it to be in my best interest to keep these local businesses around. (And D., often, on balance, you actually don't pay a higher price. McDade's doesn't require swipe cards and information-exchange for its low prices, they've got their own store brands that include organics and even a $1 aisle; Maloney's has some pretty nice bargain prices on flat-screen TVs if you shop them carefully.) Todd's reply was a non-answer -- nobody is questioning that there are good reasons to stay in Jackson. Obviously, every location has some positives and negatives -- it's always trade-off. But it's this attitude that threatens an implicit boycott of any business that dares to move outside the Jackson city limits that has me confounded. As for my non-answer (Lord have mercy if I ever make pleasing Mark G a metric for *anything* I do), it was very much an answer. Other people have different values, and one thing they're free to value is the impact that a local business has on their local neighborhood. Indeed, people are free to place so much value on whether a business is located in their own neighborhood or not that they are free to elect not to shop with that business if it leaves the neighborhood. Is that really so hard to believe?

Todd Stauffer

Nov 11 2010

That's short-sighted, ezekial. If you're simply concerned about whether you are paying a little more for a single idea, that is very shallow thinking. For reasons (and statistical realities) that we've reported many times, and that I don't have time to repeat here: If you complain about crime in Jackson, you should make a point to spend more of your money here, and with locally owned businesses. And it doesn't always cost more to buy at a local store, especially if you're not tempted to fill your buggy up with unexpected purchases as chain stores expect you to do. I will agree that "complaining" doesn't do a lot of good: Taking action to buy local first (in Jackson and from local stores when possible) does, however. As for Lemuria moving to Ridgeland (hopefully you didn't just start a false rumor), I'm sure it would lose some business and gain other. It is up to people to make individual choices based on their values, and it is also perfectly acceptable for them to talk about those values to other people, especially when they could be good for the capital city. Why get so defensive over it? As for the anger from West Jackson: It is understandable if you understand or are interested in the history of white and tax-base flight from that area, including nefarious ways that it has been done. I'm curious: How in God green acre does such anger affect you? Why don't you ignore it and move on, and let other people target their own anger however they want it. You certainly throw yours around enough. Kettle, black?

DonnaLadd

Nov 11 2010

Jinx, Todd. ;-)

DonnaLadd

Nov 11 2010

I'm also curious about why having a value to shop in a locally owned store is a more virtuous one than having a value to spend money in ways to keep more taxes in a city that needs it? I'm guessing it's a purely personal conclusion being that the person expresses it works in a locally owned store, but the logic just isn't there. Sounds like a classic case of "my belief has more value because it is mine." That view and a dollar won't get you a box of DOTS at Wal-Mart.

DonnaLadd

Nov 11 2010

[quote]Indeed, people are free to place so much value on whether a business is located in their own neighborhood or not that they are free to elect not to shop with that business if it leaves the neighborhood. Is that really so hard to believe?[/quote] Hard to believe? I don't know. I asked an honest question -- why the apparent anger (actually, rage was the first emotion that came to mind when I read the all caps "WE WON'T FOLLOW YOU")? Is it unreasonable to be curious about this? [quote]As for Lemuria moving to Ridgeland (hopefully you didn't just start a false rumor)[/quote] Since I noted that we aren't considering relocating, any false rumor spreading would be out of my hands. [quote]It is up to people to make individual choices based on their values, and it is also perfectly acceptable for them to talk about those values to other people, especially when they could be good for the capital city. Why get so defensive over it?[/quote] Defensive? I'm asking questions -- I'm not the one internet-yelling and threatening boycotts. [quote]How in God green acre does such anger affect you? Why don't you ignore it and move on, and let other people target their own anger however they want it. You certainly throw yours around enough. Kettle, black?[/quote] I don't know what you're talking about with regard to "throwing around my anger", but I'm disappointed in the snarky shot at me. Ignore it and move on? Surprising advice for someone who wants to build community in Jackson -- why wouldn't I want to understand, regardless of whether it affects me personally? [quote]I'm also curious about why having a value to shop in a locally owned store is a more virtuous one than having a value to spend money in ways to keep more taxes in a city that needs it? I'm guessing it's a purely personal conclusion being that the person expresses it works in a locally owned store, but the logic just isn't there. Sounds like a classic case of "my belief has more value because it is mine."[/quote] When did I say one was more virtuous than the other? As I stated before, it's always a trade-off. I understand that for some people, the discount they get at Wal-Mart or Books-A-Million or Amazon.com is an important factor. If we tried to capture the entire book-buying customer base, we'd fail. Instead, we try our best to serve those who value the things an independent bookstore can do that a chain or website can't. Would I love to "convert" some Wal-Mart shoppers into Lemuria shoppers? Absolutely -- but I'm not angry at the Wal-Mart shoppers. It's not a case of one thing being better than the other. It's a trade-off.

