To further expand our operations, New City is currently looking for investment opportunities in South Philadelphia.
New City just finished its first renovated home of 2010. We will be seeking to find a 1st time homebuyer to purchase it. This is the first of many properties that will be available this year as we have secured contracts to buy several more.
New City has raised over a quarter of a million dollars this month to expand its 1st time Homebuyer program where it takes blighted properties, renovates them and sells them to promising homebuyers.
In December, New City has partnered with Southwest CDC for its 1st time Homebuyer program. Southwest CDC will work to find and approve buyers through their homebuyer counseling initiative. It is a great opportunity to help people in the community create wealth through homeownership. In the next month, New City looks to form similar relationships with other CDC's and lenders who focus on educating and preparing people for buying a home.
Despite the economic climate, 2009 marked a milestone year for New City. Not only did we have our highest grossing year topping $200,000 in revenue, but we continued our trend of more than doubling in size every year since inception.
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