New Vista Asset Management, a nationwide minority-owned asset management company, has announced an initiative to turn real-estate-owned properties into affordable housing that would increase minority homeownership.Minority-housing experts Gary Acosta and Jim Park, who own the company, will lead the effort that will include a nationwide network of nonprofit counseling agencies and minority real estate and mortgage professionals. Mr. Acosta, founder of the National Association of Hispanic Real Estate Professionals and a career mortgage banker, is chairman of the San Diego-based company. Mr. Park, who has worked at the Federal Housing Administration and Freddie Mac and heads the Asian Real Estate Association of America, is president. "New Vista’s mission is to turn a bad situation into a positive one by using REO properties to create more affordable housing opportunities for minority homebuyers and other underserved populations," Mr. Park said. New Vista can be found online at http://www.newvistareo.com.