Mark Geoffriau

Nov 11 2010

Mark, I don't believe I have ever seen a post from you that gives the sense that you are "trying to understand" something. Case in point, your very first words above: What a weirdly provincial view. Come on. You come here to tell off people, not to understand. It's sad that you see no need to change (or recognize?) your approach. If you did, people might enjoy conversing with you.

DonnaLadd

Nov 11 2010

What a weirdly provincial view. Right. That's not "curiosity," it's trolling. My bad for taking the bait. Carry on!

Todd Stauffer

Nov 11 2010

Todd- Since when did saving money become a personal value? So people who save money are greedy? I don't know about you but the money I have to spend is hard enough earn, I'm not going to wastes it by paying higher prices just because a store is locally owned. Ain't happening. I wouldn't buy from a store my Mama owned if her prices were higher. Nothing to do with greed. I would really like to shop locally in Clinton, but until they build something like Dogwood or Renaissance and a Bass Pro I will have to travel to get what I want.

BubbaT

Nov 11 2010

I just wanted to point out that the Little Big Store is in Raymond, not Terry. (carry on) :)

andi

Nov 11 2010

Ha! ooops... thanks andi. Now that I think about it, we don't have an advertiser in Terry. I think we have one lone MIPA box out there at a gas station off I-55. :-)

Todd Stauffer

Nov 11 2010

I don't know about you but the money I have to spend is hard enough earn, I'm not going to wastes it by paying higher prices just because a store is locally owned. Ain't happening. I wouldn't buy from a store my Mama owned if her prices were higher. Nothing to do with greed. I guess you and I are different. I would shop in my Mama's store, particularly if I knew my Mama was giving back to her community, creating jobs and recirculating money locally instead of sending it all to a town in China called Bentonville. What's more, I'd shop in my Mama's store to keep her from going on the dole and, eventually, starving. If you would starve your own Mama out of greed, Bubba, that's something you'll have to take up with the Lord. ;-)

Todd Stauffer

Nov 11 2010

Bubba, my suggestion is to keep doing what you're doing then. Many others believe our expenditures are an investment in our community. It's remarkable to me that that seems to irk you and some others so much. Some of you will argue about anything, I swear. Quick: The earth is flat. Engage!

DonnaLadd

Nov 11 2010

Donna- doesn't irk me at all that people want to spend their money locally,if they want to, fine if they don't well that's fine too. I haven't been arguing against it or for it. All I said when replying to Jess is that I didn't think business who moved out of Jackson care if Jackson residents followed them, after she said "WE WILL NOT FOLLOW" Todd is the one who took issue with it. If anything I have been supporting business staying in Jackson with their customer base instead of moving to the burbs and expecting them to follow, because I think that's a bad business plan. But it's been a long time since I took business courses in college maybe they teach something different now.

BubbaT

Nov 11 2010

Todd- I am a good son, I would move my Mama in with me before I let her starve. ;-) And again saving money isn't greed.

