Miki Adams of CBC Mortgage Agency Praises Scott Turner as HUD Secretary

CBC Mortgage Agency's Support for Housing Accessibility

On February 6, 2025, Miki Adams, the president of CBC Mortgage Agency (CBCMA), expressed her heartfelt congratulations to Scott Turner following his confirmation as Secretary of the U.S. Department of Housing and Urban Development (HUD). Adams highlighted Turner's extensive expertise in community development and housing, citing how these skills will be invaluable as he takes on this crucial role.

Commitment to Housing Accessibility

Adams stated, "Secretary Turner's expertise in community development and housing will serve him well in this important role at the helm of HUD." This comment reflects both faith in Turner’s qualifications and a forward-looking attitude toward collaboration, particularly as the current housing market faces challenges like rising interest rates, limited inventory, and increasing home prices.

As a Native American wholly-owned housing finance agency, CBCMA plays a significant role in providing down payment assistance (DPA) to first-time and low-to-moderate income borrowers. The agency views Turner's leadership at HUD as a vital asset that could help pave the way towards making housing more accessible for underserved communities.

Partnership in Tackling Housing Issues

CBCMA facilitates DPA programs that cater primarily to minority groups across the nation. Their Borrower Success program is designed not only to help individuals secure loans but also to support them in becoming prosperous homeowners. This support is especially critical in today’s economic climate.

Adams remarked, "We look forward to working with him as he navigates a market grappling with higher interest rates, low inventory, and steep home-price increases." This partnership is aimed at developing innovative solutions to enhance housing accessibility, particularly for marginalized communities.

Efficacy of CBCMA's Programs

CBCMA's DPA programs are foundational in lower default rates for borrowers as compared to those who might rely on financial assistance from family members. According to HUD data, borrowers using CBCMA's DPA programs demonstrate lower default rates than FHA borrowers receiving down payment aid from relatives. Adams attributes this success to their tailored programs, which include pre-purchase counseling for those with lower credit scores and an 18-month offer of individualized post-purchase counseling.

"We have helped more than 50,000 families achieve the American dream of homeownership who otherwise might never have had the opportunity," Adams proudly stated.

CBC Mortgage Agency's Background

Founded in 2013, CBC Mortgage Agency is recognized as a prominent player in the housing finance sector, particularly for its role in helping low-to-moderate income consumers, often residing in minority neighborhoods, to realize their dreams of homeownership. The agency is a wholly owned subsidiary of Cedar Band Corp., a federally chartered tribal corporation established by the Cedar Band of Paiute Indians. Its significant work is funded through the Chenoa Fund, marking it as a valuable resource in the current national housing landscape.

In essence, as Scott Turner assumes his role as HUD Secretary, both Miki Adams and the CBC Mortgage Agency are optimistic about the potential for prosperous collaborations aimed at improving housing conditions and accessibility throughout the United States. The path ahead is rife with challenges, but with experienced leadership and innovative programs, there is hope for tangible change.