BubbaT

Nov 11 2010

Good one, Donna ;-) For me, it comes down to weighing my choices. I have no right to complain about the corporate oligarchy if I support it with my wallet; i.e., saving a buck on a box of breakfast cereal is less important to me than knowing where my food comes from, what's in it and where the profits are going. It's the same as the fact that I can't complain about the damage being done to the environment by carbon fuels and executive pay, for example, if I drive a gas-guzzling SUV 10 miles to use a Walmart coupon. I can't complain about the state of politics if I don't bother to vote. It all comes down to choices. What do you choose to support with your hard-earned dollars? It's a question worth asking, because you "vote" every time you spend. Maybe it's a matter of buying less and valuing more.

Ronni_Mott

Nov 11 2010

I'm going to jump in here on the "saving money isn't greed" idea, because I think this type of perspective has been used to justify the "walmartization" of our society. For me the question goes beyond the $ you save that day in the store, because if you take it only for that day, maybe it is saving. But if you look at how it's linked into the larger world ,and the consequences that naturally follow your spending choice, you sometimes see that you aren't really saving money, you are losing in the bigger sum equation. I took business classes, too, and the economists love to ignore any "externalities" that hamper their neat graphs and charts. For me this issue has been present in my food choices over the past year. Yes, it is cheaper to eat crappy ground chuck that was factory farmed over getting something more wholesome from the local natural food store. Yet the consequences on health alone are not cheaper if you eat that way you can get many more times the likelihood of obesity, and also heart disease. So the links between a single purchase and a larger web of commerce and community should, in my view, be considered when deciding if something is a good value.

Izzy

Nov 12 2010

The only way to save Jackson is by buying Jackson. When we do not patronize Jackson businesses, we are losing tax revenue for out schools, police force, fire department and dollars for infrastructure to include streets, our water supply and the operation of gov. to list a few. For using all capps, i.e., DON'T FOLLOW THEM - BUY JACKSON, I will make no apology and for the record, this thought does not have its orgin in anger: It is based on common sense. If I don't support Jackson, who will?

justjess

Nov 12 2010

I also agree with Ladd, our focus should be on those stores that are coming and also on those that are staying.

justjess

Nov 12 2010

Well let me say this, I live in Jackson - me and the Mrs. shop @ McDades and support 95% of the locally owned restaurants, E.L., Stamps, Cool Al's, Collins Kitchen, Bully's, Eddie's & Ruby's, Spring Garden, Best Wok, Taste of the Carribean, Chitoe's, and 4 Real Grill in the MetroCenter! We buy our furniture from Stringer Furniture off Lynch street (they have damn near furnished our entire house) and the quality of teh Ashley furniture is just the same as the Ashley furniture Miskelly' Bought my 'yota from Herrin-Gear off I-55 My car tag in Hinds County (albeit, how freakin' expensive it is) My house is in Adkins Estates - its N.E. Jackson - but it is still Jackson. I'm not going anywhere! If I knew about this initiative I would have stayed in west jackson!

Duan C.

Nov 12 2010

Dwan C., If there were such an award called the "Buy Jackson Citizen of the Year Award, you would have my VOTE!

justjess

Nov 12 2010

@ jess - I'm a New Jack and a Pro-Jack at the same time, lol!! But Jackson has some hidden jewels, I guess by being a Cleveland Browns fan, I can relate to the city of Jackson. Everyone picks on you for being where you are, the bad luck and bad hires you have had over the years, no one wants to stay with you because they consider you to be a losing organization. I came here to go to college and found a home after all those years of moving when I was a chap. Jackson fair, Jackson dear - thee I love, my dear o' college home - thee I love, wherever I may roam!

Duan C.

Nov 12 2010

The only way to save Jackson is by buying Jackson. When we do not patronize Jackson businesses, we are losing tax revenue for out schools, police force, fire department and dollars for infrastructure to include streets, our water supply and the operation of gov. to list a few. Agreed! When Jacksonians shop in Flowood, it only helps Flowood's police, fire, roads, water and other services. It does nothing for us and they're under no obligation to help Jackson. At the same time, we starve our city of revenue to produce such services and we complain whenever it's subpar. We've fed their economy long enough; it's time we feed ours now.

golden eagle

Nov 12 2010